Author: MIL-OSI Publisher

Source: Hong Kong Government special administrative region

     The Health Bureau received the report from the Medical Council of Hong Kong (MCHK) on improving its complaint handling mechanism today (December 24).

     The Secretary for Health, Professor Lo Chung-mau, said, “Healthcare professions uphold professional autonomy premised on the trust of members of the public. As the statutory regulatory body of the medical profession, the MCHK is empowered under the Medical Registration Ordinance (MRO) to handle registration and disciplinary matters of medical practitioners and bears the main responsibility to uphold the professional standard and ethical conduct of doctors. Members of the MCHK must actively discharge their duties and fulfil their mission of ensuring justice, maintaining professionalism and protecting the public, to maintain public trust in the medical profession.”

     Professor Lo added, “The Health Bureau is examining the MCHK’s report in detail and will request the MCHK to provide clarifications and further information regarding its content, including the MCHK’s monitoring mechanism over the progress of the Preliminary Investigation Committee and Inquiry Panel in handling complaints, as well as their respective roles in monitoring case progress. If the MCHK raises any comment on the performance of its Secretary in providing administrative support, the Department of Health will conduct an investigation based on the content of the MCHK’s report, including whether to commence disciplinary proceedings against individual staff members. The Government will announce the next phase of work at an appropriate juncture.”

     The Health Bureau will introduce amendments to the MRO in response to the recommendations of the report and based on the operational need of the MCHK, targeting to introduce an amendment bill into the Legislative Council in the first half of next year. The Health Bureau will begin consultation work with the sector and stakeholders next month on amending the MRO and enhancing the MCHK’s complaint handling mechanism and will meet with stakeholders such as professional organisations and patient groups to listen to their views.  

Source: Hong Kong Government special administrative region

     The Government published today (December 24) its accrual-based consolidated accounts for the financial year 2024-25.
 
     A government spokesman said that the accrual-based accounts differ from the cash-based ones in the purposes they serve. “Compiled on the basis of actual cash revenue and expenditure within a financial year, the cash-based accounts serve mainly to demonstrate that public money has been paid within the limits and ambits approved by the legislature. The accrual-based accounts, on the other hand, aim to present more information on the financial performance and position of the Government,” he said.
 
     “The cash-based accounts consolidate the General Revenue Account (GRA) and the Funds established under section 29 of the Public Finance Ordinance (Cap. 2) except the Bond Fund, the balance of which is not part of the Fiscal Reserves. In addition to the GRA and Funds consolidated in the cash-based accounts, the accrual-based accounts include the Exchange Fund, the Hong Kong Housing Authority (HKHA), government business enterprises such as the MTR Corporation Limited and the Kowloon-Canton Railway Corporation, and other government funds such as the Bond Fund and the Quality Education Fund. There are also more comprehensive disclosures of the Government’s assets and liabilities in the accrual-based accounts, e.g. fixed assets, provision for pensions and government debts.”
 
     The key figures shown in the accrual-based accounts as compared with those in the cash-based accounts are highlighted below:
     

	2024-25
	Cash-based (HK$ billion)	Accrual-based (HK$ billion)
	————-	————-
Financial results • Fiscal deficit • Net deficit	(80.3)	(14.1)
Reserves • Fiscal Reserves • General Reserve • Exchange Fund Reserve • Capital Expenditure Reserve	654.3	171.5 780.5 684.2
	————–	————–
	654.3	1,636.2
	————–	————–
Net assets	654.3	1,636.2

     The accrual-based Consolidated Statement of Financial Performance reports a deficit of HK$14.1 billion, whereas the cash-based accounts show a deficit of HK$80.3 billion. This is mainly due to inclusion of the surpluses of the Exchange Fund, the HKHA and other funds.
 
     According to the accrual-based Consolidated Statement of Financial Position, the Government’s net assets were HK$1,636.2 billion as at March 31, 2025. These net assets were represented by three reserves: General Reserve of HK$171.5 billion, Exchange Fund Reserve of HK$780.5 billion and Capital Expenditure Reserve of HK$684.2 billion. Notwithstanding these, the cash resources available for the Government’s spending remain to be the Fiscal Reserves, which stood at HK$654.3 billion as at March 31, 2025.
 
     “The General Reserve represents the net financial assets of the Government. The Exchange Fund Reserve refers to the net assets of the Exchange Fund, the use of which is governed by the Exchange Fund Ordinance (Cap. 66), whereas the Capital Expenditure Reserve represents the total net book value of fixed assets,” the spokesman added.
 
     “The Government’s General Reserve as at March 31, 2025, was HK$171.5 billion, HK$482.8 billion less than the Fiscal Reserves of HK$654.3 billion reported in the cash-based accounts. The difference arises because the net financial assets of the Government in the accrual-based accounts take into account the Government’s liabilities such as government bonds, pensions and untaken leave of staff, partly offset by financial assets such as investments in the MTR Corporation Limited and the Airport Authority.
 
     “Totalling HK$483.5 billion, the government bonds refer to the debt instruments issued under the Government Sustainable Bond Programme, Infrastructure Bond Programme and Government Bond Programme. The provision for pensions of HK$924.8 billion, in terms of present value, represents the statutory liabilities in relation to civil servants’ pensions.
 
     “Apart from the liabilities shown in the accrual-based Consolidated Statement of Financial Position, there are also outstanding commitments, largely for capital works, of HK$1,248.6 billion and guarantees of HK$314.7 billion provided under various schemes.”
 
     The public can access the accrual-based and cash-based accounts at the Treasury’s website: www.try.gov.hk.

Source: Hong Kong Government special administrative region

     The Town Planning Board today (December 24) announced amendments to the approved Ma Tau Kok Outline Zoning Plan (OZP).

     The amendments mainly involve revising the building height restriction from five storeys to 114 metres above Principal Datum for the “Government, Institution or Community” (“G/IC”) zone currently occupied by the Evangel Hospital at Argyle Street.

     The Notes and Explanatory Statement of the OZP are amended to take into account the above amendments. Opportunity is also taken to update the general information of various land use zones and the planning scheme area, where appropriate.

     The draft Ma Tau Kok OZP No. S/K10/31, incorporating the amendments, is available for public inspection during office hours at (i) the Secretariat of the Town Planning Board, (ii) the Planning Enquiry Counters, (iii) the Kowloon District Planning Office, and (iv) the Kowloon City District Office.

     Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before February 24, 2026. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).

     Submission of a representation should comply with the requirements set out in TPB PG-No. 29C. In particular, the representer should take note of the following:

* If the representer fails to provide his or her full name and the first four alphanumeric characters of his or her Hong Kong identity card or passport number as required under TPB PG-No. 29C, the representation submitted shall be treated as not having been made; and
* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.

     The Guidelines and the submission form are available at the above locations (i) and (ii) and the Town Planning Board’s website (www.tpb.gov.hk).

     Copies of the draft Ma Tau Kok OZP are available for sale at the Map Publications Centre in North Point. The electronic version of the OZP can be viewed on the Town Planning Board’s website (www.tpb.gov.hk).

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) today (December 24) jointly published the consultation conclusions on the legislative proposals for establishing licensing regimes for virtual asset (VA) dealing and custodian service providers. The FSTB and the SFC also launched a further public consultation today for one month on establishing separate licensing regimes for VA advisory and management service providers.

     During the two-month public consultation period completed this August, 101 and 93 submissions were received on the proposed licensing regimes for VA dealing service providers and VA custodian service providers respectively. The majority of respondents, including market participants, industry associations, business and professional organisations, expressed clear support for expanding the regulatory scope to cover VA dealing and custodian services, following the introduction of the licensing regime for the VA trading platform in June 2023. This is considered a critical step to promote the steady and sustainable development of the digital asset (Note) ecosystem in Hong Kong. The respondents also indicated support for the overall direction of the proposed regulatory requirements and implementation arrangements, while suggesting enhancements and seeking clarifications on certain aspects.

     The proposed licensing regime for VA dealing service providers will largely align with that for Type 1 (dealing in securities) regulated activity under the Securities and Futures Ordinance (Cap. 571) as applicable to conventional securities dealing activities. As for VA custodian service providers, the proposed licensing regime will focus on managing risks relating to safekeeping private keys of client VAs in Hong Kong, which is the core risk area of VA custody, with a view to enhancing the security of client assets.

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The proposed establishment of licensing regimes for VA dealing and custodian service providers marks a significant step in enhancing our legal framework for digital assets. The proposed licensing regimes strike a prudent balance among fostering market development, managing risks and protecting investors. They will help realise our vision for building a trusted and sustainable digital asset ecosystem, with a view to establishing Hong Kong as a global hub for digital asset innovation.”

     The Chief Executive Officer of the SFC, Ms Julia Leung, said, “The significant progress in our VA regulatory framework ensures Hong Kong remains at the global forefront of digital asset market developments by fostering a trusted, competitive and sustainable ecosystem. With an unwavering commitment to responsible innovation, we are laying the foundation for a vibrant yet resilient ecosystem that may bring vast benefits to Hong Kong’s financial markets and the broader economy in the long run.”

     Meanwhile, in response to the feedback received, the FSTB and the SFC also launched a further public consultation today on establishing separate licensing regimes for VA advisory and management service providers, instead of covering the relevant VA activities under the licensing regime for VA dealing service providers as originally proposed. This revised regulatory approach will model itself on the regulatory framework applicable to the conventional securities market, and will provide better clarity as regards the scope of activities regulated under different VA licensing regimes. The further consultation will last for one month, ending on January 23, 2026.

     The FSTB and the SFC welcome views from the public on the proposed licensing regimes for VA advisory and management service providers. Submissions should be sent by post (24/F, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong) or by email (vadealing-consult@fstb.gov.hk) to the FSTB.

     Details of the consultation conclusions, as well as the further public consultation for licensing regimes for VA advisory and management service providers, are available on the webpages of the FSTB and the SFC:

* Consultation Conclusions on Legislative Proposal to Regulate Dealing in VA and Further Public Consultation on Legislative Proposal to Regulate VA Advisory Service Providers and VA Management Service Providers (www.fstb.gov.hk/fsb/en/publication/consult/doc/VAdealing_consultation_conclusion_e.pdf / apps.sfc.hk/edistributionWeb/gateway/EN/consultation/conclusion?refNo=25CP6)

* Consultation Conclusions on Legislative Proposal to Regulate VA Custodian Services (www.fstb.gov.hk/fsb/en/publication/consult/doc/Custodian_consultation_conclusion_e.pdf / apps.sfc.hk/edistributionWeb/gateway/EN/consultation/conclusion?refNo=25CP7)

     With broad market support, and taking into account the feedback to be received in the further consultation, the FSTB and the SFC will finalise the legislative proposals for the licensing regimes, with a target of introducing the relevant bill into the Legislative Council in 2026.

Note: “Digital asset” is a general term with a broad scope, covering, among others, “virtual asset”, which is a legally defined term under the existing Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).

Source: Hong Kong Government special administrative region