Source: Hong Kong Government special administrative region
Enforcement collaboration between HKMA and SFC – SFC reprimands and fines EFG Bank AG HK$10.85 million for regulatory breaches and internal control failures
The SFC’s investigation stemmed from a self-report from EFG and a referral of findings from the Hong Kong Monetary Authority (HKMA) (Note 3).
Regarding product due diligence, EFG failed to take into account special features of various products when conducting such assessment on 322 bonds and update its internal policies to reflect regulatory changes in a timely manner. It also failed to ensure that sufficient information and warning statements relating to the distribution of certain complex products were provided to customers before or at the point of each transaction.
As for record keeping and late reporting, EFG failed to keep product due diligence records for 141 bonds, and it did not immediately report to the SFC its product due diligence failures when it first suspected of them in July 2020 (Note 4).
In deciding the sanctions, the SFC took into account all relevant circumstances, including:
A copy of the Statement of Disciplinary Action (appended with a list of the 351 products) is available on the SFC website
Note 1: This press release is issued jointly by the SFC and the HKMA.
Note 2: EFG is registered to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance.
Note 3: The HKMA referred its findings to the SFC following an investigation into EFG’s self-report on its product due diligence failures.
Note 4: Contrary to the Code of Conduct for Persons Licensed by or Registered with the SFC and the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the SFC.
Note 5: The ECHP is designed to ensure that EFG conducts an intensive review into the relevant transactions to ensure that complaints are resolved in a fair and reasonable manner. According to an impact assessment by EFG, it might have failed to take into account special features for 351 products when conducting product due diligence during the Relevant Period. EFG shall apply the ECHP to any complaints which may be made by customers who have acquired any of these 351 products during the Relevant Period.
Issued at HKT 16:40
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FSD honours deceased fireman
Source: Hong Kong Information Services
The Fire Services Department today posthumously conferred the honorary title of Senior Fireman on the late Ho Wai-ho, in recognition of his exemplary service and selfless dedication to duty.
At the ceremony, held at Sha Tin Fire Station, members of Mr Ho’s family accepted, on his behalf, a posthumous title conferment certificate and an embroidery of the Senior Fireman’s rank badge from Director of Fire Services Andy Yeung.
Members of the department’s New Territories North Command were also present to witness the ceremony.
Mr Ho was born in 1987 and joined the FSD as a fireman in 2016. He served at the Sha Tin Fire Station and demonstrated outstanding performance and dedication during his nine-year service.
While executing a firefighting and rescue operation at Wang Fuk Court, Tai Po on November 26 this year, Mr Ho sustained serious injuries and lost his life in the line of duty. The blaze was later upgraded to a No. 5 alarm fire.
The department will hold a funeral with full honour for Mr Ho at the Universal Funeral Parlour in Hung Hom, Kowloon on December 19. He will be laid to rest at the Gallant Garden in Wo Hop Shek afterwards.
Chinese Medicine Hospital opens
Source: Hong Kong Information Services
The Chinese Medicine Hospital of Hong Kong began offering outpatient and day-patient services today, as the phased launch of its operations commenced.
Located at 1 Pak Shing Kok Road in Tseung Kwan O, the hospital follows a public-private partnership model, with its construction being fully funded by the Government.
In response to keen public demand, appointments for government-subsidised outpatient services will be increased.
Secretary for Health Prof Lo Chung-mau said the commencement of services at the hospital marks a significant milestone in the development of Chinese Medicine (CM) in the city, signalling that CM is going beyond primary healthcare to play a part in secondary and tertiary healthcare in Hong Kong.
He said he looks forward to the hospital providing more comprehensive CM services to members of the public, and to developing a “Hong Kong model” that involves a mix of pure CM, CM-dominant services, and integrated Chinese-Western medical services. Remarking that this will dovetail with the CM Development Blueprint due to be announced by the Government, he explained that the blueprint will foster the CM sector’s high-quality and high-standard development, giving it powerful impetus to “go global”.
Regarding the high demand for appointments, Prof Lo said: “In response to the keen public demand, we have requested the hospital to increase the quota for government-subsidised general outpatient services in the first month after service commencement for members of the public to make appointments.
“Specifically, the service quota in the first 10 days of operation has been doubled. For the remaining days of the first month upon service commencement, the service quota has also been increased by an additional 30% starting today.”
He added that patients can also make appointments to attend the non-subsidised outpatient clinic, where they can select their preferred CM practitioners.
In addition to providing outpatient and day-patient services, in its first year of operation the hospital will fully launch specialised CM services in six areas: Internal Medicine; External Medicine; Gynaecology; Paediatrics; Orthopaedics and Traumatology; and Acupuncture and Moxibustion.
It will also launch 12 special disease programmes, including programmes for elderly degenerative diseases and stroke rehabilitation.
Demonstrating the Government’s commitment to public health, 65% of the hospital’s total service volume will comprise Government-subsidised services. The hospital will also provide market-oriented services to foster positive interaction between the hospital and the private healthcare market.
Patients can make appointments via the hospital’s hotline, on 3121 3121, its website, or via the newly launched “CMHHK Mobile App”.
Additionally, the hospital will provide full medical fee waivers to victims of the Tai Po Wang Fuk Court fire until December 31, 2026. Eligible individuals can identify themselves to the hospital and provide basic personal information during consultations.
To facilitate public access, the hospital will provide free shuttle services between Tiu Keng Leng MTR Station, LOHAS Park Station, and the hospital’s main entrance. The Transport Department has co-ordinated with public transport operators to enhance services to the hospital.
Moreover, the hospital will hold open days on January 17 and 18, 2026. Reservations can be made online through the hospital’s website starting from today.
Director General David Cheng-Wei Wu and Mrs Wu Attend 2025 Sydney Taiwanese School North Shore Campus Graduation Ceremony and End-of-Term Presentation
Source: Republic of China Taiwan
Director General David Cheng-Wei Wu and Mrs. Wu were honoured to attend the 2025 Sydney Taiwanese School （STS) Recognition and Graduation Ceremony, joined by Karena Yeh, President of the Sydney Hakka Association Australia, as well as Bradley Hsu and Angel Yang, Vice Presidents of the Australian Taiwanese Friendship Association(ATFA), together with ATFA committee members. They were delighted to celebrate the graduates’ achievements and share in this joyful milestone.
The ceremony featured heartfelt remarks from Principal Liu, President Yeh, and Vice President Hsu, who encouraged students to stay confident, stay curious, and stay connected to their Taiwanese heritage. The student representative also delivered a warm and humorous speech, expressing sincere gratitude to parents and teachers for their unwavering support.
In his address, Director General Wu congratulated all graduates and reflected on the unique challenges faced by children of diplomats in maintaining their Mandarin learning. He commended the STS for its long-standing dedication since 1991 to promoting Traditional Mandarin and fostering strong personal character. DG Wu emphasised the contributions of the devoted teachers and hardworking parents who make this achievement possible, and wished all the graduates every success as they embark on the next chapter of their journey.
Director General David Cheng-Wei Wu Welcomes Delegation from Public Construction Commission, Executive Yuan, to Sydney
Source: Republic of China Taiwan
Director General David Cheng-Wei Wu held a cordial meeting with a delegation from the Public Construction Commission, Executive Yuan, accompanied by representatives from the Taiwan Branch of Malaysia-based Gamuda Berhad and SINOTECH Engineering Consultants during their visit to Sydney.
The two sides exchanged views on Australia’s engineering and construction environment, professional talent certification and exchange programs, and potential business opportunities. Director General Wu expressed hope that Taiwan’s engineering sector will become more actively involved in international tenders while using global partnerships to acquire advanced technologies and innovative practices, thereby strengthening alignment with international standards.
Director General David Cheng-Wei Wu and Mrs Wu Attend TCCA Year-End Christmas Event
Source: Republic of China Taiwan
Director General David Cheng-Wei Wu and his wife were invited to the year-end Christmas celebration hosted by the Taiwanese Chamber of Commerce in Australia (TCCA). Distinguished guests included NSW Legislative Councillor Jacqui Munro, Councillors Michelle Chung and Barbara Ward, and former Federal Member of Parliament Paul Fletcher, all of whom delivered remarks.
Director General Wu expressed gratitude to President Peter Huang and the TCCA team for their steadfast support of Taiwan and for building stronger bridges between Taiwan and Australia in business, culture, and community engagement. He stated that witnessing Taiwanese entrepreneurs continue to thrive in Australia fills the community with pride and inspires younger generations to pursue their dreams boldly. He also commended TCCA’s networking events and community initiatives for effectively uniting the Taiwanese diaspora. Looking ahead, Director General Wu voiced anticipation for continued collaboration in the new year to further deepen Taiwan-Australia friendship and cooperation.
During the event, President Huang invited representatives from the organizing body of the 2026 AFC Women’s Asian Cup to brief attendees on the Taiwan women’s national football team’s upcoming matches in Australia in March next year and encouraged strong community turnout to cheer for the team. Additionally, President Huang presented a specially crafted semiconductor wafer to former MP Paul Fletcher in recognition of his outstanding contributions to the Taiwanese community in Australia.
New support for bereaved families
Source: Hong Kong Information Services
The Advisory Committee on Mental Health (ACMH) today announced the launch of a programme to provide free mental health support services to bereaved families following the fire at Wang Fuk Court in Tai Po.
The one-year Compassionate Support Programme for Bereaved Families dovetails with the Social Welfare Department’s “one social worker per household” service to provide grief and bereavement counselling for the families.
The programme can also refer family members to clinical psychologists and/or psychiatrists for follow-up services as required, depending on the assessments of their mental health risks.
Organisations joining the programme will reach out to the affected families to provide the services. The Primary Healthcare Commission may also make referrals through District Health Centres across the city.
Four organisations have joined the programme so far: Tung Wah Group of Hospitals; the Hong Kong Sheng Kung Hui Welfare Council; the Comfort Care Concern Group and the Samaritan Befrienders Hong Kong.
The Hospital Authority will also train staff members at these social service organisations to better handle disaster-related stress and reactions.
“The Compassionate Support Programme for Bereaved Families will pool strengths from different sectors to provide psychological support for bereaved families affected by the disaster in a timely manner, and journey with them through this difficult time,” said ACMH Chairman Dr Lam Ching-choi.
Base rate lowered to 4%
Source: Hong Kong Information Services
The Monetary Authority announced today that the base rate has been set at 4% with immediate effect.
The decrease follows a 25-basis point downward adjustment in the target range for the US federal funds rate on December 10.
The base rate is the benchmark interest rate used to compute the Discount Rates for repurchase transactions through the Discount Window.
It is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate, or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates, whichever is the higher.
Police officer mourned
Source: Hong Kong Information Services
The Government has expressed profound sadness over the death of a senior police inspector who had been taking part in an advanced selection assessment for the Police’s Special Duties Unit.
The officer, 31, lost consciousness after completing a dive in the waters off Lamma Island on December 4.
He was immediately transported to Princess Margaret Hospital for treatment and passed away this evening.
The force said it is investigating the incident and has temporarily suspended the advanced selection assessment exercise.
Secretary for the Civil Service Ingrid Yeung and Secretary for Security Tang Ping-keung extended their deepest condolences to the officer’s family. Mrs Yeung added that the Civil Service Bureau is in contact with Police to assist the family during this sad and difficult period.
Commissioner of Police Chow Yat-ming said he felt deep sorrow over the death of the officer, who joined the force in 2016.
Attached to the Tactical Unit Headquarters, the officer had consistently shown enthusiasm and passion for his work, and was highly committed to his duties, Mr Tsang added.
The 34th Taiwan Excellence Awards Ceremony
Source: Republic of China Taiwan
On the afternoon of November 26, the Ministry of Economic Affairs held the 34th Taiwan Excellence Awards Ceremony at the Globe Playhouse of the Taipei Performing Arts Center. Minister of Economic Affairs, Ming-Hsin Kung, personally announced this year’s Gold and Silver Award winners. A total of 336 products from 179 companies were honored with the Taiwan Excellence Award; among them, 10 products received the highest distinction of the Gold Award, and 20 products were awarded the Silver Award.
The winning products this year fully reflect three major development trends in Taiwanese industries. First, companies are actively integrating artificial intelligence technologies, aligning with the government’s “AI-driven Industries” policy. Second, the proportion of sustainable and energy-efficient products has significantly increased. Third, many award-winning products break traditional boundaries by combining cross-disciplinary capabilities, including ICT technologies, smart healthcare, and hardware-software integration.
To learn more about the winners of the 34th Taiwan Excellence Awards, please visit: https://www.taiwanexcellence.org/tw/award/2026winner/