The Exchange Fund Advisory Committee
In his control of the Exchange Fund, the Financial Secretary is advised by the Exchange Fund Advisory Committee (EFAC). EFAC is established under Section 3(1) of the Exchange Fund Ordinance, which requires the Financial Secretary to consult the Committee in his exercise of control of the Exchange Fund. The Financial Secretary is ex officio chairman of EFAC. Other members, including the Monetary Authority, are appointed in a personal capacity by the Financial Secretary under the delegated authority of the Chief Executive of the Hong Kong SAR. Members of EFAC are appointed for the expertise and experience that they can bring to the committee. Such expertise and experience includes knowledge of monetary, financial and economic affairs and of investment issues, as well as of accounting, management, business and legal matters.
EFAC advises the Financial Secretary on investment policies and strategies for the Fund and on projects, such as the development of financial infrastructure, that are charged to the Fund. Since the operating and staff costs of the HKMA are also chargeable to the Exchange Fund, EFAC advises the Financial Secretary on the HKMA's annual administration budget and on the terms and conditions of service of HKMA staff. EFAC meets regularly and on other occasions when particular advice is being sought.
EFAC is assisted in its work by five sub-committees, which monitor specific areas of the HKMA's work and report and make recommendations to the Financial Secretary through EFAC.
The Honourable Paul CHAN Mo-po, GBS, MH, JP
The Financial Secretary
Mr Norman T.L. CHAN, GBS, JP
The Monetary Authority
Professor Lawrence J. LAU, GBS, JP
Ralph and Claire Landau Professor of Economics
The Chinese University of Hong Kong
Mr Benjamin HUNG Pi-cheng, BBS, JP
Regional Chief Executive Officer
Greater China & North Asia
Standard Chartered Bank (Hong Kong) Limited
Mr Peter WONG Tung-shun, JP
Deputy Chairman and Chief Executive
The Hongkong and Shanghai Banking Corporation Limited
Mr Carlson TONG, SBS, JP
Securities and Futures Commission
Dr David WONG Yau-kar, BBS, JP
United Overseas Investments Limited
Dr LO Ka-shui, GBS, JP
Chairman and Managing Director
Great Eagle Holdings Limited
Professor Stephen CHEUNG Yan-leung, BBS, JP
The Education University of Hong Kong
Mrs Angelina LEE WONG Pui-ling, SBS, JP
Woo, Kwan, Lee & Lo
Mr Philip TSAI Wing-chung, JP
Mr YUE Yi
Vice Chairman & Chief Executive
Bank of China (Hong Kong) Limited
Mr Anthony CHOW Wing-kin, SBS, JP
Guantao & Chow Solicitors and Notaries
Dr Moses CHENG Mo-chi, GBM, GBS, JP
P. C. Woo & Co.
Ms Carrie CHAN
Head (Corporate Development)
Hong Kong Monetary Authority
Members of EFAC and its Sub-Committees are subject to a Code of Conduct (PDF File, 203KB).
A Register of Members' Interests, which contains the declarations of interests by Members of EFAC, is available for public inspection during 10 a.m. to 6 p.m. Monday to Friday (except public holidays) at the HKMA offices, 55th Floor, Two International Finance Centre, 8 Finance Road, Hong Kong. The Register is updated in January every year, or, in the case of new Members, on appointment. Past declarations of interests by EFAC Members from 1995 may also be inspected on request. For enquiries about the Register, please email firstname.lastname@example.org or telephone 2878 8222.