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 include knowledge of monetary, financial and economic affairs and of investment issues, as well as of accounting, management, business and legal matters.
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.
Members of EFAC and its Sub-Committees are subject to a Code of Conduct.
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 email@example.com or telephone 2878 8222.