Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

IMF Released "Report on the Observance of Standards and Codes" on Hong Kong

The International Monetary Fund (IMF) released its "Report on the Observance of Standards and Codes" on Hong Kong on 21 September. This Report is the outcome of a series of pilot studies, initially known as "Reports on Transparency Practices" or "Transparency Reports", conducted by the IMF to review an economy's transparency practices against prevailing international standards.

The Report commends Hong Kong for achieving a high degree of transparency in the four areas assessed, namely, data dissemination, fiscal policy, monetary and financial policies and banking supervision. In addition, the Report also provides a summary of Hong Kong's self-assessment in four non-core areas securities market regulation, insurance regulation, accounting practices and auditing practices.

The Report notes that the Hong Kong SAR Government considers transparency in the policy-making framework and regulatory practices to be central to successful economic management and that is reflected in their approach to many of the issues discussed in the Report.

"We are pleased that the International Monetary Fund has reaffirmed that Hong Kong's financial markets are underpinned by a transparent, rule-based policy framework in line with international practices," said Mr. Donald Tsang, the Financial Secretary.

The Report was prepared by the IMF to assist the authorities in individual economies to identify areas where transparency can be enhanced further, and to provide information on the extent to which economies observe internationally recognised standards and codes. Hong Kong was among the first batch of economies (including the UK, Australia and Argentina) participating in the IMF's pilot studies in February 1999. The Hong Kong Monetary Authority, in co-ordination with the Finance Bureau, Financial Services Bureau, Securities and Futures Commission, Office of the Commissioner of Insurance, and Hong Kong Society of Accountants, completed a questionnaire and a self-evaluation report in May 1999. The IMF staff then visited Hong Kong in June 1999 to discuss with relevant government offices and the private sector our transparency practices for the preparation of this Report.

 

The full report is available here 1.

 

Hong Kong Monetary Authority

22 September 1999

 

1.Additional information can be found on the IMF's website (http://www.imf.org/) under "Standards and Codes".

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery