LC Paper No. CB(1)146/99-00
Ref : CB1/PL/FA/1
Legislative Council
Panel on Financial Affairs
Minutes of Meeting held on
Thursday, 7 October 1999, at 12:45 pm
in Conference Room B of the Legislative Council Building
Members present :
Hon Ambrose LAU Hon-chuen, JP (Chairman)
Hon Eric LI Ka-cheung, JP (Deputy Chairman)
Hon Martin LEE Chu-ming, SC, JP
Hon NG Leung-sing
Hon Ronald ARCULLI, JP
Hon James TO Kun-sun
Hon CHEUNG Man-kwong
Hon HUI Cheung-ching
Hon Bernard CHAN
Hon SIN Chung-kai
Dr Hon Philip WONG Yu-hong
Hon Jasper TSANG Yok-sing, JP
Hon Emily LAU Wai-hing, JP
Members absent :
Hon James TIEN Pei-chun, JP
Hon Albert HO Chun-yan
Hon LEE Cheuk-yan
Dr Hon David LI Kwok-po, JP
Hon Ambrose CHEUNG Wing-sum, JP
Hon Timothy FOK Tsun-ting, JP
Hon FUNG Chi-kin
Clerk in attendance :
- Ms Estella CHAN,
- Chief Assistant Secretary (1)4
Staff in attendance :
- Ms Pauline NG,
- Assistant Secretary General 1
- Ms Connie SZETO,
- Senior Assistant Secretary (1)1
I Election of Chairman and Deputy Chairman
Mr Ambrose LAU, the Chairman, invited nominations for chairmanship. As Mr LAU himself was nominated by Mr Martin LEE and seconded by Mr Ronald ARCULLI, Mr Eric LI, the Deputy Chairman, took over the chair to preside over the election. There being no other nomination, Mr LAU was declared elected as Chairman of the Panel for the 1999-2000 seesion.
2. The elected Chairman took over the chair of the meeting and invited nominations for deputy chairmanship. Mr Eric LI was nominated by Mr Ronald ARCULLI and seconded by Mr Martin LEE. There being no other nomination, Mr LI was declared elected as Deputy Chairman of the Panel for the 1999-2000 session.
II Schedule of meetings for the 1999-00 session
3. Members agreed that regular meetings of the Panel would be held on the first Monday of each month at 10:45 am.
III Discussion items for next meeting
(The list of outstanding items for discussion and the list of follow-up actions arising from discussion issued respectively as Appendices V and VI under LC Paper No. CB(1)7/99-00)
4. Members agreed to discuss the following issues at the next regular meeting of the Panel scheduled for 1 November 1999 at 10:45 am:
- Progress of Y2K compliance work in Government and non-government organizations under the purview of the Finance Bureau;
- Progress of Y2K compliance work in Government and non-government organizations under the purview of the Financial Services Bureau; and
- Progress of migration of Hang Seng Index Futures and Options contracts to the Automated Trading System.
5. Noting that there would have been new developments since the Panel last discussed the implementation of the Growth Enterprises Market and the Exchange Fund Investment Limited's proposal to dispose of the securities acquired during the August 1998 operation, members agreed to request the Administration to provide information papers to up-date members on the progress of the two subjects. The Panel would make a decision on whether to schedule the two subjects for discussion at a later stage.
(Post-meeting note: The Administration has been requested to provide the two information papers on or before 25 October 1999.)
IV Any other business
6. The Chairman reminded members that the briefings by the Secretary for Financial Services and the Secretary for the Treasury on the Chief Executive's Policy Address 1999 had been scheduled for 11 October 1999 from 3:45 pm to 5:45 pm.
7. The meeting ended at 1:00 pm.
Legislative Council Secretariat
19 October 1999
