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Financial Services and the Treasury Bureau

From Wikipedia, the free encyclopedia
(Redirected fromOfficial Receiver's Office)
Bureau of the Hong Kong Government

Financial Services and
the Treasury Bureau
財經事務及庫務局
Emblem of the Hong Kong SAR
Bureau overview
Formed1 July 2002
JurisdictionHong Kong Government
Headquarters24/F, Central Government Offices, 2Tim Mei Avenue, Tamar, Hong Kong
Minister responsible
Deputy Minister responsible
  • Joseph Chan, Under Secretary for Financial Services and the Treasury
Bureau executives
Parent BureauFinancial Secretary
Child agencies
Websitefstb.gov.hk
Financial Services and the Treasury Bureau
Traditional Chinese財經事務及庫務局
Transcriptions
Yue: Cantonese
Yale RomanizationChòih gīng sih mouh kahp fu mouh guhk
JyutpingCoi2 ging1 si6 mou6 kap6 fu3 mou6 guk6
Politics andgovernment
ofHong Kong
  • University Grants Committee Secretariat
  • Working Family and Student Financial Assistance Agency
Related topicsflagHong Kong portal

TheFinancial Services and the Treasury Bureau (FSTB) is a part of the 15policy bureaux for theHong Kong Special Administrative Region. They are responsible for developing and executing government policy onfinance andtreasury. The agency was established on 1 July 2002. The current (since 1 July 2017) Secretary for Financial Services and the Treasury isChristopher Hui and the under secretary isJoseph Chan.

History

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Financial Services Bureau was established on 1 July 1997. The previous form isFinancial Services Branch undercolonial Hong Kong, headed by theSecretary for Financial Services.

Finance Bureau was established on 1 July 1997. The previous form isFinance Branch undercolonial Hong Kong, headed by the Secretary for the Treasury.

Financial Services Bureau andFinance Bureau were merged to becomeFinancial Services and the Treasury Bureau on 1 July 2002, headed by theSecretary for Financial Services and the Treasury. A Financial Services Branch and a Treasury Branch were created within the Bureau, each headed by a permanent secretary of D8 rank on the Directorate Pay Scale.

In March 2021, the FSTB announced proposed changes to theCompanies Registry, where information on companies would begin to be hidden.[1] In response,David Webb said that such changes "will facilitate corruption, fraud and other crimes."[1] TheNew York Times also said that those changes could potentially benefit Chinese Communist Party officials, as families of top officials had bought property in Hong Kong using companies.[2]

In December 2022, the FSTB announced that it would seek to regulate crowdfunding in Hong Kong, suggesting that all campaigns file an application before launching.[3]

Official Receiver's Office

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Official Receiver's Office (ORO,Chinese:破產管理署) is a government department within the bureau. They are responsible for statutory functions relating to insolvency, by being the role of liquidator and trustee of last resort in the administration of both corporate and personal insolvency cases respectively.[4]

The Office was established on 1 June 1992, taking over the powers and perform the duties of the Insolvency Division of the then Registrar General's Department.[5] According to Bankruptcy Ordinance (Cap. 6), once the court make a bankruptcy order, the Official Receiver will become the provisional trustee of the property of the bankrupt, and become the liquidator under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) to conduct personal or company compulsory liquidations.

Past Secretaries

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References

[edit]
  1. ^abCandice Chau (30 March 2021)."Hong Kong to block public access to private company information".Hong Kong Free Press HKFP. Retrieved30 March 2021.
  2. ^Stevenson, Alexandra (7 April 2021)."Hong Kong Courts the Rich as China Tightens Its Grip".The New York Times.ISSN 0362-4331. Retrieved7 April 2021.
  3. ^Chau, Candice (20 December 2022)."Regulation of crowdfunding needed to plug gaps in laws, says Hong Kong's John Lee as public consultation launched".Hong Kong Free Press HKFP. Retrieved20 December 2022.
  4. ^"Welcome Message - Official Receiver's Office". 6 April 2022.
  5. ^"Companies Registry - Fact Sheets". 6 April 2022.

External links

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Bureaus
Departments
Statutory agencies
or authorities
Central bank
Foreign relations
Current bureaux
Previous bureaux
(after 1997)
Subordinate departments
Financial Services Branch
Treasury Branch
Predecessors
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