MR CHAN KIN-POR (in Cantonese): Deputy President, in order for Hong Kong to become an international financial centre, it is essential to develop our asset management services. Since the trust services industry and asset management business are closely related, it is imperative for Hong Kong’s trust laws to meet the need of present-day trust business, with a view to enhancing our competitiveness in the world market and attracting organizations around the world to conduct trust and asset management business in Hong Kong.
The two ordinances governing the trust law regime have not undergone any major revision for decades, and they have obviously failed to meet the present-day need of trust business. The submission of the Bill by the authorities is therefore very timely. Such a move is extremely important to enhancing the competitiveness of Hong Kong’s trust industry.
As Mr NG Leung-sing has already spoken on the deliberations of the Bills Committee, I am not going to make any repetition. I just want to point out that the Government must review and update our trust law regime regularly and more frequently, so as to promote the development of asset management and trust business, thereby ensuring Hong Kong’s status as a financial centre. I request the Government to review the trust law regime within two years, especially the issues raised in the submissions of the industry that have not been dealt with, such as recognizing the validity of non-charitable purpose trusts and widening the reserve power of settlors. Furthermore, it should suggest new revisions with a proactive and enlightened attitude, with a view to supporting Hong Kong’s trust industry and making it more competitive than their counterparts in the rest of the world.
Thank you, Deputy President.