Issues arising from Lehman Brothers-related
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| Date | Context | Summary of development | Action |
|---|---|---|---|
| 12/00 | BC | The Administration introduced the Securities and Futures Bill and Banking (Amendment) Bill 2000 into the Legislative Council (LegCo) on 24 November 2000 and a Bills Committee was formed on 1 December 2000 to scrutinize the Bill.
The Bills Committee held 55 meetings. [Bills Committee on Securities and Futures Bill and Banking (Amendment) Bill 2000] The Bills Committee reported its deliberations to the House Committee on 22 February 2002. [Volume I - The Report] [Volume II - Marked-up versions of Committee Stage amendments] [Volume III - Draft Committee Stage amendments] The Council passed the Bill on 13 March 2002. [Hansard "Pages 94"] | |
| 06/01 | FA | FA Panel and the Bills Committee on Securities and Futures Bill and Banking (Amendment) Bill 2000 discussed the overseas duty visit report on the financial systems in the United Kingdom and the United States of America. [Report] | |
| 10.10.08 | HC | At the House Committee meeting, Hon KAM Nai-wai proposed to appoint a select committee to investigate matters relating to the sale of Lehman Brothers-related minibonds and structured financial products.
[Letter dated 6 October 2008 from Hon KAM Nai-wai]
Hon Margaret NG proposed to hold an urgent special House Committee meeting for relevant officials to brief Members on the present situation regarding minibonds. [Letter dated 9 October 2008 from Hon Margaret NG] | |
| 13.10.08 | HC | The House Committee held an urgent special meeting with the Financial Secretary (FS), Secretary for Financial Services and the Treasury (SFST), Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC) and representatives from 22 financial institutions on present situation regarding minibonds.
[Paper on minibonds arranged by Lehman Brothers] [SFC's response on questions raised by the LegCo] [Paper on note on legislative provisions relating to the regulation of banking institutions engaging in the sale of financial products] [Paper on complaints regarding the sale of investment products related to Lehman Brothers Holdings by banks] (Chinese version only) [Fact Sheet on a summary of local press reports on Lehman Brothers Holdings filed for bankruptcy protection from 26 February 2007 to 16 September 2008] (Chinese version only) [Fact Sheet on a summary of local press reports on Lehman Brothers minibonds from 15 September to 11 October 2008] [Letter dated 14 October 2008 from Hon KAM Nai-wai and Hon James TO] (Chinese version only) [Paper on major issues relating to Lehman Brothers' minibonds and the sale of structured investment products] [Speaking note of Mr John C TSANG, FS] (Chinese version only) [Speaking note of Prof K C CHAN, SFST] (Chinese version only) [Speaking note of Mr Joseph YAM, Chief Executive, HKMA] (Chinese version only) [Speaking note of Mr Martin WHEATLEY, Chief Executive Officer, SFC] (English version only) [SFC's paper on "Secured Continuously Offered Note programme - Minibond Series 36"] [HKMA's paper on 經銀行發售與雷曼有關的結構性票據] (Chinese version only) [Letter dated 14 October 2008 from Hon Mrs Regina IP LAU Suk-yee] (Chinese version only) [Letter dated 14 October 2008 from Hon KAM Nai-wai] (Chinese version only) [A list of the information requested by Hon James TO Kun-sun, Hon LAU Kong-wah and Hon Paul CHAN Mo-po] [Administration's response to Hon Mrs Regina IP LAU Suk-yee's request] [Banks' response to questions raised by Hon KAM Nai-wai's letter dated 14 October 2008] [Administration, HKMA and SFC's response to Hon KAM Nai-wai's letter dated 14 October 2008] [Administration, HKMA and SFC's response to Hon James TO Kun-sun, Hon LAU Kong-wah and Hon Paul CHAN Mo-po] [SFC's response to Hon Audrey EU's request to clarify whether investors as a matter of legal right are entitled to tape recordings of transaction orders] | |
| 17.10.08 | HC | The House Committee discussed the proposal to appoint a subcommittee to study issues arising from Lehman Brothers-related minibonds and structured financial products. | |
| 10.08 | SUBC | The House Committee formed a subcommittee to study issues arising from Lehman Brothers-related minibonds and structured financial products. [Subcommittee to Study Issues Arising from Lehman Brothers-related Minibonds and Structured Financial Products] | |
| 22.10.08 | CM | A motion on assisting the victims of the Lehman Brothers incident moved by Hon Jeffrey LAM as amended by Hon KAM Nai-wai, Hon WONG Kwok-hing and Hon Alan LEONG Kah-kit was passed. [Hansard "Page 148"]
The Administration provided in December 2008 the progress report on its views on the motion and the progress of the follow-up actions taken. [Progress report] | |
| 5.11.08 | CQ | Hon Raymond HO raised a question on measures to protect investors. [Hansard "Page 64"] | |
| 12.11.08 | CM | The Council passed a resolution moved by Hon Raymond HO to authorize the Subcommittee to Study Issues Arising from Lehman Brothers-related Minibonds and Structured Financial Products under section 9(2) of the Legislative Council (Powers and Privileges) Ordinance (Cap. 382) to exercise the powers conferred by section 9(1) of the Ordinance for the purpose of studying issues arising from Lehman Brothers-related minibonds and structured financial products and making recommendations where necessary. [Hansard "Page 99"] | |
| 26.11.08 | CM | A motion on reforming financial regulators moved by Hon Ronny TONG Ka-wah as amended by Hon Albert HO Chun-yan and Hon Miriam LAU Kin-yee was passed. [Hansard "Page 183"]
The Administration provided in February 2009 the progress report on its views on the motion and the progress of the follow-up actions taken. [Progress report] | |
| 18.12.08 | FA | The Panel discussed with the representatives of Hong Kong Association Banks and the Administration on issues relating to Government's "buy-back" proposal for Lehman Brothers-related Minibonds.
[Paper] [Letter dated 15 December 2008 from the Hong Kong and Shanghai Banking Corporation Limited (attaching a copy of the letter dated 25 November 2008 from the legal counsel of Lehman in the United States)] (English version only) [Speaking note of Prof K C CHAN, SBS, JP, Secretary for Financial Services and the Treasury] (Chinese version only) [Press release issued by distributor banks on 17 December 2008 regarding latest developments on the buy back proposal for Lehman Brothers related mini-bonds] | |
| 30.12.08 | FA | The Panel followed up issues relating to Government's "buy-back" proposal for Minibonds.[Papers] | |
| 2.2.09 | FA | The Panel followed up the review reports prepared by HKMA and SFC on the Minibonds incident. [Papers] | |
| 23.2.09 | FA | The Panel followed up the review reports prepared by HKMA and SFC on the Minibonds incident. [Papers] | |
| 21.10.09 | CQ | Hon Frederick FUNG Kin-kee raised a question on measures to improve regulation of financial institutions and financial products [Hansard, "Page 24"] | |
| 21.10.09 | CQ | Hon Jerffrey LAM Kin-fung raised a question on proposed cooling-off period for sales of investment products [Hansard, "Page 41"] | |
| 2.11.09 | FA | The Panel discussed with the Administration and regulators the progress of the Action Plan for taking forward the recommendations in the reports prepared by HKMA and SFC on the Lehman Brother Minibonds incident. [Papers] [Hong Kong Association of Banks' submission dated 23 October 2009 on improvement measures implemented by the retail banking sector (English version only)] [Background Brief on progress of the Administration's action plan on recommendations in the reports prepared by HKMA and SFC on the Lehman Brothers Minibonds Incident prepared by the Legislative Council Secretariat] |