Bills Committee on
Financial Reporting Council Bill

Eighteenth meeting on Monday, 29 May 2006, at 10:45 am
in Conference Room A of the Legislative Council Building

AGENDA

I.Confirmation of minutes of meeting
(10:45 am - 10:47 am)

LC Paper No. CB(1)1588/05-06
(issued vide LC Paper No. CB(1)1594/05-06 on 26 May 2006)

-Minutes of fifteenth meeting held on 28 April 2006

II.Meeting with the Administration
(10:47 am - 12:40 pm)

Matters arising from the seventeenth meeting

LC Paper No. CB(1)1589/05-06(01)
(attached)

-"Follow-up to the seventeenth meeting on 22 May 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1589/05-06(02)
(attached)

-Extracts from the Report of the Bills Committee on Construction Industry Council (No. 2) Bill with relevant Committee Stage amendments

Clause-by-clause examination of the Bill

LC Paper No. CB(3)713/04-05
(issued on 17 June 2005)

-The Bill

LC Paper No. CB(1)1127/05-06(01)
(English version only)
(issued on 22 March 2006)

-Marked-up copy of the English text of the Bill showing the draft Committee Stage amendments proposed by the Administration (March 2006)

LC Paper No. CB(1)1589/05-06(03)
(Chinese version only)
(attached)

-Marked-up copy of the Chinese text of Schedule 2 to 6 of the Bill showing the draft Committee Stage amendments proposed by the Administration (May 2006)

LC Paper No. CB(1)1127/05-06(02)
(issued vide LC Paper No. CB(1)1151/05-06 on 23 March 2006)

-"Summary of outstanding issues of concern and proposed amendments to individual clauses of the Bill (Position as at 22 March 2006)" prepared by the Legislative Council Secretariat

Committee Stage amendments proposed by member

LC Paper No. CB(1)1589/05-06(04)
(attached)

-Draft Committee Stage amendments to clause 14 proposed by Hon Ronny TONG

Relevant paper

LC Paper No. CB(1)166/05-06(03)
(English version issued on 27 October 2005)
(Chinese version issued vide LC Paper No. CB(1)286/05-06 on 15 November 2005)

-Paper provided by the Administration on "Summary of submissions and Administration's responses"

(A list of relevant papers previously issued is in the Appendix.)

III.Any other business
(12:40 pm - 12:45 pm)

Council Business Division 1
Legislative Council Secretariat
26 May 2006

Appendix

Other relevant papers previously issued

Background information on the Bill

Ref: C15/3(05) Pt. 9
(issued on 15 June 2005)

-The Legislative Council Brief on "Financial Reporting Council Bill" issued by the Financial Services and the Treasury Bureau

LC Paper No. LS86/04-05
(issued vide LC Paper No. CB(2)2220/04-05 on 7 July 2005)

-The Legal Service Division Report

LC Paper No. CB(1)2050/04-05(01)
(issued on 18 July 2005)

-Background brief prepared by the Legislative Council Secretariat

Papers prepared by the Secretariat

LC Paper No. CB(1)2288/04-05(32)
(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-"Follow-up to the first meeting on 19 July 2005" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)2288/04-05(36)
(English version only)(issued vide LC Paper No. CB(1)2315/04-05 on 26 September 2005)

-Summary of submissions (Position as at 12:00 noon, 26 September 2005)

LC Paper No. CB(1)2365/04-05(01)
(issued on 4 October 2005)

-"Summary of 31 submissions (Position as at 4 October 2005)" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)2368/04-05(01)
(issued on 5 October 2005)

-"Follow-up to the second meeting on 27 September 2005" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)166/05-06(01)
(issued vide LC Paper No. CB(1)178/05-06 on 28 October 2005)

-"Follow-up to the third meeting on 7 October 2005" prepared by the Legislative Council Secretariat

LC Paper No.CB(1)166/05-06(04)
(issued vide LC Paper No. CB(1)178/05-06 on 28 October 2005)

-"Proposed meeting schedule" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)286/05-06(01)
(issued on 15 November 2005)

-"Follow-up to the fourth meeting on 31 October 2005" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)420/05-06(01)
(issued on 2 December 2005)

-"Follow-up to the fifth meeting on 17 November 2005" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)548/05-06(01)
(issued on 19 December 2005)

-"Follow-up to the sixth meeting on 6 December 2005" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)665/05-06(06)
(issued on 10 January 2006)

-"Follow-up to the seventh meeting on 20 December 2005" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)866/05-06(01)
(issued on 8 February 2006)

-"Follow-up to the eighth meeting on 12 January 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)866/05-06(03)
(issued on 8 February 2006)

-"Follow-up to the ninth meeting on 23 January 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)963/05-06(01)
(issued on 22 February 2006)

-"Follow-up to the tenth meeting on 10 February 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1256/05-06(01)
(issued vide LC Paper No. CB(1)1267/05-06 on 7 April 2006)

-"Follow-up to the eleventh meeting on 24 February 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1256/05-06(02)
(issued vide LC Paper No. CB(1)1267/05-06 on 7 April 2006)

-"Follow-up to the twelfth meeting on 24 March 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1256/05-06(03)
(issued vide LC Paper No. CB(1)1267/05-06 on 7 April 2006)

-"Follow-up to the thirteenth meeting on 31 March 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1256/05-06(04)
(issued on 6 April 2006)

-"Extracts of the papers previously provided by the Administration on clause 14" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1364/05-06(01)
(issued on 26 April 2006)

-"Follow-up to the fourteenth meeting on 10 April 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1460/05-06(01)
(issued on 10 May 2006)

-"Follow-up to the fifteenth meeting on 28 April 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1528/05-06(01)
(issued vide LC Paper No. CB(1)1542/05-06 on 19 May 2006)

-"Follow-up to the sixteenth meeting on 12 May 2006" prepared by the Legislative Council Secretariat

LC Paper No. CB(1)1528/05-06(04)
(issued vide LC Paper No. CB(1)1542/05-06 on 19 May 2006)

-"Summary of members' concerns on funding arrangement for the Financial Reporting Council (Position as at 19 May 2006)" prepared by the Legislative Council Secretariat

Paper prepared by the Legal Service Division

LC Paper No. LS27/05-06
(issued on 8 February 2006)

-"Note on the statutory Informer Protection Provision relating to the Independent Commission Against Corruption" prepared by the Legal Service Division of the Legislative Council Secretariat

LC Paper No. CB(1)1485/05-06(01)
(English version only)
(issued on 12 May 2006)

-"Marked-up copy of Part 6 of the Bill with the draft Committee Stage amendments proposed by the Administration" prepared by the Legal Service Division of the Legislative Council Secretariat

Papers provided by the Administration

LC Paper No. CB(1)2050/04-05(02)
(issued on 18 July 2005)

-Paper provided by the Administration on "Copy of the overseas legislation upon which the Bill is modelled"

LC Paper No. CB(1)2288/04-05(33)
(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Paper provided by the Administration on "International Experience"

LC Paper No. CB(1)2288/04-05(34)
(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Paper provided by the Administration on "Functions of the Financial Reporting Council"

LC Paper No. CB(1)2288/04-05(35)
(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Paper provided by the Administration on "Proposed work plan"

LC Paper No. CB(1)2368/04-05(02)
(English version only)(issued on 5 October 2005)

-Paper provided by the Administration on "Administration's Responses to the Submissions made to the Bills Committee"

LC Paper No. CB(1)2368/04-05(03)
(issued on 5 October 2005)

-Paper provided by the Administration on "Component One - Establishment of the Financial Reporting Council"

LC Paper No. CB(1)166/05-06(02)
(issued on 27 October 2005)

-Paper provided by the Administration on "(I) Appointment to; and (II) Checks and Balances on the Proposed Financial Reporting Council"

LC Paper No. CB(1)286/05-06(02)
(issued on 15 November 2005)

-Paper provided by the Administration on "Follow-up actions arising from the meeting held on 31 October 2005"

LC Paper No. CB(1)286/05-06(03)
(issued on 15 November 2005)

-Paper provided by the Administration on "Component Two - Audit Investigation Board"

LC Paper No. CB(1)420/05-06(02)
(issued on 2 December 2005)

-Paper provided by the Administration on "Component Three - Financial Reporting Review Panel and Financial Reporting Review Committee"

LC Paper No. CB(1)665/05-06(01)
(issued on 10 January 2006)

-Paper provided by the Administration on "Follow-up actions arising from the meeting held on 6 December 2005"

LC Paper No. CB(1)665/05-06(07)
(issued on 10 January 2006)

-Paper provided by the Administration on "Follow-up actions arising from the meeting held on 20 December 2005"

LC Paper No. CB(1)665/05-06(08)
(issued on 10 January 2006)

-Paper provided by the Administration on "Component Four ? Miscellaneous matters"

LC Paper No. CB(1)665/05-06(09)
(issued on 10 January 2006)

-Paper provided by the Administration on "Component Five ? Consequential and related amendments"

LC Paper No. CB(1)866/05-06(02)
(issued on 8 February 2006)

-Paper provided by the Administration on "Follow-up actions arising from the meeting held on 12 January 2006"

LC Paper No. CB(1)866/05-06(04)
(issued on 8 February 2006)

-Paper provided by the Administration on "Follow-up actions arising from the meeting held on 23 January 2006"

LC Paper No. CB(1)963/05-06(02)
(issued on 22 February 2006)

-Paper provided by the Administration on "Follow-up actions arising from the meeting held on 10 February 2006"

LC Paper No. CB(1)1256/05-06(05)
(issued on 6 April 2006)

-Paper provided by the Administration on "Funding arrangement for the Financial Reporting Council"

LC Paper No. CB(1)1460/05-06(02)
(issued vide LC Paper No. CB(1)1469/05-06 on 11 May 2006)

-Revised wording of clause 51 "Preservation of secrecy"

LC Paper No. CB(1)1364/05-06(02)
(issued vide LC Paper No. CB(1)1373/05-06 on 27 April 2006)

-Paper provided by the Administration on "Follow-up actions arising from the eleventh to fourteenth meetings"

LC Paper No. CB(1)1364/05-06(03)
(Chinese version only)
(issued on 26 April 2006)

-Marked-up copy of the Chinese text of clauses 1 to 32 of the Bill showing the draft Committee Stage amendments proposed by the Administration (April 2006)

LC Paper No. CB(1)1460/05-06(03)
(Chinese version only)
(issued vide LC Paper No. CB(1)1469/05-06 on 11 May 2006)

-Marked-up copy of the Chinese text of clauses 33 to 50 of the Bill showing the draft Committee Stage amendments proposed by the Administration (May 2006)

LC Paper No. CB(1)1528/05-06(02)
(issued vide LC Paper No. CB(1)1542/05-06 on 19 May 2006)

-Paper provided by the Administration on "Follow-up actions arising from the meeting held on 12 May 2006"

LC Paper No. CB(1)1528/05-06(03)
(Chinese version only)
(issued vide LC Paper No. CB(1)1542/05-06 on 19 May 2006)

-Marked-up copy of the Chinese text of clauses 51 to 81, and Schedule 1 of the Bill showing the draft Committee Stage amendments proposed by the Administration (May 2006)

Submissions received

LC Paper No. CB(1)2288/04-05(01) (Revised)
(English version only)(Revised version issued vide LC Paper No. CB(1)2331/04-05 on 28 September 2005)

-Submission dated 26 September 2005 from The Association of International Accountants - Hong Kong Branch

LC Paper No. CB(1)2288/04-05(02)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 22 September 2005 from British Chamber of Commerce in Hong Kong

LC Paper No. CB(1)2288/04-05(03)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 12 September 2005 from Deloitte Touche Tohmatsu

LC Paper No. CB(1)2288/04-05(04)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 14 September 2005 from The Chamber of Hong Kong Listed Companies

LC Paper No. CB(1)2288/04-05(05)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 22 September 2005 from Hong Kong Institute of Certified Public Accountants

LC Paper No. CB(1)2288/04-05(06)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 15 September 2005 from CPA Australia - Hong Kong China Division

LC Paper No. CB(1)2288/04-05(07)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 16 September 2005 from The Chartered Institute of Management Accountants - Hong Kong Division

LC Paper No. CB(1)2288/04-05(08)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 12 September 2005 from Mr CHAN Sai-hoi

LC Paper No. CB(1)2288/04-05(09)
(Chinese version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 17 August 2005 from The Chinese General Chamber of Commerce

LC Paper No. CB(1)2288/04-05(10)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 23 August 2005 from Mandatory Provident Fund Schemes Authority

LC Paper No. CB(1)2288/04-05(11)
(Chinese and English versions)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 30 August 2005 from Office of the Privacy Commissioner for Personal Data, Hong Kong

LC Paper No. CB(1)2288/04-05(12)
(Chinese and English versions)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 31 August 2005 from The Office of The Ombudsman

LC Paper No. CB(1)2288/04-05(13)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 5 September 2005 from KPMG

LC Paper No. CB(1)2288/04-05(14)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 7 September 2005 from Standing Committee on Company Law Reform

LC Paper No. CB(1)2288/04-05(15)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 7 September 2005 from Hong Kong General Chamber of Commerce

LC Paper No. CB(1)2288/04-05(16)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 8 September 2005 from Hong Kong Trustees Association Ltd

LC Paper No. CB(1)2288/04-05(17)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 9 September 2005 from The Association of Chartered Certified Accountants (Hong Kong)

LC Paper No. CB(1)2288/04-05(18)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 9 September 2005 from The Law Society of Hong Kong (Companies and Financial Law Committee and Securities Law Committee)

LC Paper No. CB(1)2288/04-05(19)
(Chinese version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 12 September 2005 from The Hong Kong Chinese Enterprises Association

LC Paper No. CB(1)2288/04-05(20)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 12 September 2005 from Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies

LC Paper No. CB(1)2288/04-05(21)(a)
(Chinese and English versions)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-First submission dated 12 September 2005 from Securities and Futures Commission

LC Paper No. CB(1)2288/04-05(21)(b)
(Chinese and English versions)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Further submission dated 14 September 2005 from Securities and Futures Commission

LC Paper No. CB(1)2288/04-05(22)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 12 September 2005 from The Hong Kong Institute of Chartered Secretaries

LC Paper No. CB(1)2288/04-05(23)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 14 September 2005 from National Institute of Accountants of Australia - China Branch

LC Paper No. CB(1)2288/04-05(24)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 20 September 2005 from Ernst and Young

LC Paper No. CB(1)2288/04-05(25)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 21 September 2005 from Hong Kong Bar Association

LC Paper No. CB(1)2288/04-05(27)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 8 September 2005 from Mr Oscar WONG Sai-hung

LC Paper No. CB(1)2288/04-05(28)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 12 September 2005 from Mr Simon YOUNG, Associate Professor, Faculty of Law, The University of Hong Kong

LC Paper No. CB(1)2288/04-05(29)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 13 September 2005 from Mr David GUNSON

LC Paper No. CB(1)2288/04-05(30)
(English version only)(issued vide LC Paper No. CB(1)2305/04-05 on 23 September 2005)

-Submission dated 16 September 2005 from Dr Peter P F CHAN

LC Paper No. CB(1)2288/04-05(31)
(English version only)(issued vide LC Paper No. CB(1)2315/04-05 on 26 September 2005)

-Submission dated 23 September 2005 from Mr Peter H Y WONG

LC Paper No. CB(1)2331/04-05(01)
(English version only)(issued on 28 September 2005)

-Submission dated 27 September 2005 from Hong Kong Stockbrokers Association Limited

Administration's response to submissions

LC Paper No. CB(1)197/05-06(01)
(Chinese version only)(issued on 1 November 2005)

-Administration's letter dated 27 October 2005 to The Chinese General Chamber of Commerce

LC Paper No. CB(1)197/05-06(02)
(English version only)(issued on 1 November 2005)

-Administration's letter dated 27 October 2005 to Hong Kong General Chamber of Commerce

LC Paper No. CB(1)197/05-06(03)
(Chinese version only)(issued on 1 November 2005)

-Administration's letter dated 27 October 2005 to The Hong Kong Chinese Enterprises Association

Other papers

LC Paper No. CB(1)307/05-06(01)
(issued on 16 November 2005)

-Construction Industry Council (No. 2) Bill - The Administration's draft proposed Committee Stage amendments to Clause 9, New Schedule 1A, Schedule 2

LC Paper No. CB(1)665/05-06(02)
(issued on 10 January 2006)

-Section 187 of Securities and Futures Ordinance - Part VIII

LC Paper No. CB(1)665/05-06(03)
(issued on 10 January 2006)

-Clause 180 of Securities and Futures Bill - Part VIII

LC Paper No. CB(1)665/05-06(04)
(issued on 10 January 2006)

-Extracts of verbatim transcript for meeting of Bills Committee on Securities and Futures Bill and Banking (Amendment) Bill 2000 held on 17 July 2001

LC Paper No. CB(1)665/05-06(05)
(English version only)(issued on 10 January 2006)

-Extracts of LC Paper No. CB(1)925/00-01(02) - Administration's response to "Supplement to the Comparison Table for Part VIII of the Securities and Futures Bill" prepared by the Legal Service Division of the Legislative Council

LC Paper No. CB(1)990/05-06(01)
(issued on 27 February 2006)

-Section 42 of Interpretation and General Clauses Ordinance (Cap. 1)

Council Business Division 1
Legislative Council Secretariat
26 May 2006