Bills Committee on
Financial Reporting Council Bill

Ninth meeting on Monday, 23 January 2006, at 8:30 am
in Conference Room A of the Legislative Council Building

AGENDA

I.Confirmation of minutes of meeting
(8:30 am - 8:32 am)

LC Paper No. CB(1)743/05-06
(issued vide LC Paper No. CB(1)747/05-06 on 19 January 2006)

-Minutes of seventh meeting held on 20 December 2005

II.Meeting with the Administration
(8:32 am - 10:25 am)

Part 5 (Preservation of secrecy, avoidance of conflict of interests, immunity, etc.)

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

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

Part 6 (Consequential and related amendments)

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"

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
(10:25 am - 10:30 am)

Council Business Division 1
Legislative Council Secretariat
19 January 2006

Appendix

Other relevant papers previously issued

Background information on the Bill

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

-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

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"

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

Council Business Division 1
Legislative Council Secretariat
19 January 2006