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RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to graduall

Views sought on copyright regime

(To watch the full press conference with sign language interpretation, click here.)   The Government launched today a three-month public consultation on updating Hong Kong’s copyright regime. Members of the public are welcome to offer their views by February 23, 2022.   At a press conference this afternoon, Secretary for Commerce & Economic Development Edward Yau said the purpose of updating the copyright legislation is to provide the needed legal safeguards to preserve copyright which is important for creative industries.    He reiterated that the Government aims to strike a proper balance between the legitimate interests of copyright owners and users, and serve Hong Kong’s best interests.   One of the key legislative proposals is to provide new copyright exceptions for the use of copyright works for parody, satire, caricature and pastiche, commenting on current events, and quotation of copyright works.   The Government also suggests to revise and expand exceptions on various modes of using copyright works to facilitate online learning, the operation of libraries, archives and museums, and media shifting of sound recordings.   Mr Yau said the Government has considered practical circumstances in proposing the new exemptions to be included into the copyright regime.   “Currently, there are already exceptions provided in the current legislation. But as the society moves on, there are circumstances, including the area that we have pointed out that there seems to be suggestions and also certain support that in certain areas including parody and in certain pragmatic ways like how we handle the copyright exceptions for museums or libraries, there are practical circumstances which we do not want such reasonable activities to be caught. And that’s why they are now included in the consultation.   “With further deliberation and subject to the Legislative Council, then it could become part of the law.”   Other proposals include giving copyright owners a technology-neutral exclusive communication right, and to introduce “safe harbour” provisions to limit the liability of online service providers for subscriber copyright infringement acts on their service platforms. Click here for full details.   Members of the public may submit their views on the issues set out in the consultation paper by February 23, 2022 via email, fax (2147 3065), or mail to Division 3, Commerce, Industry & Tourism Branch, Commerce & Economic Development Bureau on 23/F, West Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar.
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