************************************************************
The Government published in the Gazette today (May 6) the International Organizations (Privileges and Immunities) (Asian Infrastructure Investment Bank) Order (the Order) and the Securities and Futures Ordinance (Amendment of Schedule 1) Notice 2016 (the Notice) to facilitate the operation of the Asian Infrastructure Investment Bank (AIIB) in Hong Kong.
The Order, made under Section 3 of the International Organizations (Privileges and Immunities) Ordinance, seeks to give effect to the provisions of the agreement establishing the AIIB relating to status, privileges and immunities of the AIIB and its connected persons. The Order is a technical arrangement to confer on the AIIB relevant privileges and immunities in Hong Kong, so as to assist China in fulfilling its obligations as a member of the AIIB.
The Notice, made by the Securities and Futures Commission pursuant to Section 2(3) of the Securities and Futures Ordinance (SFO), seeks to amend Part 4 of Schedule 1 to the SFO to offer the AIIB similar treatment accorded to other multilateral agencies, such as the Asian Development Bank and the World Bank, by specifying the AIIB as a multilateral agency under the SFO.
The AIIB is a multilateral development bank, which supports infrastructure development in Asia with a view to expanding regional connectivity and improving regional integration.
A Government spokesman said, "The proposed arrangements aim to facilitate the operation of the AIIB in Hong Kong for the benefit of our financial services and professional services industries in areas such as project financing, bond issuance, investment, financial management and foreign exchange management. This will further enhance our position as an international financial centre."
The Order and the Notice will be tabled before the Legislative Council on May 11, 2016 for negative vetting and will come into operation on July 11, 2016.
Ends/Friday, May 6, 2016
Issued at HKT 12:12
NNNN
