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Following is a question by the Hon Eric Li and a written reply by the Acting Secretary for Financial Services, Mrs Rebecca Lai, in the Legislative Council today (May 17):

Question

Will the Government inform this Council of the number of certified public accountants engaged by the Securities and Futures Commission as at 31 March this year to undertake regulatory work, such as investigating misfeasance or misconduct in the trading of securities and futures contracts, examining the books and records of listed companies, and liaising with the certified public accountant concerned?

Reply:

Madam President,

The requirements for a person to be registered as a professional accountant in Hong Kong are laid down in the Professional Accountants Ordinance ("PAO") (Cap.50). A certified public accountant is a professional accountant holding a practising certificate issued by the Hong Kong Society of Accountants ("HKSA") under the PAO.

The Securities and Futures Commission ("SFC") does not have readily available information as to how many of its staff are certified public accountants. However, according to its personnel record as at 31 March 2000, of its 174 professional staff engaged in regulatory functions, 77 were qualified accountants, being members of a professional accountancy body in Hong Kong or overseas including the HKSA. They worked in different divisions and departments of the SFC including the Chairman's Office, corporate finance, enforcement, licensing, intermediaries supervision, investment products and supervision of markets.

End/Wednesday, May 17, 2000

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