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About 120 trust practitioners and representatives from charitable trusts, relevant professional and industry bodies attended the Consultation Forum on Review of the Trustee Ordinance and Related Matters this evening (July 29) at the Conference Hall, Central Government Offices New Annexe.
The forum, organised by the Financial Services Branch of the Financial Services and the Treasury Bureau (FSTB), was held to gauge views from the relevant trades following the launching of a three-month public consultation on June 22, on proposals to modernise the Trustee Ordinance.
The consultation paper proposed, among other things, the introduction of a new statutory duty of care of trustees and modernising the trustees'powers for the effective administration of trusts.
Representatives from the Hong Kong Trustees' Association, the Society of Trust and Estate Practitioners (Hong Kong Branch), the Law Society of Hong Kong, the Hong Kong Institute of Chartered Secretaries and the Hong Kong Institute of Certified Public Accountants also attended the forum.
Delivering an opening address at the forum, the Deputy Secretary for the Financial Services and the Treasury (Financial Services), Mr John Leung, stressed the importance of modernising Hong Kong's trust law to strengthen the competitiveness and attractiveness of Hong Kong's trust services industry.
"Reforming our trust law is a key component in the Government's strategy to enhance Hong Kong's position as a major asset management centre in Asia. It will encourage more local and overseas settlors to choose Hong Kong law as the governing law of their trusts and to administer their trusts in Hong Kong," Mr Leung said.
Participants at the forum actively expressed and exchanged views on the reform proposals.
Major issues discussed included trustees' statutory duty of care, trustees' powers in administering trusts, trustees' exemption clauses, beneficiaries' right to information, rules against perpetuities and accumulations of income, and some proposals more commonly adopted in off-shore jurisdictions. They also shared their views on whether charitable trusts and non-charitable trusts should be treated differently for certain proposals.
"FSTB will carefully consider the views expressed by the participants before finalising the proposals to modernise the trust law of Hong Kong," Mr Leung said.
Details of the consultation paper can be downloaded from the FSTB's website (www.fstb.gov.hk/fsb). Members of the public are welcome to submit their views and comments to FSTB on or before September 21.
Ends/Wednesday, July 29, 2009
Issued at HKT 18:51
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