Your quarterly news for CFOs and members working in business (22 October 2020)

PAIB Virtual Conference 2020 – Thriving in turbulent times: Business continuity and growth strategies

Over 900 members enrolled for this annual flagship event for Professional Accountants in Business, co-hosted by the Institute and Bloomberg on 19 September, during which the Guest of Honour, Joseph Chan, JP, Under Secretary for Financial Services and the Treasury, together with other renowned speakers, shared insights on the overview of the economic situation and explored the opportunities and challenges during the COVID-19 pandemic.

In conjunction with the conference, the Institute conducted a survey of members who work in business to understand how COVID-19 is affecting their business and daily operations. The survey results showed that the pandemic has negatively affected organizations in a wide range of areas, including revenue and business operations and employee engagement, yet many of the organizations were responsive to the impact of the pandemic and had a variety of mitigating actions in place, e.g. establishment of employee support policies and investment in technology. Stay tuned for the detailed report.

News and updates

SFC issues quarterly report

On 20 August, the Securities and Futures Commission (SFC) published its latest Quarterly Report which summarizes key developments from April to June 2020 including:

joint statement with The Stock Exchange of Hong Kong Limited (the Exchange) to provide guidance to listed companies on holding general meetings for shareholders when social distancing requirements are in effect;
consultation on changes to the Code on Real Estate Investment Trusts;
consultation conclusions on a proposed operational model for a paperless securities market and on enhancements to the over-the-counter derivatives licensing regime;
report on the SFC’s annual review of the performance of the Exchange and its expected regulatory standards for brokers offering leveraged foreign exchange trading.

HKEX publishes consultation conclusions

On 28 August, Hong Kong Exchanges and Clearing Limited (HKEX) published conclusions to its consultation on the Codification of General Waivers and Principles relating to IPOs and Listed Issuers and Minor Rule Amendments (Consultation Conclusions). HKEX also published a new Guidance Letter on Experience and Qualification Requirements of a Company Secretary.

A summary of the main changes is set out in the press release. The changes are effective from 1 October 2020.

Upcoming events and activities

CFIG webinar – HKEX’s consultation conclusions: Codification of general waivers and principles relating to IPOs and listed issuers and minor rule amendments

At the upcoming Corporate Finance Interest Group (CFIG) webinar on 28 October, the speakers will discuss the details of general waivers and principles codified into the rules, including the reasons for, and the effects of, the new and amended rules.

ITIG webinar – Automation tips for the accounts payable process

At the upcoming Information Technology Interest Group (ITIG) webinar on 30 October, the speaker will share the practical experience of accounts payable automation projects in achieving operational efficiency gains, as well as paper and other cost savings.

MBIG and PICIG joint webinar – Property investment in the Greater Bay Area by Hong Kong citizens

At the upcoming joint webinar hosted by the Mainland Business Interest Group (MBIG) and the Property, Infrastructure and Construction Interest Group (PICIG) on 3 November, the speakers, will provide an overview on China’s macroeconomic situation and trends, real estate development and planning in the Greater Bay Area and the respective mortgage services and loans.

HKICPA and CIMA joint webinar

Re-inventing finance for a digital world – The future of finance

At the upcoming joint webinar on 10 November, the speakers will provide an overview of the future needs of business and employers globally in a digital world, discuss the importance of assessing an organization’s finance strategy and vision, and the importance of sharpening competencies to face the ever-changing value of finance.

If you have suggestions on specific topics or speakers for future PAIB events, please let us know at paib@hkicpa.org.hk.

Features and articles

The following articles and publications may be of your interest:

Business articles

From essential to indispensable: Five steps to navigating the COVID-19 storm by IFAC
Human signals: New patterns of behavior and the accounting profession by AICPA
Covid-19 Is rewriting the rules of corporate governance from Harvard Business Review
How to give employee feedback effectively (and why it matters) from Entrepreneur
Reshaping the CFO Role from CFO.com
Financial crime during a recession: Key lessons for finance leaders from Financial Management

Tax articles

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