What’s The HKCMA?

Established in 1986, the Hong Kong Capital Markets Association (HKCMA) is an industry association founded by a group of financial institutions active in the Hong Kong market to help promote the development of the local and regional debt capital markets. Since its inception, the HKCMA has performed four main functions: 

• Providing various professional recommendations and feedback to regulators with respect to developmental issues of the debt markets

• Providing a forum for market professionals to discuss and implement best practices guidelines 

• Organizing regular functions for market participants to network

• Providing bond market education and training to the public

The activities of the Association are wide and varied. Over the years these activities have included:

¨      Advising the Office of the Exchange Fund in a consultative capacity on the setting up of the Exchange Fund Bills Programme and the Government Borrowing (Bonds) Programme.

¨      Assisting the working party of the Securities and Futures Commission ("SFC") in the formulation of specific amendments to the Protection of Investors Ordinance ("PIO") – particularly insofar as the provisions impact the debt securities markets in Hong Kong - and providing ongoing advice and recommendations to the SFC in the context of a more thorough review of the securities laws of Hong Kong (as embodied in the Securities Ordinance, the Companies Ordinance and the PIO).

¨      Submitting recommendations to the Financial Secretary in respect of the tax treatment of debt instruments in Hong Kong. The HKCMA was also instrumental in obtaining exemptions from profits tax for HK$ debt instruments issued by the World Bank, IFC, ADB and EIB. Subsequently 6 other supranational bodies were also granted profits tax exemption status.

¨      Working to institute a Central Custodian system for the clearing of HK$ instruments.

¨      Advising the Commissioner of Banking on the proposed amendments to the framework of liquidity ratio requirements for authorised institutions - with specific reference to debt instruments traded by our Members.

¨      Visiting PRC authorities and conducting seminars with a view to assist PRC entities to approach the international and regional capital markets.

¨      Publishing a book "The Hong Kong Capital Markets" in 1997 and guidelines on capital markets practices.

¨      Advising the Mandatory Provident Fund Office in setting up of investment guidelines for the MPF.

¨      Advising the Hong Kong Monetary Authority regarding the establishment of The Hong Kong Mortgage Corporation Limited.

¨      Providing advice to various Government and Government-related authorities such as the Financial Services Bureau and the Trade Development Council on issues related to the promotion of the Hong Kong SAR as a prominent international financial centre.

¨      Holding a regular meeting with the Government, chaired by The Hong Kong Monetary Authority and attended by senior representatives of the Financial Services Bureau and the SFC, to provide feedback on market developments (particularly impediments to market growth) and exchange ideas and information on future policy formulation.

¨      Holding regular HKCMA member luncheons where representatives for the financial community speak on subjects of mutual interest.

 
^{The Hong Kong Capital Markets Association}