Commission Against Corruption, Macao SAR

Co-organized by the Ministry of Supervision of the Peoples Republic of China, the ICAC of Hong Kong and the CCAC of Macao, the Conference on Corporate Governance in the Financial Sector took place in Hong Kong during 8^th to 10^th December, aiming to explore the corporate governance and integrity building in the financial sector.

The guests of honour included Yao Zengke, Vice Minister of Supervision, People's Republic of China , Prof. K. C. Chan, Secretary for Financial Services and the Treasury, Hong Kong SAR, Timothy Tong, Commissioner of the ICAC, and Cheong U, Commissioner of the CCAC. The conference was hosted by the ICAC and supported by many financial regulatory bodies, professional associations and leading chambers of commerce. Around 300 senior management staffs from the commercial circles in Mainland China , Hong Kong and Macao , including chairmen, CEOs, directors and professionals of listed companies, and representatives for regulatory bodies, attended the conference. The participants had an in-depth discussion and exchange of views about corporate integrity management and measures of corruption prevention in the financial sector.

Yao Zengke delivered a speech entitled Integrity and Honesty Secures Development¡¨ at the opening ceremony, asserting that the financial industry of China had seen a prominent development over recent years, but the more the financial sector develops, the more important the regulation is.¡¨ Enhancing the effectiveness of regulation and fighting corruption safeguarded successful reform and development of the financial industry. He pointed out that law was the foundation of the financial industry, while integrity was the soul, so he suggested reinforcing financial regulation, working hard on integrity and honesty and enhancing the cooperation of administrative supervision and anti-corruption of the three places. Yao added that the concept of one country, two systems¡¨ had been practiced successfully since Hong Kong and Macao returned to China . However, facing the international financial crisis, the governments of Hong Kong and Macao had to be positive and decisive and try their best to avoid systematic risk and lessen the effect of financial tsunami on the economy.

The Commissioner of CCAC, Cheong U, said that while the world was facing economic crisis, the discussion about integrity management in the financial sector was meaningful. According to the 2009 Policy Address of the Macao government, the proposal for the law regarding the extension of the CCACs jurisdiction to the private sector would be submitted to the Legislative Assembly for discussion in the first quarter of 2009. Therefore, it was expected that the integrity construction in the private sector including the financial area, the enhancement of development of the financial system, the establishment of an effective regulatory system, fostering integrity and the cooperation with the private sector would be the main strategies of the CCAC.

The corruption prevention authorities of Mainland China , Macao and Hong Kong co-organized a conference for the first time in January 2008 in order to share their experiences in preventing and fighting corruption in relation to construction projects. As the conference was effective, they decided to co-organize seminars on different issues regularly. Focusing on integrity management in the financial sector, this conference hosted by Hong Kong was the second joint seminar.

Vice Minister of Supervision, People's Republic of China, Yao Zengke (middle), Commissioner of ICAC, Timothy Tong (left), and Commissioner of CCAC, Cheong U at the opening ceremony of the Conference on Corporate Governance in the Financial Sector

The Commissioner of CCAC, Cheong U, delivered a speech during the Conference on Corporate Governance in the Financial Sector