News Centre

The Accounting and Financial Reporting Council (AFRC) welcomes the passage of the Safeguarding National Security Bill by the Legislative Council in fulfilment of Hong Kong’s constitutional duty under Article 23 of the Basic Law.

The new legislation provides a legal framework and enforcement mechanism for the enhancement of national security and will facilitate the work of financial regulators including the AFRC in enabling more effective regulation and ensuring compliance, and in creating a stable environment for the further development of Hong Kong’s economy and financial markets.

The AFRC fully supports the implementation of the new legislation.  In the performance of its statutory functions, the AFRC will, as provided under the new legislation, have due regard to its function in relation to safeguarding national security and continue to play its important part as the independent regulator of the accounting profession in Hong Kong in promoting the financial stability and prosperity of Hong Kong as an international financial centre.

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