Dear Friends,

First of all, I wish you and your family a healthy, happy and fruitful Year of the Ox!

The financial crisis is sweeping across the globe like a tidal wave. Hong Kong is not spared. Some of you may have been asked to take no-pay leave, some may have your salaries reduced, while others may have been asked to leave their job and move on. This is no easy economic time. Many families find it more difficult to make ends meet. Worries for the future mounts to stress. I understand. I feel for you. But as we celebrate the Chinese New Year, we know a new spring is just round the corner, bringing new hope. My greatest hope is for us all to ride through this wave, safely and smoothly, to better, brighter times ahead!

Thank you all for giving me the opportunity to represent the accountancy sector in the legislature. To me, the last four months have been extremely hectic, fully packed with meetings and immense challenges. Full attention was called for to tackle the Lehman minibonds debacle when my term has not even officially begun. On the heel of the debacle came many other issues: The public outcry over the Old Age Allowance; the call for the abolition of levies on imported domestic helpers; on-going deliberations over the measures to help banks and SMEs recover from the financial tsunami; the proposed amendment to the Domestic Violence Ordinance with a new definition of 'family' that threatens our fundamental family values, etc.

Thank you for allowing me the time and patience to fully focus on legislative work. As a fresher trying to get up to speed, the learning curve is very steep.

Recent development in two matters has been quite heartening. When the Lehman minibonds debacle first broke out, I was the first to bring up the Towry Law case as an example to formulate a solution for the current problem. I called for the use of the influence or sanction power of the regulatory authorities to bring about a fair and feasible solution. Following an investigation, the Securities and Futures Commission has recently issued a reprimand to Sun Hung Kai Investment Services Ltd in connection with the company's sale of Lehman minibonds, and the company has agreed to make a voluntary offer to purchase all outstanding Lehman minibonds from its clients. On a different front, I raised with the Chief Executive earlier this year the urgency of revisiting the abandoned legislative proposal for introducing a "corporate rescue" mechanism to Hong Kong. With the downturn of the economy, bankruptcy protection afforded by a "corporate rescue" mechanism will give financially-stricken enterprises a much better chance to turn around. I am delighted to see that the "corporate rescue" mechanism proposal will be revived for consideration.

In the months ahead, I expect to roll out more initiatives and events focusing on the needs of the sector. Last month, my Legislative Office organized a CPD seminar on "The Financial Tsunami and its Aftermath: Issues for Professional Accountants". It was almost instantly fully subscribed. To cater for the overwhelming unmet demand, we will re-run the same seminar on 17 Feburary at a larger venue. In the coming months, there will be other seminars and events designed for friends and colleagues in the sector. If you would like to receive early notice of seminars and events in March and onwards, please register by opening the e-mail subscription form on this page.

A few weeks ago, I met with the Presidents or their representatives from the ten major accounting bodies. At the meeting, I presented to them a brief summary of my legislative work thus far and we exchanged views on issues and trends affecting the sector. Next month, I will meet with teachers, students and alumni from the accounting faculties of various universities. Similar meetings and gatherings will take place regularly. These will help me gauge the main issues and concerns shared by members of our profession.

Lastly, I would invite you all to visit my website and offer feedback. My email address is paul@paulmpchan.org.

The current economic situation may not look rosy but if we work together with confidence and perseverence, we will create a better future for ourselves and our children !!.

Paul Chan