The Resolution Compensation Tribunal (“RCT”) was established in accordance with Division 2 of Part 7 of the Financial Institutions (Resolution) Ordinance (Cap. 628) (“the Ordinance”) on 1 April 2018. The RCT has jurisdiction to revoke the appointment of an independent valuer, review the decisions made by an independent valuer, and determine any dispute as required by the relevant regulations relating to the distribution of surplus and related matters.
The Ordinance commenced operation on 7 July 2017. Under the Ordinance, the Monetary Authority, the Insurance Authority and the Securities and Futures Commission are the resolution authorities vested with a range of necessary powers to effect orderly resolution of non-viable systematically important financial institutions in Hong Kong such that risks posed by the non-viability of these financial institutions to the stability and effective operation of the Hong Kong financial system, including the continuity of critical financial services, can be mitigated. This is also to minimise risks posed to public funds as losses are imposed on the institution’s shareholders and creditors.
A sitting of the RCT shall consist of the Chairperson and two ordinary members to be appointed by the Financial Secretary on the recommendation of the Chairperson. According to the Ordinance, every sitting of the Tribunal must be held in public unless the Tribunal considers, in the interests of justice, that a sitting (or any part of it) should be held in private.
Membership
Chairperson
(for the term from 1 April 2024 to 31 March 2027)
Mr Jonathan Chang Tien-yin, SC
Panel Members
(for the term from 1 April 2024
to 31 March 2026)
Dr Butt Yiu-yu
Professor Alex Chan Wing-ho
Ms Lorna Chen Xin
Mr Steve Chong Wai-ming
Ms Fang Xin
Ms Candy Fong Wai-ling
Mr Eric Hui Kam-kwai
Mr Garth Brian Jones
Mr Byron Khoo
Ms Sophia Lee Shuk-woon
Ms Jasmine Lee Shun-yi
Ms Orchis Li Tzy-lan
Ms Angie Li Yick-yee
Mr Kevin Liem Chi-kit
Mr Eugene Liu
Mr Wiley Pun Wang-fung
Ms Tiffany Wong Wing-sze
Mr Jackson Woo Ka-biu
Inquiries can be referred to the Secretariat:
Secretariat of the Resolution Compensation Tribunal
24/F, Central Government Offices
2 Tim Mei Avenue
Tamar, Hong Kong
Telephone: 3655 4770