Section 103 of Part XI of the Crimes Ordinance (Cap. These sub-committees include the Governance Sub-Committee, the Audit Sub-Committee, the Currency Board Sub-Committee, the Investment Sub-Committee, and the Financial Infrastructure and Market Development Sub-Committee. In his control of the Exchange Fund the Financial Secretary is advised by the Exchange Fund Advisory Committee (EFAC), which is established under the Exchange Fund Ordinance.ĮFAC is assisted in its work by five sub-committees, which monitor and advise on specific areas of the HKMA’s work and make recommendations to the Financial Secretary through EFAC. The Monetary Authority, under delegation from the Financial Secretary, is responsible to the Financial Secretary for the use of the Exchange Fund, and for the investment management of the Fund. The Exchange Fund is under the control of the Financial Secretary. The office of the Monetary Authority is known as the HKMA, and the Monetary Authority is the Chief Executive of the HKMA. The Monetary Authority is appointed under the Exchange Fund Ordinance to assist the Financial Secretary in performing his functions under the Exchange Fund Ordinance and to perform such other functions as assigned by other Ordinances or by the Financial Secretary.
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