Companies told to prepare for universal testing
The Securities and Futures Commission (SFC) has urged Hong Kong businesses to prepare for compulsory universal Covid19 testing, an event that is likely to affect their operations as the city struggles to contain the fifth wave of the pandemic.
“Amid the acute situation of the fifth wave of Covid-19 infections in Hong Kong, the SFC again reminds licensed corporations to review and update their business continuity plan,” the commission said in a circular issued late on Monday.
“As the government has announced its intention to implement a compulsory universal testing scheme, albeit with the timing and details not yet announced, licensed corporations should start preparing now considering the number of actions that may need to be taken in advance.”
The reminder came as surging cases have led to the introduction of the toughest social-distancing curbs in the city yet.
Meanwhile, countries elsewhere that were hit by the Omicron variant of the coronvirus earlier and with higher rates of vaccination have eased restrictions in an effort to live with the disease.
As the city grapples with its worst coronavirus outbreak, 20 banks have shut branches to stem the spread of the disease, while restaurants and supermarkets have cut back their operating hours substantially.
Twelve banks, including Standard Chartered and Bank of China (Hong Kong), have also suspended all banking services on Saturdays.
Yesterday, the city reported a caseload of 30,493 infections after seeing a week of more than 50,000 daily cases. The surging cases have prompted authorities to initiate universal testing in the coming weeks.
People familiar with the situation have told the Post that mass testing could begin on March 26 and span nine days under a preliminary plan to impose some form of lockdown, but the exact timing and details had yet to be ironed out.
“The Hong Kong exchange is committed to operating robust and resilient markets,” a representative at the bourse said when asked whether market trading would continue in the event of a lockdown.
“Our intention is always to make sure markets fully function regardless of the prevailing environment.”
The SFC reminded companies in the city to review their business operations, including monitoring third-party vendors, and tracking and identifying staff members who may have had close contact with positive Covid-19 cases, and consider alternative channels of payment to ensure timely settlement of transactions as banks have adjusted their business hours.
They were also reminded to adopt measures to mitigate the risk of financial loss and maintain good communication with clients when their operations were delayed or disrupted.
“The SFC will continue to maintain close dialogue with licensed corporations and, so far as legally permitted … afford regulatory flexibility where necessary to address unavoidable operational constraints arising from the Covid-19 situation,” the circular said.
The SFC will continue to maintain close dialogue with licensed corporations
SFC CIRCULAR