3
under the Monetary Statistics Ordinance
7.
Subject to the advice of the Executive Council, bills will be
introduced to amend the Banking Ordinance and the Deposit-tak ing
Companies Ordinance, in order to extend to their operations overseas
the system of prudential supervision of Hong Kong incorporated banks
and deposit-taking companies,
8.
A bill to amend the Companies Ordinance in.the light of the
recommendations in the Second Report of the Companies Law Revision:- bis.g
Committee was published in the
Gazette last year. I hope it can be
introduced this session.
9.
To offer better protection to the investing public and to
bring Hong Kong into line with other financial centres, drafting
proposals on disclosure requirements in relation to the share holding
of directors, major shareholders, advisers and officers of public
companies have been prepared. The course of consultation now in
progress suggests the subject is as complex and controversial as we
expected.
10.
At the beginning of this year, two Ordinances were enacted amending the Fire and Marine Insurance Companies Deposit Ordinance and the Life Insurance Companies Ordinance, requiring all insurance
companies carrying on the relevant classes of business to have a
minimum paid-up capital of $5 million and to maintain a solvency margin.
/In ..