CONFIDENTIAL #Z
密
5
Commerce
7. Companies Law
revision
8.
Insurance
To carry out the recommen- dations of the Companies Law Revision Committee as accepted by the Government.
To rationalise
insurance legis- lation
(i) Comments on public
representations have been forwarded to UMELCO for consideraticu.
(ii)ExCo gave approval in principle for the Companies Ordinance to be amended to require directors, major share- holders (with 10% shareholdings or more) and professional advisers to disclose their holdings of and dealings in shares of the company. Draft drafting instructions have been prepared and sent to RG for comments. Thereafter they would be considered by the
Securities Commission.
Second Draft of the Insurance Companies Bill sent to the insurance industry working group for comments.
To consult with the UMELCO Ad Hoc Group, which is to be chaired by the Hon. LI Fook-wo.
To finalise drafting instructions and to seek approval for these to be issued.
To finalise the Bill in the light of comments from the working group.
GF 323
CONFIDENTIAL ##
機