CONFIDENTIAL ##
機
Subject
Pui pose
- 8
Progress made and present position
Next quarter target
Commercial Legislation
* (12) Companies
Law revi... sion
(a) To implement the accepted
recommendations
of the Companies
Law Revision Committee
*(13)
Insurance Companies Bill 1982
(b) Disclosure of shareholdings
To introduce com~ prehensive re- gulatory measures
(a)
(b)
Work continued on re- drafting the Companies (Amendment) Bill 1980 having regard to UMELCO's comments.
A draft Bill was prepared broadly in accordance with ExCo's approval in principle for the Companies Ordinance to be amended to require directors, major shareholders (with 10% shareholding or more) officers, senior executives and profess- ional advisers of listed public companies to disclose their holdings of and dealings in shares,
The Bill was introduced into LegCc in May 1982 and is being studied by UMELCO in the light. of representations received.
(a) To complete re-
drafting and inform cr seek approval
from ExCo of amend- ments made to the 1980 Bill prior to introducing the revised Bill into Iegro.
(b) In the light of the
opposition to disclosure require
ments from the private sector, C for S to obtain the present views of the
Securities Commission prior to submitting the bill to ExCo.
機
CONFIDENTIAL ##
To monitor public reaction, to discuss the bill with WELCO in the light of representations received and to finalise committee stage amendments for enactment of the Bill within this session.
GF 323