The change from the old to the new reporting systems
has operated smoothly. This is evidence that banks
and deposit-taking companies have been considering the new requirements carefully with their profes-
sional advisers. The few institutions which failed
to meet the new liquidity ratio in the first month, September, immediately rectified their position and
it now appears that all banks and deposit-taking companies can comply with the new requirement.
35.
The former registry of deposit-taking
companies has been expanded to provide a complete
public register of all authorised institutions (banks, deposit-taking companies and representative
offices under the supervision of the Commissioner).
This register is open during business hours and is
much used.
36.
During the final stages of the enactment
of the Ordinance, the question was raised as to
whether there should be specific clauses dealing
with standards of conduct. The previous legislation
had a short clause dealing with the acceptance of
gifts, etc. in the course of business. The question
was raised too late for inclusion in the legislation and, in any case, it was decided that in the first
instance, codes of conduct were best administered by
the management of the institutions themselves although it would be necessary to have consistency
of treatment.
new Ordinance gives the
The
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