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بھر
The banking community has expressed serious
present
concern that the disclosure requirement involves the
inclusion of cumbersome and excessive detail in their
annual accounts.
Furthermore, publication could
constitute a breach of the duty of confidentiality owed by
a bank to its customer. Some members of the banking
community are also concerned that foreign banks operating
in Hong Kong, which are not subject to such strict
disclosure requirements, have an unfair advantage over
local institutions.
بھر
In the light of representations received, we
have reviewed the matter and sought the advice of the
Standing Committee on Company Law Reform. We accept the
importance of banking confidentiality, but consider that
in general the principle of disclosure of detailed
information to the public should apply to banks as it
applies to other companies. So the proposed amendments to
section 161B are designed to achieve the primary objective
in relation to the annual accounts of the banks/whilst maintaining the general principle of
disclosure of relevant information to the public.
بھر
Clause 3 of the Bill provides a limited
exemption for authorised financial institutions and their
holding companies from disclosing details of loans to
directors and other officers in their annual accounts.
Instead, the accounts will contain information on the
aggregate figures of such loans. This exemption, however,
does not apply to a loan or guarantee in excess of