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BANKING (AMENDMENT) (NO.2) BILL 1988
THE FINANCIAL SECRETARY moved the Second Reading of : 'A Bill to amend the Banking Ordinance'.
He said:
sir,
I move that the Banking (Amendment)
(No. 2) Bill¡ 988
be read a second time.
The purpose of this Bill is to amend sections 128
and 121 of the Banking Ordinance to enable the Commissioner
of Banking to disclose information concerning locally
S
incorporated authorized institutions to specified statutory
offices in Hong Kong and to their overseas counterparts.
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While the proposals aim at facilitating closer
cooperation between supervisors, the immediate cause for
the Bill arises from the need to provide information to the United Kingdom
UK) regulatory authorities, a s a result of the
United Kingdom implementation of the UK) Financial Services Act 1986.
United Kingdom
r
X.
The UK Financial
certain regulatory bodies
in
Services Act 19,86 requires
United Kingdom
the UK, that is, the
Securities and Investment
self-regulating organizations
Board
(SIB) and a number of
gan
(SROS) to
assess,
and