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subsequently, to monitor the financial soundness of the
institutions authorized to conduct investment business in
United kingdom.
the UK
In the case of an overseas institution, the SIB
and SROS will require the supervisors in the centre in
which the institution is based to assist them in the task.
If coope
peration is not forthcoming, the institution may be
United Kingdom required to incorporate itself in the OR or may even have
its authorisation withheld. One of the three Hong Kong
United Kingdom banks with UK branches has sought to be authorised under
the Act and other Hong
Kong banks may also want
authorization in due course. But as our Banking Ordinance
now stands, it is not possible to provide the
to provide the necessary United Kingdom
information to the UK) supervisors.
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Clause 3 of the Bill therefore seeks to amend
section 121 of the principal ordinance to empower the
Commissioner of Banking to provide information
information on matters
relating to the affairs of an authorised institution to
overseas regulatory authorities. Such information will only
be disclosed if the commissioner is satisfied that the
authority concerned is subject to adequate secrecy
provisions and the information will enable or assist the
authority to exercise its functions.
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The Bill also seeks to facilitate disclosure of
information by the Commissioner of Banking to other local
supervisors. At present, the Commissioner
of Banking is