RESTRICTED
011405 MDHOAN 9483
QUOTE HONG KONG UNDERTAKING UNQUOTE IN CLAUSE 2(1) WERE AMENDED TO INCLUDE THE SAME RESTRICTIONS AS ARE SET OUT IN SECTION 4 OF THE DEUTSCHE BANK ORDINANCE. ONE POSSIBILITY WOULD BE TO INSERT AFTER THE WORD QUOTE THERE FROM UNQUOTE IN THE FIFTH LINE OF THE DEFINITION THE WORDS QUOTE BEING BUSINESS, PROPERTIES AND LIABILITIES OF THE DEFINITION WHICH ARE GOVERNED BY HONG KONG LAW THE TRANSFER OF WHICH IS GOVERNED BY HONG KONG LAW OR WHICH ARE DERIVED FROM THE HONG KONG BUSINESS OF THE SAID NINE HONG KONG BRANCHES UNQUOTE. THIS IS NOT ELEGANT AND NO DOUBT THERE ARE MANY BETTER WAYS OF DRAFTING IT: IT IS HOWEVER MODERATELY
ECONOMICAL.
4。
THE COMMISSIONER OF BANKING IS APPARENTLY SATISFIED WITH THE ARRANGEMENTS AND THAT THERE ARE SUFFICIENT SAFEGUARDS. WE DO NOT THINK THAT HAVING SOUGHT HIS VIEW, WE COULD ADVISE THE SECRETARY OF STATE OTHERWISE THAN TO ACCEPT IT. IF THE BILL IS AMENDED IN THE SENSE OF PARAGRAPH 3 ABOVE, WE COULD AGREE TO IT BEING PROCEEDED WITHOUT FURTHER REFERENCE TO THE SECRETARY OF STATE (PARAGRAPH 4 OF MR ALLCOCK'S LETTER REFERS).
HOWE
YYYY
MAIN
MINIMAL
ADDITIONAL
1
MR FIFOOT, LEGAL ADVISERS
NNNN
DISTRIBUTION
15
HKD
2
PAGE
RESTRICTED