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We dismissed (d) as immediately labelling the register
as a flag of convenience even though the prescribed
parameters could determine otherwise. A formidable
regulatory and inspection system would, in any case,
probably be required. We do not discuss it further in
this paper.
5.8.
As regards (a), this is the system most widely
used throughout the world. It is the existing Hong Kong
system and has the following advantages:-
$
(i) a more efficient and effective means of
running the register (i.e. the HKSOA's
objective) will be met by legislative
changes already implicit in the proposed
MSA (or alternatively in the new Hong
Kong legislation that will be required in
any case for the establishment of the
register);
(ii) there is no evidence that there are
fundamental flaws in the existing system
of administration;