12
WEDNESDAY, JUNE 8, 1988
TI
BE TURNED DOWN OF THE
AT PRESENT, REQUESTS FOR INFORMATION HAVE TO BY AUTHORITIES IN HONG KONG BECAUSE OF THE RESTRICTIVE NATURE CURRENT LEGISLATION.
POSSIBLE "BY INTRODUCING THE NEW PROPOSALS IT WILL THEN BECOME
AND ALSO TO TO ENTERTAIN SUCH REQUESTS UNDER PRESCRIBED CONDITIONS
IN TO RECIPROCATE
A MORE ENCOURAGE OTHER REGULATORY AUTHORITIES
HONG KONG'S STATUS AS A FAVOURABLE MANNER, THUS TO SECURE FURTHER FINANCIAL CENTRE, MISS TAM SAID.
SHE REFERRED TO A MAIN CONCERN OF THE LEGCO AD UP TO STUDY THE TWO BILLS.
HOC GROUP SET
THIS WAS
TO ENSURE FROM
THAT
INSURERS
WOULD
NOT
DISCLOSURE
DISCRETION
BY
SUFFER OF SENSITIVE AND/OR INSURANCE
ANY INDISCRIMINATE
UNNECESSARILY INFORMATION CONCERNING INDIVIDUAL COMPANIES OR THEIR DIRECTORS
OF THE THE
THE CONTROLLERS IN AUTHORITY.
EXERCISE
IT WOULD ALSO APPLY TO THIRD PARTY, LOCAL OR OVERSEAS.
THE
HANDLING
OF
INFORMATION BY
THE
WAS CONVENER, HAD FOUND
THE AD HOC GROUP, OF WHICH MISS TAM THE PRINCIPLES OF THE TWO BILLS WORTH SUPPORTING.
REACHED AGREEMENTS WITH REGARDING THE DETAILS, THE GROUP HAD THE GOVERNMENT ON SOME COMMITTEE STAGE AMENDMENTS, SHE SAID.
STAGE ΤΟ BE IN THE PROVISIONS
BEFORE AUTHORITIES
FOR THE SECURITIES (AMENDMENT) BILL 1988, ONE COMMITTEE AMENDMENT WAS THAT THE COMMISSIONER FOR SECURITIES WOULD HAVE SATISFIED THAT
WERE THERE JURISDICTION
OF
ADEQUATE
THE OVERSEAS
SECRECY SUPERVISORY
INFORMATION WAS DISCLOSED TO SUCH AUTHORITIES.
BRING THE PENALTIES PROVIDED FOR BY
ANOTHER COMMITTEE STAGE AMENDMENT WAS TO FOR BREACH OF SECRECY PROVISIONS IN LINE WITH THOSE THE BANKING AND INSURANCE LEGISLATION.
COURSE OF THE STUDY OF THE MISS TAM ALSO SAID THAT IN THE
HAD INSURANCE COMPANIES (AMENDMENT) BILL 1988, THE LEGCO AD HOC GROUP
WAS A NEED TO PROVIDE CONSIDERED THE QUESTION AS TO WHETHER THERE
AFFECTING THEM INSURERS WITH A CHANCE TO BE HEARD BEFORE INFORMATION WAS DISCLOSED BY THE INSURANCE AUTHORITY.
VIEW WAS THAT IF A HEARING WAS SHE SAID THE GOVERNMENT'S
REQUIRE PROVIDED THIS WOULD LIKELY CAUSE DELAY IN ACTIONS WHICH WOULD TO BE TAKEN BY SUPERVISORY AUTHORITIES CONCERNED.
THAT INSURERS
OF
UNDER POLICY
MOREOVER, THERE WAS ALSO THE POSSIBILITY INVESTIGATION MIGHT EXPLOIT SUCH DELAY TO THE DISADVANTAGE HOLDERS.
/BESIDES, ABUSES