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WEDNESDAY, JUNE 22, 1988
MR NENDICK NOTED THAT ONE OF THE THREE HONG KONG BANKS WITH UK BRANCHES HAD SOUGHT TO BE AUTHORISED UNDER THE ACT AND OTHER HONG KONG BANKS MIGHT ALSO WANT AUTHORISATION IN DUE COURSE.
"BUT AS OUR BANKING ORDINANCE NOW STANDS, IT IS NOT POSSIBLE TO PROVIDE THE NECESSARY INFORMATION TO THE UK SUPERVISORS, HE SAID.
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CLAUSE 3 OF THE BILL THEREFORE WOULD SEEK TO AMEND THE PRINCIPAL ORDINANCE TO EMPOWER THE COMMISSIONER OF BANKING TO PROVIDE INFORMATION ON MATTERS RELATING ΤΟ THE AFFAIRS OF A AUTHORISED INSTITUTION TO OVERSEAS REGULATORY AUTHORITIES, MR NENDICK EXPLAINED.
HOWEVER, HE POINTED OUT THAT SUCH INFORMATION WOULD ONLY BE DISCLOSED IF THE COMMISSIONER WAS SATISFIED THAT THE AUTHORITY CONCERNED WAS SUBJECT ΤΟ ADEQUATE SECRECY PROVISIONS AND THE INFORMATION WOULD ENABLE OR ASSIST THE AUTHORITY TO EXERCISE ITS FUNCTIONS.
MR NENDICK SAID THE BILL ALSO SOUGHT TO FACILITATE DISCLOSURE OF INFORMATION BY THE COMMISSIONER OF BANKING TO OTHER LOCAL
SUPERVISORS.
"AT PRESENT, THE COMMISSIONER OF BANKING IS NOT FREE ΤΟ DISCLOSE CONFIDENTIAL INFORMATION TO THE COMMISSIONER FOR SECURITIES AND COMMODITIES TRADING OR THE INSURANCE AUTHORITY WITHOUT SEEKING MY PERMISSION IN BACH CASE,' HE SAID.
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"WITH THE GROWING INTEGRATION OF THE FINANCIAL MARKETS AND THE NEED FOR CLOSER CO-OPERATION BETWEEN SUPERVISORS, THE NUMBER OF INSTANCES IN WHICH CONSULTATION IS NECESSARY IS INCREASING."
MR NENDICK SAID CLAUSE 2(2) OF THE BILL THEREFORE AMENDED THE PRINCIPAL ORDINANCE TO ENABLE INFORMATION TO BE PASSED DIRECTLY ΤΟ OTHER LOCAL SUPERVISORS TO ASSIST THEM IN THEIR RESPECTIVE FUNCTIONS.
DEBATE ON THE BILL WAS ADJOURNED.
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