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WEDNESDAY, JULY 20, 1988
MR LEE ALSO SAID THAT DESPITE HIS VARIOUS RESERVATIONS ABOUT THE BILL, THE LEGISLATION WAS CLEARLY A STEP IN THE RIGHT DIRECTION, AND RATHER THAN TO AMEND IT AND CAUSE FURTHER DELAY TO ITS ENACTMENT HE WOULD SUPPORT THE BILL TO MAKE SURE THAT IT WOULD BE PASSED INTO LAW TODAY.
"BUT I DO URGE MOST STRONGLY ON THE ADMINISTRATION ΤΟ REVIEW THE EFFECTIVENESS OF THIS LAW WITHIN SIX MONTHS TO MAKE SURE THAT THE MATTERS I HAVE BROUGHT OUT TODAY MAY BE SATISFACTORILY RESOLVED, HE SAID.
IMPORTANT NEED FOR CLOSE CO-OPERATION
THE BANKING (AMENDMENT) (NO.2) BILL 1988 WILL ENABLE THE COMMISSIONER OF BANKING TO SHARE INFORMATION WITH LOCAL AND OVERSEAS REGULATORY AUTHORITIES, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
SPEAKING IN THE COMMITTEE STAGE OF THE BILL, MR JACOBS THANKED THE HON DAVID LI AND THE HONG KONG ASSOCIATION OF BANKS FOR THE CONSIDERATION THEY HAD GIVEN TO THE BILL.
BANKING AN
"WITH GROWING INTEGRATION OF FINANCIAL MARKETS AND THE BUSINESS BECOMING MORE MULTINATIONAL IN CHARACTER, THERE IS IMPORTANT NEED FOR CLOSER CO-OPERATION AMONG REGULATORY AUTHORITIES, BOTH LOCALLY AS WELL AS OVERSEAS, HE SAID.
**
HOWEVER, MR JACOBS STRESSED THAT THE INFORMATION SHARED WOULD ONLY BE DISCLOSED TO OVERSEAS SUPERVISORS IF THE COMMISSIONER WAS SATISFIED THAT THE AUTHORITY CONCERNED WAS SUBJECT то ADEQUATE SECRECY PROVISIONS AND THAT THE INFORMATION WOULD ENABLE OR ASSIST THE AUTHORITY IN THE EXERCISE OF ITS FUNCTIONS.
"ACCORDINGLY, I CAN ASSURE MR LJ AND THE BANKING COMMUNITY THAT EVERY EFFORT WILL BE MADE TO ENSURE THAT SHARED INFORMATION WILL NOT BE DISCLOSED TO THIRD PARTIES BY OVERSEAS SUPERVISORS WITHOUT COMMISSIONER'S CONSENT," MR JACOBS ADDED, WHEN FULLY SUPPORTING COMMITTEE STAGE AMENDMENTS TO BE MOVED BY MR LI.
THE
THE
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