THURSDAY, JULY 2, 1992
LIMITED ΤΟ
TO
* THE ROLE OF THE REGISTRAR OF COMPANIES WOULD BE
THAT OF A REGISTRATION AUTHORITY ONLY. HE WOULD CONTINUE BE RESPONSIBLE UNDER THE COMPANIES ORDINANCE FOR REGISTERING
TO TAKE WOULD CEASE
RESPONSIBILITY
BUT
PROSPECTUSES VETTING THEM PRIOR TO REGISTRATION;
OF
INCLUDING
OF
FOR
STATUTORY PROSPECTUSES
THE STOCK WILL BE
THE STATUTORY RESPONSIBILITY FOR AUTHORISING THE REGISTRATION
PROSPECTUSES,
THAT
THAT THEY ENSURING COMPLIED WITH THE COMPANIES ORDINANCE, WOULD BE VESTED IN THE SFC.
THE ALTHOUGH
SEC WILL
THE RETAIN IT IS INTENDED THAT, RESPONSIBILITY
THOSE FOR RELATING TO SECURITIES WHICH ARE TO BE LISTED ON EXCHANGE, THE
OF THAT EXERCISE
RESPONSIBILITY TRANSFERRED TO THE SEHK. THE TRANSFER CAN BE EFFECTED BY
SECTION TRANSFER ORDER MADE BY THE GOVERNOR IN COUNCIL UNDER 47 OF THE SECURITIES AND FUTURES COMMISSION ORDINANCE, THOSE PROSPECTUSES WHERE THE SECURITIES ARE NOT LISTED,
AUTHORISING SFC WILL EXERCISE THE RESPONSIBILITY FOR REGISTRATION.
IS ALSO
BEING
TAKEN
TO
A
FOR
THE
THEIR
"THE OPPORTUNITY
RECTIFY CONSTITUTIONS OF THE SECURITIES AND FUTURES APPEALS PANEL AND OF TRIBUNALS WHICH HEAR APPEALS BY EXCLUDING NON-EXECUTIVE DIRECTORS THE SFO FROM MEMBERSHIP,
THE
THE
OF
"THIS
ΤΟ IS
ENSURE
THAT
WILL AN APPEAL
MR NENDICK ADDED.
BF
HEARD
BY
AN
INDEPENDENT AND IMPARTIAL TRIBUNAL,
ALSO TO MAKE
A REVISION OF THE FINANCIAL RESOURCES RULES OF THE SFC IS PROPOSED, INTRODUCING A REQUIREMENT FOR REGISTERED PERSONS PERIODIC RETURNS CONCERNING THEIR CAPITAL ADEQUACY.
THIS IS
TO ENABLE THE SFC TO
MONITOR COMPLIANCE
ΚΙΤΗ
THE
CAPITAL ADEQUACY REQUIREMENTS.
THE BILLS WILL BE GAZETTED TOMORROW,
INSURANCE COMMISSION PUBLISHES FIRST ANNUAL REPORT
*
THE OFFICE OF THE COMMISSIONER OF FIRST 1990/91 ANNUAL REPORT TODAY THURSDAY).
INSURANCE PUBLISHED
ITS
OVER THE THE OFFICE WAS ESTABLISHED ON JUNE X, 1990 TO TAKE
THE REGISTRAR GENERAL'S RESPONSIBILITIES OF THE INSURANCE DIVISION OF DEPARTMENT IN THE PRUDENTIAL SUPERVISION OF THE INSURANCE INDUSTRY HONG KONG,
IN
THREE
IN
31.
THE REPORT SHOWED THAT FOUR NEW INSURERS, ONE LOCAL AND OVERSEAS COMPANIES, WERE AUTHORISED TO CARRY ON INSURANCE BUSINESS OR FROM HONG KONG DURING THE PERIOD FROM JUNE 8, 1990 TO DECEMBER LAST YEAR.
/DURING THE