16 -
To assist an employee of a subsidiary company to identify the holding company or companies for this purpose, the employee will be entitled to put a written request to the subsidiary company for the names and addresses of all its holding companies also insured under the same insurance policy. The subsidiary company concerned commits an offence if it fails to comply with the request within seven days after the date of issue of the request, and is liable to a fine of $10,000.
A consequential amendment is made, through new clause 10, to include in the definition of "employer" in section 2 of the Employees Compensation Assistance Ordinance, a holding company which is liable to pay an amount of compensation or damages to an employee of its subsidiary.
Mr Chairman,
I move that new clauses 4A, 4B, 7A heading before the new clause 10 and the new clause 10 be added to the bill.
End/Wednesday, June 21, 1995
Securities (Amendment) Bill 1995
Following is the speech by the acting Secretary for Financial Services, Mrs Lessie Wei, in moving the second reading of the Securities (Amendment) Bill 1995 in Legislative Council today (Wednesday):
Mr President,
I move the second reading of the Securities (Amendment) Bill 1995.
The objective of the Bill is to strengthen further the risk management systems in our securities market. Specifically, the Bill seeks to empower the Securities and Futures Commission to make rules to facilitate tracking of speculative short selling of securities and to deter market manipulation. It also seeks to enable the Commission to prescribe, by rules, position limits and other conditions in relation to trading of stock options.