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As a result, we have now taken on board some of HKSA's suggestions and have introduced a number of changes to the Bill. I would mention perhaps just two. One is the inclusion of a commencement clause. The idea is to allow sufficient time to enable professional guidelines to be drawn up before the Bill comes into operation. This may be contrasted with the regulated sectors, where the statutory protection provision became effective immediately after the law was passed and that guidelines were only developed afterwards. Another suggestion we have taken on board is in relation to the definition of "associated company". We have now effectively adopted HKSA's definition, based on the equity method of accounting.
Mr President, the Bill of course is not a single, complete solution to corporate fraud, but we have never set out to do so in one single amendment bill. Rather, we believe that the Bill is one more step towards the goal of combating corporate fraud in an on-going, continuing, and incremental process towards better corporate governance.
Thank you, Mr President.
End
Whaling Industry (Regulation) Bill
The following is the speech by the Secretary for Economic Services, Mr Stephen Ip, in moving the third reading of the Whaling Industry (Regulation) Bill in the Legislative Council today (Wednesday):
Mr President,
The Whaling Industry (Regulation) Bill has passed through the Committee without amendment. I move that this Bill be read the third time and do pass.
End