XN000022-1983-10-05 — Page 13

WEDNESDAY, OCTOBER 5, 1983

12

MAJOR ITEMS OF LEGISLATION EXPECTED

*****

MANY MAJOR ITEMS OF LEGISLATION ARE EXPECTED TO BE DEALT WITH BY THE LEGISLATIVE COUNCIL IN THIS SESSION, THE GOVERNOR, SIR EDWARD YOUDE, SAID TODAY.

THE COUNCIL HAD ALREADY DEALT WITH A NUMBER OF OTHER IMPORTANT PIECES OF LEGISLATION DURING THE LAST SESSION, HE SAID.

AMONG THE LEGISLATION EXPECTED ARE PROVISIONS FOR IMPROVED SICKNESS AND SEVERANCE PAY BENEFITS FOR EMPLOYEES.

OTHER MAJOR ITEMS OF LEGISLATION FOR THE YEAR WOULD INCLUDE AMENDMENTS TO THE BANKING AND DEPOSIT-TAKING COMPANIES ORDINANCES TO IMPROVE THE FRAMEWORK OF REGULATION. OF THESE INSTITUTIONS, LEGISLATION TO REGULATE THE HIRE-PURCHASE AND OUTBOUND TRAVEL INDUSTRIES, AS WELL AS LEGISLATION FOR A SECOND POLYTECHNIC, THE CITY POLYTECHNIC OF HONG KONG.

THERE WILL ALSO BE LEGISLATION TO AMEND THE CROWN LANDS RESUMPTION ORDINANCE TO PROVIDE FOR CERTAIN ADDITIONAL PAYMENTS WHEN LAND IS ACQUIRED FOR A PUBLIC PURPOSE, AND TO REVISE AND UPDATE HONG KONG'S LAWS ON PROPERTY AND CONVEYANCING.

LEGISLATION IN THE LAST SESSION INCLUDED AMENDMENTS TO THE COMPANIES ORDINANCE AND THE PROTECTION OF INVESTORS ORDINANCE PROVIDING FOR THE BETTER REGULATION OF THE INCREASINGLY IMPORTANT FINANCIAL AND SERVICE INDUSTRIES.

LESSONS FROM BANKING EXPERIENCE ***

THE GOVERNMENT WOULD DRAW FROM RECENT EXPERIENCE ANY NECESSARY LESSONS FOR THE BETTER REGULATION OF HONG KONG'S BANKING SYSTEM, THE GOVERNOR, SIR EDWARD YOUDE, SAID IN HIS ANNUAL ADDRESS IN THE LEGISLATIVE COUNCIL TODAY.

RECENT EVENTS INVOLVING CERTAIN LISTED PUBLIC COMPANIES HAD ALSO DEMONSTRATED THE NEED FOR SOME FORM OF REQUIREMENT FOR THE DISCLOSURE OF SHAREHOLDINGS AND DEALINGS, SIR EDWARD SAID.

THE SECURITIES COMMISSION HAD RECENTLY MADE PROPOSALS WHICH IT CONSIDERED WOULD BE IN THE BEST INTERESTS OF THE FINANCIAL COMMUNITY AND THE INVESTING PUBLIC, HE POINTED OUT.

SIR EDWARD ADDED THAT THESE PROPOSALS HAD BEEN CONSIDERED AND APPROVED IN PRINCIPLE BY THE EXECUTIVE COUNCIL, AND THE GOVERNMENT WAS NOW CONSULTING BUSINESS AND PROFESSIONAL ORGANISATIONS ON THEM.

+AS A RESULT OF HONG KONG'S DEVELOPMENT AS A MAJOR INTERNATIONAL FINANCIAL CENTRE, IT FALLS TO THE GOVERNMENT TO MAINTAIN AND IMPROVE THE LEGAL AND INSTITUTIONAL FRAMEWORK WITHIN WHICH THE FINANCIAL AND ALLIED SERVICES INDUSTRIES CARRY ON BUSINESS, + SIR EDWARD SAID.

/HE EXPRESSED