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FRIDAY, JUNE 10, 1988

RESERVE THE TIC WILL MAKE A CONTRIBUTION TO THE TRAVEL AGENTS'

COMPENSATION FROM FORMER FUND TO MEET ELIGIBLE CLAIMS FOR EX-GRATIA CLIENTS OF AUSTRAVEL AND P.C. TRAVEL SERVICE.

1988 13 SCHEDULED THE TRAVEL AGENTS (AMENDMENT) BILL INTRODUCED INTO THE LEGISLATIVE COUNCIL ON WEDNESDAY (JUNE 15).

ΤΟ BE

THE BILL SHOULD MEMBERS OF THE PUBLIC WHO WISH TO COMMENT ON

ROAD, CENTRAL

FOR OR TO THE SECRETARY WRITE TO OMELCO, 8, JACKSON ECONOMIC SERVICES, 2/F, CENTRAL GOVERNMENT OFFICES, LOWER ALBERT ROAD, CENTRAL.

AMENDMENTS TO BANKING ORDINANCE SECRECY PROVISIONS PROPOSED

WHICH PROPOSES ΤΟ

WAS PUBLISHED

THE BANKING (AMENDMENT) (NO. 2) BILL 1988, AMEND THE SECRECY PROVISIONS IN THE BANKING ORDINANCE, IN THE GAZETTE TODAY (FRIDAY).

*THE MAIN PURPOSE OF THE BILL IS TO

EMPOWER THE COMMISSIONER AFFAIRS OF AN OF BANKING TO DISCLOSE 'INFORMATION RELATING TO THE

TO OVERSEAS INSTITUTION AUTHORISED SECURITIES SUPERVISORY AUTHORITIES," A GOVERNMENT SPOKESMAN SAID.

"THE

INCORPORATED

IN HONG

KONG'

CLOSER CO-OPERATION BILL 15

ΤΟ REQUIRED

FACILITATE

THE NEED ΤΟ BETWEEN SUPERVISORS BUT ITS IMMEDIATE CAUSE ARISES FROM

RESULT OF THE PROVIDE INFORMATION TO UK REGULATORY AUTHORITIES AS A

HE ADDED. IMPLEMENTATION OF THE UK FINANCIAL SERVICES ACT 1986,"

IT

1986 PROVIDED

HE EXPLAINED THAT THE UK FINANCIAL SERVICES ACT FOR THE COMPREHENSIVE REGULATION OF INVESTMENT BUSINESS IN THE UK.

OF INSTITUTIONS

"THIS INVOLVES, INTER ALIA, THE AUTHORISATION TO CONDUCT SUCH BUSINESS. EACH INSTITUTION'S FINANCIAL SOUNDNESS BE ASSESSED PRIOR TO AUTHORISATION AND MONITORED THEREAFTER.

WILL

REQUIRE, OR

"THERE ARE HONG KONG BANKS WITH UK BRANCHES WHICH MAY REQUIRE, TO BE SO AUTHORISED AND SUPERVISED," HE POINTED OUT.

-

BANKING BECAUSE HE WOULD

—

INVESTMENT THE STANDING AND, WHERE DEVELOPMENTS

"THIS CONCERNS THE COMMISSIONER OF

THE SECURITIES AND HAVE TO CONFIRM TO THE UK AUTHORITIES BOARD (SIB) OR SELF-REGULATING ORGANISATIONS (SRO'S) OF AN HONG KONG INSTITUTION BEFORE IT IS APPROPRIATE, INFORM THE SIB OR THE SRO'S RELEVANT TO THE EXERCISE OF THEIR POWERS," HE SAID.

AUTHORISED OF SUBSEQUENT

/"SUCH DISCLOSURE .....

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