XN000022-1989-01-17 — Page 7

TUESDAY, JANUARY 17, 1989

6

"THIS WILL ENABLE USEFUL COMPARISONS TO BE AND CHARACTERISTICS OF THE DIFFERENT CENTRES,

||

OUT.

OUT.

MADE OF THE SIZE THE SPOKESMAN POINTED

HE SAID THAT QUESTIONNAIRES FOR THE SURVEY HAD JUST

BEEN SENT

"THEY HAVE BEEN PREPARED AFTER CONSULTATION WITH THE HONG

KONG DEPOSIT-TAKING THE HONG ASSOCIATION OF BANKS, ASSOCIATION AND THE HONG KONG FOREIGN EXCHANGE AND ASSOCIATION, WHICH ARE ALL SUPPORTIVE OF THE EXERCISE,'

BEEN

KONG

COMPANIES DEPOSIT BROKERS'

HE SAID.

"

REPORT 1989 AND TO ON

TO REQUESTED HAVE INSTITUTIONS "THE REPORTING THEIR FOREIGN EXCHANGE BUSINESS CONTRACTED DURING APRIL RETURN THE COMPLETED QUESTIONNAIRES TO THE MONETARY AFFAIRS BRANCH OR BEFORE MAY 19, 1989.

"IT IS INTENDED THAT SURVEY WILL BE PUBLISHED SOME TIME IN AUGUST 1989,

FINDINGS

ON AN HE SAID.

AGGREGATE

BASIS

TRANSFER OF INSURANCE DIVISION PLANNED

THE REGISTRAR

* * * *

MR GENERAL,

INTENTION

TODAY ANNOUNCED NOEL GLEESON,

ΤΟ ESTABLISH THE INSURANCE COMMISSION UNDER

(TUESDAY} THE GOVERNMENT'S DIVISION OF HIS DEPARTMENT AS A SEPARATE REGULATORY THE MONETARY AFFAIRS BRANCH,

DO THIS BECAUSE THE 1983 HE SAID IT WAS NOW APPROPRIATE TO

WORK OF HIS INSURANCE COMPANIES ORDINANCE HAD RADICALLY CHANGED THE

TO AUTHORISED INSURERS INSURANCE DIVISION FROM THE REGISTRATION THE REGULATION OF THE INSURANCE INDUSTRY.

OF

COMMISSION WOULD ALSO

THE ESTABLISHMENT OF THE NEW INSURANCE MARK THE INCREASING IMPORTANCE OF HONG KONG AS AN INSURANCE MARKET.

SUFFICIENTLY DEVELOPED

THE DIVISION HAD NOW ESTABLISHMENT AS A SEPARATE COMMISSION.

LIKE THE OFFICE SECURITIES AND COMMODITIES COMMISSION WOULD BE A MONETARY AFFAIRS.

OF THE

COMMISSIONER TRADING COMMISSIONS,

RESPONSIBILITY POLICY

WARRANT TO

IT'S

OF BANKING AND THE THE NEW INSURANCE THE OF

SECRETARY FOR

THE NEW INSURANCE

SERVICE, BUT

TRANSFER, THE

COMMISSION

WHEN IT

WILL

REMAIN

WITHIN

WILL

THE CIVIL, PLACE IT

SUPERVISION OF

TAKES PLACE, PRUDENTIAL

ALONGSIDE THE OTHER AGENCIES CHARGED WITH

VARIOUS ASPECTS OF HONG KONG'S FINANCIAL SERVICES.

ΤΟ SCHEDULED

TAKE

PLACE GOVERNMENT

IN

THE COMING

APPROVALS

THE TRANSFER IS FINANCIAL YEAR, SUBJECT TO THE NECESSARY

BEING

GIVEN.

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