XN000022-1989-07-19 — Page 28

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WEDNESDAY, JULY 19, 1989

CAPITAL ADEQUACY OF BANKING

TO

FOLLOWING A BREACH OF EITHER THE SPECIFIED RATIO OR THE SPECIFIED LIQUIDITY RATIO, THE COMMISSIONER MAY,

AFTER DISCUSSING THE MATTER WITH THE INSTITUTION, REQUIRE IT TAKE SUCH REMEDIAL ACTIONS AS HE CONSIDERS NECESSARY.

FAILURE TO CRIMINAL OFFENCE.

"AT

COMPLY

WITH THE

COMMISSIONER'S

DIRECTION

IS

A

THE

FINANCIAL PRESENT, THE INSTITUTION CAN APPEAL ONLY TO THE

ELSEWHERE IN SECRETARY

THE AGAINST

COMMISSIONER'S DIRECTION. ORDINANCE, APPEALS AGAINST THE COMMISSIONER'S USE OF HIS POWERS, WHERE NON-COMPLIANCE IS A CRIMINAL OFFENCE, LIE TO THE GOVERNOR IN COUNCIL, MR NENDICK SAID.

"FOR

14

SECTIONS

THE

THE SAKE OF CONSISTENCY, CLAUSE 41 AND 43 AMEND 100 AND 104 RespectivELY TO REPLACE THE FINANCIAL SECRETARY WITH GOVERNOR IN COUNCIL AS THE APPEAL BODY, HE ADDED.

++

AS

SPECIFIED

THE REQUIREMENT TO PRESERVE AND HELP IN PRESERVING SECRECY PROVIDED UNDER

ONLY TO THOSE SECTION 120(1)(A) APPLIES PERSONS PRESENTLY EXERCISING FUNCTIONS UNDER THE ORDINANCE.

HAVE SO ARE OFFICERS. NENDICK

"IT IS CONSIDERED IMPORTANT TO ENSURE THAT ALL THOSE WHO EXERCISED SUCH FUNCTIONS IN THE PAST BUT DO NOT PRESENTLY DO SIMILARLY RESTRICTED. THIS CATEGORY INCLUDES RETIRED PUBLIC

" MR AND PROFESSIONALS

OTHERS WHOSE CONTRACTS HAVE EXPIRED,

SAID.

ALL

"CLAUSE 46 (B) THEREFORE EXTENDS THE SECRECY OBLIGATION TO THOSE WHO HAVE AT ANY TIME OBTAINED RELEVANT INFORMATION IN THE COURSE OF EXERCISING ANY FUNCTION UNDER THE ORDINANCE," HE ADDED.

MEANING

THE ACTING FINANCIAL SECRETARY SAID THE BILL ALSO

AMENDMENTS TO CLARIFY MISCELLANY OF TECHNICAL CONSISTENCY BETWEEN VARIOUS SECTIONS OF THE ORDINANCE.

"THE

PROPOSED A

AND

ENSURE

WITH DEPOSIT-

PRINCIPAL PROPOSALS IN THE BILL HAVE BEEN DISCUSSED AND ARE SUPPORTED BY THE BANKING ADVISORY COMMITTEE AND THE TAKING COMPANIES ADVISORY COMMITTEE," MR NENDICK SAID.

THE DEBATE ON THE BILL WAS ADJOURNED UNTIL THE NEW THE LEGISLATIVE COUNCIL.

SESSION OF

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