XN000022-1992-04-16 — Page 12

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THURSDAY, APRIL 16, 1992

IT

"THE FLEXIBILITY COULD PROVE TO BE PARTICULARLY USEFUL WHEN NECESSARY то TAKE ACTION TO PRESERVE THE ASSETS OF A FAILING INSTITUTION, THE SPOKESMAN SAID.

IS

P

CLAUSE 8 INTRODUCES A NEW SECTION 92(4A) AND PROVIDES A DEFENCE FOR CERTAIN PERSONS WHO HAVE PUBLISHED AN ADVERTISEMENT THAT CONTAINED FALSE INFORMATION IN BREACH OF SECTION 92(5)(C).

"IT WOULD BE UNFAIR TO HOLD PERSONS SUCH AS THE ADVERTISING MEDIA RESPONSIBLE FOR PUBLISHING FALSE INFORMATION GIVEN THAT THEY WOULD NOT BE ABLE TO CHECK THE VERACITY OF THE INFORMATION PROVIDED BY OVERSEAS DEPOSIT-TAKERS, THE SPOKESMAN SAID.

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IMPROVEMENTS TO THE SYSTEM OF REPORTING BY EXTERNAL AUDITORS REPRESENT PART OF THE GOVERNMENT'S ONGOING EFFORTS TO ENSURE THAT HONG KONG'S SYSTEM OF BANKING SUPERVISION CONTINUES TO MEASURE UP TO THE HIGHEST INTERNATIONAL STANDARDS.

"THE

CURRENT PROPOSALS RESULT FROM OVER A YEAR'S HARD WORK IN CONSULTATION WITH THE HONG KONG ASSOCIATION OF BANKS, THE DEPOSIT- TAKING COMPANIES ASSOCIATION AND THE HONG KONG SOCIETY OF ACCOUNTANTS AND HAVE BEEN REFINED WITH THEIR ASSISTANCE," THE SPOKESMAN SAID,

"THEY WILL ENABLE BOTH BETTER CO-OPERATION BETWEEN THE COMMISSIONER OF. BANKING AND AUDITORS OF AUTHORISED INSTITUTIONS AND ASSIST IN KARLY DETECTION OF POTENTIAL PROBLEMS, HE SAID.

"

HE ADDED THAT THE HONG KONG SOCIETY OF ACCOUNTANTS HAD IN PARTICULAR PROVIDED VALUABLE INPUT IN THE PROCESS WHICH REPRESENTED AN IMPORTANT STEP FORWARD IN FOSTERING A CLOSER LINK BETWEEN THE AUDITORS AND THE COMMISSIONER IN THE SUPERVISORY PROCESS.

"THE PROPOSALS IN THE BILL HAVE ALSO BEEN DISCUSSED WITH THE BANKING ADVISORY COMMITTEE AND THE DEPOSIT-TAKING COMPANIES

申中

COMMITTEE AND HAVE BEEN WELCOMED, THE SPOKESMAN SAID.

ADVISORY

THE BILL IS SCHEDULED FOR INTRODUCTION INTO THE COUNCIL ON APRIL 29.

LEGISLATIVE

BILL TO CLEAR CLOUDS OVER EMERGENCY BOARDING OF VESSELS BY FIREMEN

THE GOVERNMENT PROPOSED TO AMEND THE FIRE SERVICES ORDINANCE TO ENABLE THE DIRECTOR OF FIRE SERVICES AND HIS OFFICERS TO CARRY OUT FIRE-FIGHTING AND OTHER EMERGENCY DUTIES ON BOARD A VESSEL ON THE OCCASION OF A FIRE OR OTHER CALAMITY.

THE FIRE SERVICES (AMENDMENT) BILL 1992 GAZETTED TODAY (THURSDAY) IS INTENDED TO REMOVE THE AMBIGUITY ON WHETHER MEMBERS OF THE FIRE SERVICES HAVE POWERS TO BOARD A VESSEL ON THE OCCASION OF A FIRE OR OTHER CALAMITY.

/A GOVERNMENT