XN000022-1992-07-02 — Page 9

THURSDAY, JULY 2, 1992

LIMITED ΤΟ

TO

* THE ROLE OF THE REGISTRAR OF COMPANIES WOULD BE

THAT OF A REGISTRATION AUTHORITY ONLY. HE WOULD CONTINUE BE RESPONSIBLE UNDER THE COMPANIES ORDINANCE FOR REGISTERING

TO TAKE WOULD CEASE

RESPONSIBILITY

BUT

PROSPECTUSES VETTING THEM PRIOR TO REGISTRATION;

OF

INCLUDING

OF

FOR

STATUTORY PROSPECTUSES

THE STOCK WILL BE

THE STATUTORY RESPONSIBILITY FOR AUTHORISING THE REGISTRATION

PROSPECTUSES,

THAT

THAT THEY ENSURING COMPLIED WITH THE COMPANIES ORDINANCE, WOULD BE VESTED IN THE SFC.

THE ALTHOUGH

SEC WILL

THE RETAIN IT IS INTENDED THAT, RESPONSIBILITY

THOSE FOR RELATING TO SECURITIES WHICH ARE TO BE LISTED ON EXCHANGE, THE

OF THAT EXERCISE

RESPONSIBILITY TRANSFERRED TO THE SEHK. THE TRANSFER CAN BE EFFECTED BY

SECTION TRANSFER ORDER MADE BY THE GOVERNOR IN COUNCIL UNDER 47 OF THE SECURITIES AND FUTURES COMMISSION ORDINANCE, THOSE PROSPECTUSES WHERE THE SECURITIES ARE NOT LISTED,

AUTHORISING SFC WILL EXERCISE THE RESPONSIBILITY FOR REGISTRATION.

IS ALSO

BEING

TAKEN

TO

A

FOR

THE

THEIR

"THE OPPORTUNITY

RECTIFY CONSTITUTIONS OF THE SECURITIES AND FUTURES APPEALS PANEL AND OF TRIBUNALS WHICH HEAR APPEALS BY EXCLUDING NON-EXECUTIVE DIRECTORS THE SFO FROM MEMBERSHIP,

THE

THE

OF

"THIS

ΤΟ IS

ENSURE

THAT

WILL AN APPEAL

MR NENDICK ADDED.

BF

HEARD

BY

AN

INDEPENDENT AND IMPARTIAL TRIBUNAL,

ALSO TO MAKE

A REVISION OF THE FINANCIAL RESOURCES RULES OF THE SFC IS PROPOSED, INTRODUCING A REQUIREMENT FOR REGISTERED PERSONS PERIODIC RETURNS CONCERNING THEIR CAPITAL ADEQUACY.

THIS IS

TO ENABLE THE SFC TO

MONITOR COMPLIANCE

ΚΙΤΗ

THE

CAPITAL ADEQUACY REQUIREMENTS.

THE BILLS WILL BE GAZETTED TOMORROW,

INSURANCE COMMISSION PUBLISHES FIRST ANNUAL REPORT

*

THE OFFICE OF THE COMMISSIONER OF FIRST 1990/91 ANNUAL REPORT TODAY THURSDAY).

INSURANCE PUBLISHED

ITS

OVER THE THE OFFICE WAS ESTABLISHED ON JUNE X, 1990 TO TAKE

THE REGISTRAR GENERAL'S RESPONSIBILITIES OF THE INSURANCE DIVISION OF DEPARTMENT IN THE PRUDENTIAL SUPERVISION OF THE INSURANCE INDUSTRY HONG KONG,

IN

THREE

IN

31.

THE REPORT SHOWED THAT FOUR NEW INSURERS, ONE LOCAL AND OVERSEAS COMPANIES, WERE AUTHORISED TO CARRY ON INSURANCE BUSINESS OR FROM HONG KONG DURING THE PERIOD FROM JUNE 8, 1990 TO DECEMBER LAST YEAR.

/DURING THE