XN000022-1993-01-14 — Page 5

THURSDAY, JANUARY 14, 1993

THE COMPANIES (AMENDMENT) ORDINANCE 1992 AND THE SECURITIES AND FUTURES COMMISSION (AMENDMENT) (NO. 2) ORDINANCE 1992 ENACTED ON DECEMBER 24, 1992 ENABLE THE RESPONSIBILITY FOR VETTING COMPANIES PROSPECTUSES TO BE TRANSFERRED FROM THE REGISTRAR OF COMPANIES TO THE SECURITIES AND FUTURES COMMISSION AND SEHK.

"SUBSIDIARY LEGISLATION IS REQUIRED TO TRANSFER THE RELEVANT FUNCTIONS TO THE SEHK," MR NENDICK SAID.

HE POINTED OUT THAT UNDER THE NEW ARRANGEMENTS, THE REGISTRAR OF COMPANIES WILL CONTINUE TO BE RESPONSIBLE FOR REGISTERING PROSPECTUSES, BUT WILL CEASE TO TAKE RESPONSIBILITY FOR VETTING THEM PRIOR TO REGISTRATION.

FOR

"THE STATUTORY RESPONSIBILITY FOR AUTHORISING PROSPECTUSES REGISTRATION WILL BE VESTED IN THE SECURITIES AND FUTURES COMMISSION.

"THE FUNCTION OF AUTHORISING PROSPECTUSES RELATING TO SECURITIES TO BE LISTED ON THE STOCK EXCHANGE WILL, BE TRANSFERRED FROM THE SECURITIES AND FUTURES COMMISSION TO THE SEHK, HE ADDED.

סיף

"THE OPPORTUNITY IS ALSO TAKEN

PRESCRIBE GENERAL REQUIREMENTS FOR DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES UNDER THE COMPANIES ORDINANCE TO ENSURE THAT THEY ARE OF STANDARD SIZE, DURABLE AND EASILY LEGIBLE, AND TO FACILITATE THEIR KEEPING ON MICROFILM," MR NENDICK SAID.

THE SUBSIDIARY LEGISLATION WILL BE GAZETTED NEXT THURSDAY (JANUARY 21).

THE REGISTRAR OF COMPANIES WILL ISSUE GUIDELINES TO PROFESSIONAL BODIES REGARDING THE PROCEDURAL CHANGES AND TO TIE IN WITH THE IMPLEMENTATION OF THE COMPANIES (REQUIREMENTS FOR DOCUMENTS) REGULATION.

AUTHORITY RELAXES RESTRICTIONS ON TV AND RADIO BROADCASTS

* *

THE BROADCASTING AUTHORITY (BA) TODAY {THURSDAY) ANNOUNCED THAT DURING THE LATTER PART OF 1992 IT AMENDED ITS CODES OF PRACTICE TO RELAX A NUMBER OF RESTRICTIONS ON THE PROGRAMMES AND ADVERTISEMENTS CARRIED BY TELEVISION AND RADIO BROADCASTERS IN HONG KONG, AND IS LOOKING AT FURTHER POSSIBLE RELAXATIONS.

IN THE LIGHT OF EXPERIENCE, AND FOLLOWING THE EARLIER REVIEW OF THE TELEVISION INDUSTRY THAT WAS UNDERTAKEN BY THE ADMINISTRATION IN CONSULTATION WITH THE

BAI THE BA HAS IDENTIFIED A NUMBER OF RESTRICTIONS ON THE PROGRAMMING AND ADVERTISING CARRIED BY TELEVISION BROADCASTERS THAT WERE EITHER OUTDATED OR REGULATED EFFECTIVELY BY OTHER LEGISLATION IN HONG KONG.

STANDARDS

THE BA HAS RELAXED ITS CODE OF PRACTICE ON PROGRAMME TO ALLOW THE STATIONS GREATER FREEDOM

IN EDITING FEATURE FILMS ON TELEVISION AND FOR THE SCHEDULING OF CHILDREN'S PROGRAMMES.

/IT HAS