XN000022-1993-03-31 — Page 8

WEDNESDAY, MARCH 31, 1993

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MONETARY AFFAIRS BRANCH RETITLED

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THE MONETARY AFFAIRS BRANCH WILL BE RETITLED THE FINANCIAL SERVICES BRANCH WITH EFFECT FROM TOMORROW, A GOVERNMENT SPOKESMAN SAID TODAY (WEDNESDAY).

AS A CONSEQUENCE, THE DESIGNATION OF THE SECRETARY, MR MICHAEL CARTLAND, WILL BE THE SECRETARY FOR FINANCIAL SERVICES.

THE SPOKESMAN SAID THE FINANCIAL SERVICES BRANCH WOULD BE RESPONSIBLE FOR THE PREPARATION AND PROCESSING OF LEGISLATIVE PROPOSALS IN BANKING AND MONETARY MATTERS WHILE THE HONG KONG MONETARY AUTHORITY, TO BE ESTABLISHED ON APRIL 1, WOULD TAKE OVER FROM THE BRANCH THE OVERALL RESPONSIBILITY FOR MONETARY AND RESERVES MANAGEMENT AND BANKING SUPERVISION.

"THE BRANCH WILL THEREFORE BE ABLE TO CONCENTRATE IT'S EFFORTS AND RESOURCES MORE TOWARDS OTHER EQUALLY IMPORTANT AREAS IN THE FINANCIAL SERVICES SECTOR, SUCH AS THE SECURITIES MARKETS, THE INSURANCE INDUSTRY AND CORPORATE AND COMPANY MATTERS, HE SAID.

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"ALSO ON APRIL 1 THE ECONOMIC ANALYSIS DIVISION, TOGETHER WITH THE CENSUS AND STATISTICS DEPARTMENT, WILL BE TRANSFERRED FROM THE ECONOMIC SERVICES BRANCH TO THE FINANCIAL SERVICES BRANCH.

"THIS MEANS THAT THE PINANCIAL SERVICES BRANCH WILL BE ASSUMING ADDITIONAL RESPONSIBILITY AS THE MAIN SOURCE OF ADVICE WITHIN GOVERNMENT ON ECONOMIC AND PENANCIAL MATTERS, HE ADDED.

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SCHEDULE 1 TO COMAC ORDINANCE AMENDED

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THE HONG KONG MONETARY AUTHORITY AND THE SECRETARIAT OF THE OFFICE OF MEMBERS OF THE LEGISLATIVE COUNCIL (OMLEGCO} HAVE BEEN INCLUDED IN THE LIST OF DEPARTMENTS AND ORGANISATIONS GOVERNED BY THE COMMISSIONER FOR ADMINISTRATIVE COMPLAINTS ORDINANCE AMENDMENT ORDER MADE BY THE EXECUTIVE COUNCIL.

UNDER AN

THIS WAS ANNOUNCED TODAY (WEDNESDAY) BY A GOVERNMENT SPOKESMAN WHEN COMMENTING ON THE COMMISSIONER FOR ADMINISTRATIVE COMPLAINTS ORDINANCE (AMENDMENT OF SCHEDULE 1) ORDER 1993 PUBLISHED IN THE GAZETTE TODAY.

OMLEGCO IS FORMERLY KNOWN AS THE OFFICE OF MEMBERS OF THE EXECUTIVE AND LEGISLATIVE COUNCILS (OMELCO).

THE SPOKESMAN SAID AS A RESULT OF THE ESTABLISHMENT OF A SEPARATE HONG KONG MONETARY AUTHORITY FROM APRIL 1, 1993 AND THE CHANGE OF TITLE OF THE FORMER OMELCO SECRETARIAT TO OMLEGCO, IT WAS NECESSARY то AMEND THE LIST TO ENABLE THE COMMISSIONER FOR ADMINISTRATIVE COMPLAINTS TO DEAL WITH COMPLAINTS RELATING TO THESE

TWO ORGANISATIONS.

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