XN000022-1994-11-23 — Page 7

WEDNESDAY, NOVEMBER 23, 1994

6

PRIOR TO COMING TO HONG KONG, HE WAS EXECUTIVE DIRECTOR OF ONTARIO SECURITIES COMMISSION.

THE

THE OF

**

"THIS REVIEW WILL BE AN IMPORTANT AND SUBSTANTIAL PROJECT. COMPANIES ORDINANCE IS STILL BASED LARGELY ON ENGLISH COMPANY LAW

AD HOC AMENDMENTS, MR 1929 AND 1948 OVERLAID WITH A VARIETY OF PASCUTTO SAID.

AND 1970S.

"MANY SIGNIFICANT DEVELOPMENTS HAVE TAKEN PLACE IN ELSEWHERE SINCE THE ORDINANCE WAS LAST REVIEWED

HONG KONG

IN THE EARLY

BEEN

A

THE

"THE UNIFIED STOCK EXCHANGE AND THE FUTURES EXCHANGE HAVE SET UP. COMPANIES ON THE REGISTER ARE NOW GETTING ON FOR HALF MILLION. AND HONG KONG HAS EARNED INTERNATIONAL STATUS AS ONE OF WORLD'S MOST IMPORTANT FINANCIAL AND BUSINESS CENTRES.

HONG

'WE SHOULD NOW TAKE STOCK AND CONSIDER WHETHER AND WHAT KIND OF CHANGES MIGHT BE NEEDED TO SUPPORT THE OPERATION OF BUSINESS IN KONG IN THE DECADES AHEAD.'

MR

+

THE LEGAL FRAMEWORK

FINANCIAL

THAT WHILE EXPLAINED PASCUTTO

IN THE TERRITORY'S STANDARDS OF REGULATION MATURED AND DEVELOPED ENORMOUSLY, COMPARATIVELY LESS BEEN GIVEN TO SYSTEMIC ISSUES ON THE COMPANIES SIDE.

SECTOR ATTENTION

AND

HAD

HAD

LARGE

SUCH ISSUES INCLUDE WHETHER SMALL PRIVATE COMPANIES AND

REQUIREMENTS, LISTED COMPANIES SHOULD COMPLY WITH THE SAME STATUTORY

OVERSEAS AND THE IMPLICATIONS OF LARGE LISTED COMPANIES REDOMICILING WHILE CONDUCTING MOST OF THEIR BUSINESS IN OR FROM HONG KONG.

A GOVERNMENT SPOKESMAN SAID THE REVIEW WOULD COMPLEMENT THE ON- REFORM (SCCLR) GOING WORK OF THE STANDING COMMITTEE ON COMPANY LAW WHICH LOOKED AT DAY-TO-DAY ISSUES AFFECTING BUSINESS OPERATION IN HONG KONG.

ADDED.

THE REVIEW WILL EXAMINE ISSUES OF A MORE STRUCTURAL NATURE,

HE

PROFESSIONALS AND "I AM KEEN TO SEEK THE VIEWS OF LOCAL

BY THE BUSINESSMEN ON SOME OF THE SPECIFIC TOPICS TO BE CONSIDERED REVIEW, AND HOPE TO ESTABLISH ONE OR MORE SPECIALIST GROUPS TO PROVIDE ASSISTANCE AND ADVICE, MR PASCUTTO SAID.

10

U

GOVT CARES FOR THE ELDERLY

LIVES

THE GOVERNMENT IS COMMITTED TO PROVIDING BETTER

THEIR

IN ELDERLY AND HELPING THEM TO LIVE OUT

GOVERNOR, THEIR LONG YEARS OF SERVICE TO HONG KONG, THE CHRISTOPHER PATTEN, SAID TODAY (WEDNESDAY).

MR PATTEN REITERATED THIS PLEDGE AT THE HONG KONG SOCIETY FOR THE AGED'S NEW KWAN FONG ELDERLY.

CARE FOR THE AFTER DIGNITY

THE RT HON

OPENING CEREMONY OF THE FOR THE NIM CHEE HOME

/"LAST YEAR