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"The main reason for this approach is that regulation by the issue of a licence will better ensure high standards of residential care for elderly persons and better safeguard the interests of elderly residents than will regulation under a certificate of exemption," he said.
On the certificates of exemption, the spokesman said they were to be granted to residential care homes already in operation before April 1 this year but which were unable to comply fully with the legislative requirements.
"The policy of allowing these homes to continue in operation is to safeguard the interests of the residents on the one hand and the interests of the operators in business terms on the other.
"However, the certificate of exemption will be revoked if there is danger to the residents or the well-being of the residents may be adversely affected.
"Section 6 of the ordinance, which is intended to come into operation on April 1, 1996, stipulates that any person, who on any occasion operates, keeps, manages or otherwise has control of a residential care home in respect of which neither a licence nor a certificate of exemption has been issued, commits an offence and is liable to a fine of $100,000 and an imprisonment of two years," the spokesman added.
End/Friday, March 31, 1995
Deputy Chairman of SFC appointed
The Governor has approved the appointment of Mr Michael Wu as the Deputy Chairman of the Securities and Futures Commission (SFC) in addition to his appointment as Executive Director (Intermediaries), the Secretary for Financial Services, Mr Michael Cartland, said today (Friday).
Mr Wu, 46, joined the SFC at its inception in May 1989. He was appointed Executive Director (Intermediaries) in May 1992 and has worked in the Supervision of Markets Division of the Commission.
Prior to joining the Commission, Mr Wu had worked as a Trade Officer and later as an Administrative Officer with the Government.
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