TNAG-1012-FCO40-1262-Address-by-Sir-Murray-MacLehose--Governor-of-Hong-Kong--at-t-1981 — Page 19

3

under the Monetary Statistics Ordinance

7.

Subject to the advice of the Executive Council, bills will be

introduced to amend the Banking Ordinance and the Deposit-tak ing

Companies Ordinance, in order to extend to their operations overseas

the system of prudential supervision of Hong Kong incorporated banks

and deposit-taking companies,

8.

A bill to amend the Companies Ordinance in.the light of the

recommendations in the Second Report of the Companies Law Revision:- bis.g

Committee was published in the

Gazette last year. I hope it can be

introduced this session.

9.

To offer better protection to the investing public and to

bring Hong Kong into line with other financial centres, drafting

proposals on disclosure requirements in relation to the share holding

of directors, major shareholders, advisers and officers of public

companies have been prepared. The course of consultation now in

progress suggests the subject is as complex and controversial as we

expected.

10.

At the beginning of this year, two Ordinances were enacted amending the Fire and Marine Insurance Companies Deposit Ordinance and the Life Insurance Companies Ordinance, requiring all insurance

companies carrying on the relevant classes of business to have a

minimum paid-up capital of $5 million and to maintain a solvency margin.

/In ..