TNAG-1139-FCO40-1419-Quarterly-progress-reports-on-Hong-Kong-1982 — Page 32

CONFIDENTIAL

機密

*(14) Companies

Law revision

(a) To implement the

accepted recommen- dations of the Companies Law Revision Committee

(a) Work continued on

re-drafting the Companies (Amendment) Bill 1980 having regard to UMELCO's comments.

*(15) Insurai ce Companies Bill 1982

(b) Disclosure of shareholdings

To introduce comprehensive regulatory

measures

(b) A draft Bill was prepared broadly in accordance with ExCo's approval in principle for the Companies Ordinance to be amended to require directors, major share- holders (with 10% share- holding or more) officers, senior execut- ives and professional advisers of listed public companies to disclose their holdings of and dealings in shares.

The Bill was introduced into LegCo in May 1982 and is being studied by UMELCO in the light of representations received.

(a) To complete re-

drafting and inform ExCo of amendments made to the 1980 Bill prior to introducing the

revised Bill into LegCo.

(b) In the light of the

opposition to dis- closure requirements from the private sector, C for S to obtain the present views of the

Securities Commission prior to submitting the bill to ExCo.

To monitor public

reaction, to discuss the Bill with UMELCO in the light of representations received and to finalise committee stage amendments for enactment of the Bill during the next session.

GF 323

CONFIDENTIAL

機密