TNAG-1616-FCO40-2224-Executive-Council-of-Hong-Kong-memoranda-and-minutes-of-meet-1987 — Page 11

CONFIDENTIAL

87)10

110

for Securities & Commodities

(The Secretary for Monetary Affairs, Mr D.A.C.

NENDICK, and the Commissioner for

Trading, Mr D.J.M. MURPHY, attended before the Council for

discussion of this item.)

A102

LICENSING POLICY ON BANKS INCORPORATED

OUTSIDE HONG KONG

(B 1/1C VII)

The Council considered memorandum XCC(87)38.

The Council ADVISED and the Acting Governor ORDERED :

(a) that the proposed revisions

of

banks

licensing policy for

incorporated outside

Hong

Kong, set

out in

paragraph

9

of

the

memorandum,

should

in

principle be adopted;

(b) that the revised policy

statement at Annex II to the

memorandum

amended

-

should

CONFIDENTIAL

be