TNAG-1733-FCO40-2446-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 78

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BANKING (AMENDMENT) (NO.2) BILL 1988

THE FINANCIAL SECRETARY moved the Second Reading of : 'A Bill to amend the Banking Ordinance'.

He said:

sir,

I move that the Banking (Amendment)

(No. 2) Bill¡ 988

be read a second time.

The purpose of this Bill is to amend sections 128

and 121 of the Banking Ordinance to enable the Commissioner

of Banking to disclose information concerning locally

S

incorporated authorized institutions to specified statutory

offices in Hong Kong and to their overseas counterparts.

3..

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While the proposals aim at facilitating closer

cooperation between supervisors, the immediate cause for

the Bill arises from the need to provide information to the United Kingdom

UK) regulatory authorities, a s a result of the

United Kingdom implementation of the UK) Financial Services Act 1986.

United Kingdom

r

X.

The UK Financial

certain regulatory bodies

in

Services Act 19,86 requires

United Kingdom

the UK, that is, the

Securities and Investment

self-regulating organizations

Board

(SIB) and a number of

gan

(SROS) to

assess,

and