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The Standing Committee on Company Law Reform (SCCLR) today (October 24) published its 2010-11 annual report.
During the reporting period, the SCCLR has considered the following major issues:
* proposed statutory codification of requirements to disclose price sensitive information by listed corporations;
* corporate rescue legislative proposals; and
* consultations on the draft Companies Bill.
A spokesman for the Government said, "We appreciate the effort of the SCCLR and thank the SCCLR for all its work. Members of the SCCLR have provided insightful comments and recommendations on the proposals in relation to the statutory codification of requirements to disclose price sensitive information by listed corporations, the corporate rescue procedure and the Companies Bill. The Bill on price sensitive information and the Companies Bill have subsequently been introduced into the Legislative Council. As for the corporate rescue procedure, we are considering how best to take forward the proposals in an exercise to modernise corporate insolvency law to be launched shortly."
The spokesman added, "We will continue to seek the advice of the SCCLR on necessary amendments to the Companies Ordinance and other relevant legislation."
The SCCLR was formed in 1984 to advise the Financial Secretary on necessary amendments to the Companies Ordinance and other relevant legislation, in order to ensure that the law continues to meet the needs of the business community.
The membership of the SCCLR is drawn from a wide spectrum of sectors, including lawyers, accountants, company secretaries, businessmen, academics and representatives of Government departments and regulatory bodies.
The SCCLR's annual report for 2010-11 is available to the public at the websites of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/fsb) and the Companies Registry (www.cr.gov.hk).
Ends/Monday, October 24, 2011
Issued at HKT 16:01
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