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Following is the English translation of the speech by the Secretary for Commerce and Economic Development, Mr Gregory So, in moving a motion to amend the Competition (Turnover) Regulation in the Legislative Council today (April 16):
President,
I move that the motion as set out on the Agenda regarding an amendment to the Competition (Turnover) Regulation (Regulation) be passed. The Regulation was published in the Gazette on February 18, 2015 to provide for the determination of the turnover of an undertaking and specify the turnover period for the purposes of the Competition Ordinance (Cap. 619). I would like to express my gratitude for the scrutiny of the Regulation and the valuable advice tendered by the Subcommittee chaired by the Hon Andrew Leung Kwan-yuen.
As a result of deliberations with Members of the Subcommittee, I will propose today certain amendments to the Regulation in order to increase clarity of the wording and to set out that under section 2 of the Regulation (determination of turnover of undertakings), total gross revenues of an undertaking are to be calculated in accordance with generally accepted accounting principles. These amendments have obtained Members' support.
With these remarks, President, I hereby move the motion under my name printed on the agenda to amend the Competition (Turnover) Regulation.
Ends/Thursday, April 16, 2015
Issued at HKT 19:26
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