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Our Ref: G10/1/2C
25 June 1999 The Chief Executive Dear Sir/Madam, Interim Financial Disclosure by Authorized As a further step to increase the transparency of the banking sector as a whole, the HKMA issued in May 1999 a consultation paper on "Interim Financial Disclosure by Authorized Institutions Incorporated in Hong Kong". Taking into account the comments received and following extensive consultations with the Working Party on Financial Disclosure and the Joint Technical Working Group, the HKMA has finalised the Interim Financial Disclosure Package ("Package') which is attached to this letter. The disclosure items to be included in the Interim Financial Information Disclosure Statement ("Interim Disclosure Statement") are primarily drawn from the "Best Practice Guide on Financial Disclosure by Authorized Institutions" ("BPG"), the Stock Exchange of Hong Kong's existing listing rules and the HKMA's guideline on "Disclosure of Additional Information in Interim Reports" issued in June 1998 to listed authorized institution. The latter is rescinded as the Package covers interim financial disclosure by all locally incorporated authorized institutions. The Package is applicable to all locally incorporated authorized institutions which are subject to the BPG, other than those non-listed institutions which are wholly-owned subsidiaries of Hong Kong incorporated authorized institutions, in respect of their Interim Disclosure Statements for financial periods ending on or after 30 June 1999. If you have any enquiries on the Package, please contact Mr Gary Leung at 2878 1879 or Mr P M Koo at 2878 1536. Yours faithfully, Raymond Li c.c. Chairman, HKAB Attachment:
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