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Third batch of subsidiary legislation under new Companies Ordinance gazetted

     The third batch of four pieces of subsidiary legislation for the implementation of the new Companies Ordinance (CO) was gazetted today (May 24).

     The four pieces of subsidiary legislation are the Companies (Model Articles) Notice, the Company Records (Inspection and Provision of Copies) Regulation, the Companies (Non-Hong Kong Companies) Regulation and the Companies (Fees) Regulation.

     "For the implementation of the new CO, we are making subsidiary legislation in batches to provide for the relevant administrative, technical and procedural matters," a spokesman for the Financial Services and the Treasury Bureau said.

     "Specifically, the Companies (Model Articles) Notice prescribes three sets of model articles for companies to adopt at their volition. The Company Records (Inspection and Provision of Copies) Regulation prescribes the arrangements relating to access to company records kept by companies. The Companies (Non-Hong Kong Companies) Regulation provides for the detailed procedural matters for implementation of Part 16 of the new CO.  The Companies (Fees) Regulation sets out the fees payable to the Registrar of Companies and miscellaneous fees," the spokesman added.

     Two amendment regulations, namely the Companies (Revision of Financial Statements and Reports) (Amendment) Regulation 2013 and the Companies (Disclosure of Information about Benefits of Directors) (Amendment) Regulation 2013, were gazetted alongside the third batch of subsidiary legislation. The two amendment regulations give effect to several changes to the corresponding subsidiary legislation in the second batch. Such changes were considered by the relevant subcommittee of the Legislative Council in April.

     The new CO, which was passed by the Legislative Council on July 12, 2012, provides a modernised legal framework for the incorporation and operation of companies in Hong Kong. Its objectives are to enhance corporate governance, improve regulation, facilitate business and modernise the law with a view to strengthening Hong Kong's competitiveness as a corporate domicile and enhancing its status as a major international commercial and financial centre. Our aim is to bring the new CO into operation in the first quarter of 2014.

     The third batch of four pieces of subsidiary legislation and the two amendment regulations were made by the Financial Secretary. They will be tabled in the Legislative Council on May 29 and be subject to negative vetting procedures. All of them will come into operation together with the new CO.

Ends/Friday, May 24, 2013
Issued at HKT 14:01


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