Hong Kong Ordinances

BANKING ORDINANCE - SECT 60A

Disclosure to the general public of information relating to financial affairs

(1) The Monetary Authority may, after consultation with the Financial
Secretary and the persons specified in subsection (2), make rules prescribing
the information to be disclosed to the general public by
authorized institutions relating to their state of affairs, profit and loss or
capital adequacy ratio and prescribing the manner in which, times at which and
periods during which such information shall be so disclosed.

(2) The persons specified for the purposes of subsection (1) are-

   (a)  the Banking Advisory Committee;

   (b)  the Deposit-taking Companies Advisory Committee;

   (c)  The Hong Kong Association of Banks; and

   (d)  The DTC Association.

(3) Rules made under subsection (1) may make different provision for
authorized institutions belonging to different classes of authorized 
institution.

(4) Where an authorized institution fails to comply with any requirement
applicable to it contained in rules made under subsection (1), every director,
every chief executive and every manager of the authorized  institution commits
an offence and is liable-

   (a)  on conviction upon indictment to a fine at tier 7; or

   (b)  on summary conviction to a fine at tier 5, and, in the case of a
        continuing offence, to a further fine at tier 2 for every day during
        which the offence continues.

(5) For the avoidance of doubt, it is hereby declared that any requirement
under subsection (1) for the Monetary Authority to consult with any person
shall not operate to prevent the Monetary Authority from consulting with such
other person as the Monetary Authority thinks fit. (Replaced 19 of 2005 s. 2)