Hong Kong Regulations

BANKING (DISCLOSURE) RULES - SECT 88

Medium and location of disclosure and issue of press release

Division 2—General requirements

(1) Subject to subsection (2), where an authorized institution is required
under this Part to disclose information (however described), it shall make
that disclosure by—

   (a)  preparing a disclosure statement, in the Chinese and English
        languages, which contains the information;

   (b)  publishing the statement not later than 3 months after the end of the
        reporting period to which the statement relates; and

   (c)  complying with the other provisions of this section applicable to or
        in relation to the statement.

(2) An authorized institution shall ensure that when its disclosure  statement
is published—

   (a)  the statement contains—

        (i)    all the disclosures required under this Part to be made by the
               institution for the reporting period to which the statement
               relates; or

        (ii)   a prescribed summary; and

   (b)  neither the disclosures referred to in paragraph (a)(i), nor the
        prescribed summary referred to in paragraph (a)(ii), nor any
        information published with the prescribed summary, is false or
        misleading in any material respect.

(3) An authorized institution shall, at the same time as it publishes its
disclosure statement, issue a press release to the press in Hong Kong, in the
Chinese and English languages containing the statement or consisting of the
statement.

(4) An authorized institution shall lodge a copy of its disclosure  statement
with the Monetary Authority before it publishes the statement.

(5) The Monetary Authority shall keep each copy of a disclosure  statement
lodged with it pursuant to subsection (4) with the register.

(6) Subject to subsections (7) and (8), an authorized institution shall—

   (a)  keep one or more than one copy (referred to in this subsection
as the "relevant copy") of each of its disclosure statements—

        (i)    in its principal place of business in Hong Kong; and

        (ii)   if practicable, in each local branch of the institution; and

   (b)  make a relevant copy available for inspection by the general public
        during the business hours of the institution at the place where the
        relevant copy is kept.

(7) Where an authorized institution publishes a disclosure  statement which
contains the disclosures referred to in subsection

(2)(a)(i), it shall ensure that the statement is available for inspection
under subsection (6) for a period—

   (a)  in the case where the statement relates to an annual reporting 
        period, not less than the period commencing on the date of the
        publication of the statement and ending on the date of publication in
        accordance with subsection (1) of its disclosure statement in respect
        of the immediately succeeding annual reporting period; or

   (b)  in the case where the statement relates to an interim reporting 
        period, not less than the period commencing on the date of the
        publication of the statement and ending on the date of publication in
        accordance with subsection (1) of its disclosure statement in respect
        of the immediately succeeding interim reporting period.

(8) Where an authorized institution publishes a disclosure  statement which
contains a prescribed summary—

   (a)  it shall ensure that the statement is available for inspection under
        subsection (6) for a period—

        (i)    in the case where the statement relates to an annual reporting 
               period, not less than the period commencing on the date of the
               publication of the statement and ending on the date of
               publication in accordance with subsection (1) of its
               disclosure statement in respect of the immediately succeeding
               annual reporting period; or

        (ii)   in the case where the statement relates to an interim 
               reporting period, not less than the period commencing on the
               date of the publication of the statement and ending on the date
               of publication in accordance with subsection (1) of its
               disclosure statement in respect of the immediately succeeding
               interim reporting period; and

   (b)  it shall not change the means as stated in the prescribed  summary by
        which the general public may readily access the relevant complete
        disclosures unless it amends the summary in such a manner, and at such
        time, that the summary at all times states the means by which the
        general public may readily access the relevant complete disclosures.

(9) Subsections (4) and (5) apply to an amendment referred to in subsection
(8)(b) of a prescribed summary contained in an authorized institution's
disclosure statement as they apply to the disclosure  statement.

(10) In this section—

"prescribed summary" (訂明撮要), in relation to an authorized
institution's disclosure statement, means a statement setting out the location
at which and the means by which the general public may readily access all the
disclosures—

   (a)  which are required under this Part to be made by the institution for
        the reporting period to which the disclosure statement relates; and

   (b)  which are readily accessible by the general public (whether on an
        Internet website or by any other means or combination of means).

"prescribed summary" (訂明撮要)