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Following is the speech for the Acting Secretary for Financial Services, Mrs Rebecca Lai, in moving the committee stage amendments to the Adaptation of Laws (No. 9) Bill 1998 in the Legislative Council today (Wednesday):

Madam Chairman,

I move that schedules 2, 5 to 14 be amended, as set out in the paper circularized to Members.

When examining the Adaptation of Laws Bill 1998, the relevant Bills Committee and the Administration discussed the saving provision covered by the Bill. After discussion, the Administration agreed to amend the saving provision by amending "ﾤﾤﾥﾡﾤHﾥFﾩﾲ" in the Chinese text as "ﾤﾤﾥﾡ". The term "ﾤﾤﾥﾡ" will be translated as "Central Authorities" in English. The purpose of the amendment is to bring the provision into conformity with item 10 of Annex 3 of the "Decision of the Standing Committee of the National People's Congress on Treatment of Laws Previously in Force in Hong Kong in accordance with Article 160 of the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China". This amendment was passed by the Legislative Council on 28 April this year.

The amendment to the schedules of the Adaptation of Laws (No.9) Bill 1998 that we are proposing is in line with the amendment to the Adaptation of Laws Bill 1998 mentioned above. After amendment, the saving provisions covered by the Bill would read "ﾤﾤﾥﾡﾩέﾻﾴέﾧOﾦέﾰϬFﾩﾲﾮھڡmﾰ𥻪kﾡnﾩMﾨ廪ﾪkﾫߪﾺﾳWﾩwﾩҨɦﾳﾪﾺɦﾧQ". The English version would read "the rights of the Central Authorities or the Government of the Hong Kong Special Administrative Region under the Basic Law and other laws".

Thank you, Madam Chairman.

End/Wednesday, October 13, 1999

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