If the Federal Reserve actually adopts a proposal along the lines outlined in Governor Tarullo’s speech, it could have profound negative implications not only for the operations of foreign banks in the United States, but also for U.S. banking organizations doing business outside the United States. It would likely contribute and add fuel to the growing trend towards regionalization of global banking, thereby complicating and increasing the cost of providing cross-border banking services. This memorandum explores these implications as well as certain key issues and questions that remain open.

今年、香港の会社法制の枠組みの多くの側面に影響を与える新たな会社条例が可決されました。新たな会社条例は、多数の付属法令案と共に、2014年に施行される予定です。

現在は香港証券取引所規則により規制されている内部情報開示制度が改正、強化され、これに伴う様々な法執行手段及び救済と共に、まもなく香港の法律に基づく制度となる予定です。

また本ニュースレターでは、香港における新規上場及び上場会社に関連した様々な問題に関して香港証券取引所が発行したいくつかの決定、ガイダンス及び諮問書についても言及します。

Although the changes to Form 20-F itself are relatively minor this year, the continuing economic and financial crisis will require financial institutions in particular, as well as other foreign private issuers, to consider carefully the continuing consequences of the crisis when preparing their annual reports on Form 20-F. Disclosures in a number of areas of the Form 20-F will be impacted and will be the focus of SEC scrutiny. In that regard the SEC has issued disclosure guidance recently relating to exposure to European sovereign debt which will need to be taken into account when preparing this year's Form 20-F.

SFC」という）及び香港証券取引所（以下「HKEx」という）は、共同で、「不動産評価に

関する規定の修正案に対する検討結果

(Consultation Conclusions on Proposed Changes to Property Valuation

Requirements)

」を公表した。不動産評価及びその情報開示制度を合理化する新ルールは2012 年1 月1 日よ

り適用される。