This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hong Kong Moves To Limit Info On Company Directors


HONG KONG (AP) â¿¿ Hong Kong is proposing to restrict the amount of personal information available on company directors in the wake of investigative news reports that used the data to help expose fortunes linked to Chinese leaders.

Under the proposed changes, home addresses and ID card or passport numbers of directors would be obscured in filings starting from the first quarter of 2014. The details could also be removed from historical filings on request.

Currently, anyone can access these details online for a nominal fee. The new law would restrict access to certain groups including law enforcement, regulators and liquidators.

The proposals highlight fears that Hong Kong's position as a relatively transparent and open Asian business center is slipping. The city, a special administrative region of China, enjoys separate legal and financial systems and high degree of autonomy that are legacies of more than a century as a British colony. Detailed information on public and private companies and land transactions is widely available.

That's not the case in other Asian jurisdictions, especially in mainland China, where most company information is secret. Some details such as names of board members or senior executives are public. But other details, if available, can only be accessed by people such as lawyers who are authorized to see files at commercial bureaus. In Japan, personal information is protected by privacy policies and laws while in South Korea, publicly listed companies are required only to disclose basic information such as names, birthdates and work history of directors.

The provisions attracted little notice until this week, when they were outlined in a briefing paper submitted to the legislature's financial affairs panel. They have worried investors and the media as the changes could make it harder to document cases of corruption or malfeasance.

Hong Kong has become a popular place for mainland Chinese businesspeople and government officials looking to hide their wealth through shell companies.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs