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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hong Kong Moves To Limit Info On Company Directors

By KELVIN CHAN

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,493.37 -69.93 -0.42%
S&P 500 1,925.15 -5.52 -0.29%
NASDAQ 4,352.6390 -17.1340 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs