It has emerged that the Hong Kong government is planning a radical overhaul of the territory's company law, which is currently based on 19th century British law.
According to a South China Morning Post report, a complete rewriting and restructuring is planned, with particular emphasis on reducing the regulatory burden on private companies, which at the time that the original legislation was written were the exception rather than the norm.
The SCMP revealed that the review will be conducted under the control of Companies Registrar Gordon Jones, in conjunction with working groups of experts and business professionals.
An earlier review, commissioned in 1994 and published in 1997 was slammed as failing to adequately reflect the local situation, or to present a coherent framework for Hong Kong's company law.
Although various small reforms have been made to the legislation over the intervening years, Mr Jones explained recently that:
"We have got to a stage where we can't take things forward unless we have a complete rewrite of the ordinance."
According to the SCMP, a white paper on the matter is expected to be ready for public consultation in two years' time.
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