Consultation starts for Companies Bill

The Financial Services & the Treasury Bureau is seeking public views on whether the bill should have further flexibility.

A report by the Information Services Department said, “One of the proposals in the bill is to allow private companies and holding companies of groups of private companies meeting certain size criteria to be automatically qualified for the preparation of simplified financial and directors' reports.”

According to the report, the bureau is seeking public views on whether further flexibility should be incorporated into the bill to allow larger private companies or groups of private companies exceeding the size criteria to adopt simplified reporting with their members' approval.

View the report here.