This notice, which comes into force on its notification in the Gazette, amends the Securities Act (American International Assurance Company (Bermuda) Limited) Exemption Notice 2009 (the principal notice).

The principal notice exempts American International Assurance Company (Bermuda) Limited (AIAB) and every person acting on its behalf from section 53E(1) of the Securities Act 1978.

The amendment notice amends the definition of specified financial statements so that the principal notice relates to stand-alone entity financial statements of AIAB and not to audited consolidated financial statements of AIAB.

The amendment notice also changes the expiry date of the principal notice from 31 May 2014 to 31 May 2015, and updates the principal notice so that it refers to the Securities Regulations 2009 rather than the Securities Regulations 1983.

The Securities Commission (the Commission) considers that it is appropriate to amend the principal notice because—

• the Commission has had regard to the audit requirements that must be complied with by AIAB. The condition of the exemption requires that the financial statements are audited in accordance with those requirements:

• the Commission is satisfied that there will be no detriment to investors as a result of the audit being undertaken in relation to stand-alone entity financial statements rather than group consolidated financial statements, in accordance with Hong Kong law:

• the amendment complements exemptions granted to AIAB from certain provisions in the Financial Reporting Act 1993.