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Written Answers
2 AUGUST 1976
Written Answers
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Mr. Rowlands: The Hong Kong Com- resettlement opportunities for 2 minimum missioner for Securities has conducted an of 1,000 refugees, mainly Chileans, in investigation, under Section 124 of the Argentina who were considered to be Securities Odinance, of all transactions in speciai danger. In response to this in Wheelock Farden “A” shares between request, Her Majesty's Government October 1975 and March 1976. Although informed the High Commissioner of their large blocks of these shares were sold by decision to accept into the United King- certain large shareholders, the investigadom up to 73efugee families, to be put tion has shown that these transactions did ||forward by the High Commissioner as not involve any offence under the Securi-being in exceptional danger. ties Ordinance.
Mr. Newens asked the Secretary of State for Foreign and Commonwealth Affairs, whether, in the light of experi- once gained from studying the case of Wheelock Marden. the Hong Kong Gov- ernment are proposing to bring Section 140 of the Securities Ordinance, which deals with insider trading, into operation to protect the small shareholder.
Mr. Rowlands: I would refer my hon. Friend to the reply given to him on 13th May. The Hong Kong Government are now considering a revision of Section 140 of the Securities Ordinance in order to overcome the difficulties of defining in- sider trading satisfactorily and to ensure that its prohibition can be properly en- forced. Vol. 911, c. 269.]
Mr. Newens asked the Secretary of State for Foreign and Commonwealth Affairs if he is satisfied that the protec- tion given to the small shareholder in publicly-quoted companies in Hong Kong is still regarded as adequate without the enactment of further legislation.
Mr. Rowlands: Legislation protecting the small investor in Hong Kong is kept under continuous review. Experience of the workings of the Securities Ordinance over the past two years has already shown the need for certain changes and an amending bill is at present before the Legislative Council.
Refugees (Argentina)
Mr. Hior Davies asked the Secretary of State for Foreign and Commonwealth Affairs what response has been made to the appeal of the United Nations High Commissioner for Refugees for help to resettle refugees in Argentina, mainly Chileans
Mr. Tomlinson: On 22nd June the United Nations High Commissioner for Refugees appealed to 34 governments for
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USSR (British Visitors)
Mr. Lawrence asked the Secretary of State for Foreign and Commonwealth Affairs if any further steps have been taken in addition to making available written advice only on request, to ensure that every British subject visiting the of the penalties for infringements of the USSR as a private tourist is made aware
Russian penal code and the dangers of approach by Russian citizens who might seek to compromise such tourists.
Mr. Tomlinson: Following the hon. Member's Question on this subject on 1st April 1974, the guidance notes which we send to people who ask us about visits to the Soviet Union were expanded. I am sending a copy to the hon. Member. The notes are kept under review to copies are held by many travel and trade ensure that they are up to date and
organisations, some of which distribute copies to their customers, while others have incorporated the advice in their own leaflets.
It is difficult to see what more can be done to ensure that information is dis- tributed to individual travellers or that
hon. Member has any suggestions I they take heed of it. However, if the
should be glad to consider them.
Fishing Limits
Mr. Grimond asked the Secretary of State for Foreign and Commonwealth Affairs when he expects a decision to be reached about national fishing limits within the EEC now that the 200-mile EEC limit has been agreed.
Mr. Hattersley: It has been agreed in the Council of Ministers that member States will extend their fishing limits to 200 miles at the appropriate time. The Government are actively and urgently pursuing the question of the regime which will operate within these extended