14
cases of alleged insider dealing. The Commissioner for Securities
will be charged with the task of establishing a prima facie case and
it would be the responsibility of the Financial Secretary on the advice
of the Securities Commission to decide whether or not to refer such
cases to the tribunal. Once the tribunal has completed its investigation privak
- which would normally be held in public - it would be required to
publish its findings. The establishment of a Standing Tribunal will
require amendments to the Securities Ordinance which will be introduced.
during this session.
43.
I hope that this proposal will commend itself to Honourable
Members as a first step. In such a difficult field there is a good
case for starting with a body which will have powers to
investigate
and power and obligation to pronounce on professional standards but
not power to punish directly, but only indirectly through the authori-
tative guidance it till give to professional and public opinion. In
the light of experience of the workings of the tribunal and of how
effective it proves, it will be easier to consider whether more stringent
measures are or are not necessary or practicable.
Public Accounts Committee
44.
Finally, I hope that the formalities for the establishment
of a Public Accounts Committee, as referred to by the Financial Secretary
in the debate on the second reading of the Appropriation Bill earlier
this year, will be completed early in this session so that the new
procedures can be introduced by the time the Director of Audit submits
his report for the financial year 1977/78. This development will be
a significant step forward in strengthening the facilities at the
disposal of this Council to enquire into the financial activities of
the Government.
/(4) Fight
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