r
Sir,
Speech by Mr. G.A. Higginson, Secretary for Economic Services in Legislative Council on Wednesday, 24 July 1985
Securities (Amendment) Bill 1985
30
01119
I move that the Securities (Amendment) Bill 1985
be read the second time.
2.
The Bill has four main objectives: first, to
provide for the registration of dealing partnerships and
investment advisers' partnerships; second, to require new
dealers to have certain qualifications and experience;
third to ensure the financial viability of dealers by
requiring them to meet certain financial requirements; and
fourth, to strengthen the powers of the Commissioner for
Securities in respect of the registration of dealers.
3.
At present, individuals and corporations may apply
to be registered as dealers. Given the decision to permit
partnerships to trade in the Unified Exchange, provision for
the registration of partnerships, as dealing partnerships
under the Securities Ordinance, is required. The Bill makes
similar provision for the registration of investment
advisers' partnerships.
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