3.
4.
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3
Power of the Commissioner of Securities
(a)
(b)
Under Clauses 9, 10 and 12, he has
power to refuse to register an
applicant, or to revoke or suspend the
registration of any dealer or investment advisor.
Under Clause 13, he may investigate
into the misconduct of any applicant
and also decide whether the applicant
is a "fit and proper" person.
Other provisions
(a) Under Clause 29, it is provided that
criminal proceedings can be taken
against a dealer if his partner commits
an offence with his consent or
connivance, or it can be attributed to
any neglect on his part.
(b)
Under Clause 6, investment advisers
also have to be registered.
Sir, at the end of 1985, the Hong Kong "Unified Exchange"
will be launched into the world securities market in an era of
reviving confidence in Hong Kong, and I am sure that it will
recover its former position in the Asian region.
However, the real safeguard to the interest of local and
overseas investors lies in the determination of the Commissioner
for Securities in exercising his power of investigation into the
activities of the dealers. One extremely important feature of
this reform is that the Hong Kong Exchange Company will assume