11.2.87
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Commissioner of Banking has been considering the issue of
guidelines on particular matters such as the undertaking
of securities and other business by authorised
stitutions and on exposure to a single party. After
consultation, these guidelines will shortly be introduced
by the Commissioner under the appropriate sections of the
Ordinance.
31.
On the securities side, the two controversial
subjects, disclosure of ownership of shares in public
listed companies and insider dealing, are being pursued.
Recent events in other financial centres have added a new
dimension to our thinking. As to disclosure, the Standing
Committee on Company Law Reform and the Securities
Commission have both considered and endorsed a draft
Bill. Subject to the advice of the Executive Council, it
will be published for further consultation with the
general public. This course of action is considered
necessary in view of the complexity of the whole issue.
On the subject of insider dealing, the Standing Committee
on Company Law Reform has already done much useful work,
and I expect to receive recommendations shortly.
I am
grateful to the Committee for its efforts. Its task is
not an easy one.
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