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بکھر
The need to respond to these changes in the
market has already been recognised in the field of banking
supervision. The secrecy provisions in the Banking
Ordinance were relaxed in 1986 to allow the Commissioner
of Banking to co-operate with domestic and overseas
agencies. It is now proposed to bring the relevant
provisions in the Securities Ordinance into line with
those in the Banking Ordinance so as to permit greater
discretion in the disclosure of information in specified
circumstances, whilst preserving the general obligation of
secrecy.
7.
Clause 2(a) of the Bill deletes and replaces
section 19 of the Securities Ordinance.
The new
subsection (1) creates a general prohibition against the
disclosure of information under the Ordinance.
Notwithstanding this general prohibition, new
subfsection
(2) specifies the persons to whom and, in some cases, the
purposes for which such information may be disclosed by
the Commissioner for Securities; such purposes include any
investigation or criminal proceedings in Hong Kong, or
civil proceedings under the Ordinance. Information may
also be disclosed to the Insider Dealing Tribunal and to
the Financial Secretary, the Secretary for Monetary
Affairs, the Registrar General and any public officer
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