SECURITIES (AMENDMENT) BILL 1988
Resumption of debate on Second Reading (27 April 1988)
Question proposed.
MISS TAM:
Sir,
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The Securities (Amendment) Bill 1988 seeks to introduce changes to the Securities Ordinance mainly on the provisions regarding official secrecy and disclosure of information along the lines similar to those contained in the Banking Ordinance. Legislative Counci
has Legco Ad hoc group had been formed to study this Bill and the Insurance Companies (Amentment) Bill 1988. And as the two, Bills
d are closely related, my comments on the Securities (Amen Ement) Bill 1988 will also apply to the Insurance Companies (Amendment) Bill 1988.
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It is an increasing trend for regulatory authorities of different territories to co-operate with one another and share out information to their mutual benefit. In the United Kingdom,
United Kingdom the U.K. Financial Services Act 1986 provides for the exchange of information among regulatory authorities with in and outside of the United Kingdom. Similar pieces of legislation also exist in
the United States and Australia. At present, requests for information have to be turned down by authorities in Hong Kong because of the restrictive nature of the current legislation. and
be by introducing the new proposals it will then become possible to
for the Hong Kong regulatory authorities to entertain such requests under prescribed conditions and also to
overseas encourage other regulatory authorities to reciprocate in
in a more favourable manner, thus to secure further Hong Kong's status ás a financial centre.
Les
The group had held a total of three meetings, two of
which were with the Administration. In addition, it has received a representation on the Insurance Companies (Amendment), Bill 1988 from a local insurer. The Group's particular concern is to
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