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SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL WEDNESDAY 8 JUNE 1988
FINANCIAL SECRETARY:
sir,
Securities (Amendment) Bill 1988
I am grateful to Miss Tam and Members of the Ad
Hoc group for the consideration they have given to this I fully support the Committee Stage amendments
proposed by the Ad Hoc group.
Bill.
Z.
As Miss Tam has pointed out, we should seek
consistency between the relevant provisions on secrecy in
the Banking, Securities, and Insurance Companies
Ordinances. There is obvious merit in making sure that, as
far as
the possible, our regulatory authorities have
freedoms and safeguards in the exercise of their duties
under their ordinances.
same
Revised
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I accept, therefore, that the Commissioner for
Securities should be required to satisfy himself as to the
adequacy of secrecy provisions in the overseas jurisdiction
before releasing any information to the respective overseas
regulatory authority. In practice, the Commissioner for
Securities will perform this duty by seeking and obtaining
an assurance from the overseas regulatory authority that it
will protect the information to be disclosed to it. In the
event of a breach of this undertaking, the Commissioner
Ө will withhold their cooperation in future.
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