FOR PRU USE ONLY
OP Date21/7/88
77
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PARLIAMENTARY QUESTION
For WRITTEN ANSWER on
25/7/88
Head of
Please submit :-
a draft Answer & background to Parliamentar: Unit
SERIAL NO;3125
TEXT OF QUESTION :-
MR TOM COX (TOOTING)
PARTY
before
NOON 22/7/88
La
To ask the Secretary of State/HMG; what reports have now been made to his Department over the events surrounding the Hong Kong Stock Exchange Crash in October 1987; and if he will make a statement on any action to be taken by the Hong Kong Government.
MKC 100/1
for answer by
MRS. CHALKER
RECE
-
- 1 AUG 1988
ISTRY
to P/S
LORD GLENARTHUR
(Minister)
for approval by
NOON
PQs
REPLY (s)
(Minister)
ANSWER:
IN
Taken
N
The Hong Kong Government have been in close and regular touch with the Government about developments since the events of October 1987. We welcome the recommendations for reform made by the Securities Review Committee, appointed by the Hong Kong Government, in their report published on 2 June. The Hong Kong Government together with the industry itself are acting as quickly as possible to implement the recommendations. An independent statutory regulatory body, the Securities and Futures Commission, is to be established as soon as the necessary legislation can be introduced. The Hong Kong Stock Exchange has just adapted important constitutional reforms which will make its governing body more broadly based and representative. The Government are confident that this prompt and decisive response will help to maintain and enhance Hong Kong's reputation as an international financial centre.
て
copy to
Private Secretary
PS/ MRS. CHALKER
(Minister)
Parliamentary Clerk
authorised
ARIAN
(Head of Dept.)