Annex E
5.
The Commission expressed grave concern that the lack of resources in the OCS might create major problems before the new authority came into operation. It requested the Government to secure early implementation of the SRC recommendations on the new authority and in the meantime, urged the Government to appoint outside professionals to assist the OCS in implementing the Report and in reviewing the legislation.
Commodities Trading Commission
6.
Trading
Commodities The
Commission
shared the
views of the SC expressed in sub-paragraphs 4 (a), (c) and
However, it was (d) above.
divided as to whether the the Board of the new authority
non-executive
on directors
should form a majority.
Hong Kong Stockbrokers Association Ltd.
7. the
The Hong Kong
Stockbrokers Association supports establishment of а new statutory body to assume the role of the three existing regulatory bodies. It, however, does not have any strong view as to whether this new body should be outside the civil service. It doubts whether the dual role of the Chairman of the new body and its AC can be clearly identified. It expresses serious concerns about the costs of the new body, and feels strongly that the new body should be funded by the Government and the industry should be consulted on any increase in levy or charges.
The Hong Kong Deposit-taking Companies Association
8.
The Hong Kong Deposit-taking Companies Association supports the setting up of a regulatory authority along the lines recommended by the SRC and suggests that there should Government representation on both the SFC Board and its
be AC.
Sun Hung Kai Securities Limited
9.
The
company
supports
the
non-executive a
establishment
of an
independent regulatory authority, and proposes that the SFC Board should have
majority and its AC
should be chaired by an independent member.
3