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MDLIAN 6069
WOULD SEEK THE APPROVAL OF THE EXECUTIVE COUNCIL ON SPECIFIEC PROPOSALS AS SOON AS PRACTICABLE.
PUBLIC COMMENTS
6. ALTHOUGH THE COMMITTEE DID CONSULT WIDELY, BOTH LOCALLY AND OVERSEAS, BEFORE FORMULATING THEIR PROPOSALS, THE GENERAL PUBLIC
THE SRC'S FINDINGS AND STILL HAS AN OPPORTUNITY TO COMMENT ON RECOMMENDATIONS BEFORE 4 JULY 1988.
SPECIAL TEAM
FROM THE MONETARY AFFAIRS
7. A SPECIAL TEAM, CONSISTING OF OFFICERS BRANCH AND THE LEGAL DEPARTMENT, AND HEADED BY A DEPUT SECRETARY
GOVERNMENT. FOR MONETARY AFFAIRS, HAS BEEN SET UP BY THE
(I) TO COLLECT AND ANALYSE PUBLIC COMMENTS ON THE REPORT,
(II) TO EXAMINE THE FINDINGS, ARGUMENTS AND RECOMMENDATIONS CONTAIN IN THE REPORT, AND
(III) IN CONJUNCTION WITH RELEVANT PARTIES CONCERNED, TO FORMULATE SPECIFIC PROPOSALS AS SOON AS PRACTICABLE FOR SUBMISSION TO THE EXECUTIVE COUNCIL.
TIMETABLE
8. BARRING UNFORESEEN CIRCUMSTANCES, IT IS ESTIMATED THAT IMPLEMENTATION OF THE BULK OF THE RECOMMENDATIONS WILL TAKE TWO
YEARS.
POINTS TO MAKE
(A) THE HONG KONG GOVERNMENT WELCOMES THE SRC REPORT AND THE THRUST OF THE RECOMMENDATIONS. IT WILL SERVE AS A VALUABLE AND ESSENTIAL BLUEPRINTS FOR FUTURE DEVELOPMENTS.
(B) THE GOVERNMENT IS FIRMLY COMMITTED TOWARDS MAINTAINING HONG
IT WILL THEREFORE KONG'S STATUS AS AN INTERNATIONAL FINANCIAL CENTRE. A IM AT IMPLEMENTING THE APPROPRIATE
PRACTICABLE.
RECOMMENDATIONS AS SOON AS
(C) THE HONG KONG GOVERNMENT RECOGNISES THAT THE LOCAL SECURITIES INDUSTRY HAS DEVELOPED MORE RAPIDLY THAN ITS REGULATORY FRAMEWORK
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