1988-06-01 19:21 G.I.S
1
P.04/13
and
and
correspondence with a whole host of overseas exchanges regulators, especially those in New York, Chicago and London. And finally a lot of thought, research and debate in which the Committee has been greatly helped by our staff
whose efforts we acknowledge at para. 2.27.
I Chapter
provides A
brief and
comprehensive
the state OE
overview OE Ouz report. Our principal conclusions about
affairs that obtained in Hong Kong before 19
As we October last year are set out in paras. 1.6 and 1.7.
gay in
para. 1.6. ".....the concept of self-regulation and market self-discipline had failed to develop in Hong Kong. what is equally unfortunate is that, faced with this, the supervisory bodies charged with overseeing the markets had We consider that all parties
lost effective control."
must bear some responsibility for this state of affairs : there were structural and operational defects with the two
exchanges,
the
two Commissions
and
the
Office OE
the
Commissioner for Securities.
These are summarised in para.
1.7.