布政司署
香港下亞厘畢道
Zad
CONFIDENTIAL
DIEL
GOVERNMENT SECRETARIAT
LOWER ALBERT ROAD
HONG KONG
in Shp/or fi, 28/6
for.
r
19 May 1992 MB HKC 020/6
本署檔號 Our Ref: PA CR 1/4/3371/83
來函檔號 Your Ref.:
RAJ Bunten, Esq.,
Hong Kong Department,
FCO
Dear Rod,
LASTER
UK/Hong Kong MOU on International Regulatory Cooperation
We spoke briefly about your letter of 16 April. understanding from SFC is that they now have two MOUS. first one is with the Security Investment Board (SIB) signed in July/August 1990 which also involves three other self- regulating organisations in the UK. Its scope is confined to financial information sharing in relation to branches of eight security firms the names of which are annexed to the MOU. second one is with the Cook Islands Monetary Board.
Our
The
The
Two more coming up the pipeline are: a broader MOU with DTI and SIB and another one which aims to expand the existing MOU to cover not only branches of the eight security firms but also their group companies.
The SFC has been approached by some organisations in the US and Canada for similar arrangements. Our understanding from the SFC is that these are not accorded priorities because of the Commission's limited resources.
We have treated these MOUS as a matter between the SFC and the relevant bodies. The SFC, being an autonomous body, may enter into an MOU when necessary to discharge its statutory duty. In practice, it consults the Monetary Affairs Branch in case of doubt.
As regards involving the Chinese, our position is that MOUS are not legally binding and therefore do not give rise to international rights and obligations. Hence, there is no requirement to consult the Chinese. We shall, however, continue to keep in view from the MLA perspective because of possible implications.
CONFIDENTIAL
/We think....