Wednesday, July 18, 1973
The first concerned the protection if investors in securities and
property from misleading advertisements and other enticements. This, he
added, would be taken care of by the Protection of Investors Bill which
would be introduced in council with or soon after the Securities Bill.
The second aspect concerned the misuse of shares deposited with
finance companies as collateral against loan.
However, under the proposed Securities Bill, all share dealings
would, in future, be transacted only by and through registered dealers
and they would be required to observe certain rules and limits although
licensed banks would be exempted, Mr. Haddon-Cave said.
·
The other aspects being considered concerned the question of
competition for deposits between finance companies and the licensed banks,
and the position of small depositors.
Mr. Haddon Cave revealed that there was a tentative plan for
a separate Protection of Depositors Bill designed to restrict, by amount,
the minimum size of a deposit which finance companies should be permitted
to accept from the general public.
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