11.
Wednesday, August 1, 1973
INSIDER DEALINGS INCORPORATED IN SECURITIES BILL
Provisions relating to "insider dealings" have already been incorporated
in the Securities Bill which is expected to be introduced at the next session
of the Legislative Council in October,
This was announced by the Financial Secretary, the Hon. C.P. Haddon-Cave,
when commenting on the second report of the Companies Law Revision Committee,
which was tabled in the Legislative Council today.
Mr. Haddon-Cave said the recommendations in the report would be
studied carefully by the departments concerned, and he had no doubt that a
further legislative programme would be put in hand.
He said he had noted the committee's view that the drafting of a
completely new Companies Ordinance would be an extremely complex undertaking
and that, possibly, a piecemeal approach should be adopted so that the more
urgent reforms could be dealt with first.
Consideration was now being given, he revealed, to implementing
at an early date the committee's recommendations on company accounts.
Action was also in hand, he said, on other measures stemming directly
or indirectly from the recommendations in the committee's first report on
the protection of investors which was submitted in June last year.
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