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Wednesday, February 13, 1974
Mr. Haddon-Cave made it clear that the onus to provide money
for the fund is on each exchange. How it raised the money was a mattor
entirely for each exchange to decide.
The primary and immediate purpose of the bill, he explained, is
to give more protection to the investor rather than to protect the interesta
of the broking community. He added, however, that it was not intended
in any way to frustrate the legitimate activities of brokers.
"Indeed, brokers have every right to be protected from unscrupulous
clients and staff, but it is the government's view that this should be
achieved by their own arrangements rather than by statutory means,"
Summing up, the Financial Secretary said: "in a Bill as complex
as this dealing as it does with a constantly evolving industry, it is
inevitable that further amendments will be necessary perhaps sooner
rather than later,
"Indeed, should the Securities Commission and the government be
persuaded that certain amendments are necessary even before a Part is
implemented then we would be prepared to introduce them; but I haston
to say that this would not be agreed to lightly for the provisions of
the Bill as enacted must now be tested by experience."
Earlier, the Hon. Woo Pak-chuen called on the stock exchanges and
all stockbrokers to accept the Securities Bill "in good spirit and with the
determination to co-operate with the Commissioner for Securities in putting
those provisions into effect,"
"The final result is a piece of legislation which should serve both
to ensure proper and adequate regulations of stock exchange transactions in
Hong Kong and to enhance the international reputation of Hong Kong as a
financial contre," he said.
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