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FRIDAY, NOVEMBER 4, 1977
THE FINANCIAL SECRETARY SAID IT WAS PROPOSED TO SET UP A TRIFUNAL TO INVESTIGATE INSIDER DEALING. +THE DIFFICULTY WITH INSIDER DEAL ING IS TO DEVISE AN ANSWER THAT GETS AT THE CULPRITS WHILE LEAVING ALONE THE IMOGENT,+ HE SAID.
A TRIBUNAL WOULD BE USED RATHER THAN THE COURTS AND A REVIE.. IN TWO YEARS' TIME WOULD TELL WHETHER WE HAD GOT THE CORRECT BALANCE BETWEEN PURSUING THE GUILTY AND PROTECTING THE INNOCENT. IF WE HAVEN'T, WE SHALL HAVE TO DEVISE OTHER MEANS
+ OF TACKLING THE PROBLEM,+
MR. HADDON-CAVE SAID THERE WERE THREE REASONS WHY UNIFICATION OF THE STOCK EXCHANGES WOULD BENEFIT BOTH DEALERS AND SHAREHOLDERS: IT WOULD BE MORE ECONOMIC TO ADMINISTER ONE EXCHANGE= A BROADER AND LESS ERRATIC EXCHANGE SHOULD RESULT= AND IT WOULD BE EASIER FOR THE COMMISSIONER FOR SECURITIES TO ENFORCE ANY LEGISLATION REQUIRING THE CO-OPERATION OF THE EXCHANGE IF HE HAD TO DEAL WITH ONLY ONE EXCHANGE.
+GIVEN THESE ADVANTAGES,+ MR. HADDON-CAVE SAID, +1 ATTACH IMPORTANCE TO THE CURRENT DISCUSSIONS OF THE WORK ING PARTY ON UNIFICATION. IT WOULD APPEAR AS IF SOME PROGRESS HAS BEEN MADE, BUT NOT ENOUGH TO CONVINCE ME THAT UNIFICATION IS IN PROSPECT.
+SO, ALTHOUGH THE GOVERNMENT DOES NOT WISH TO INTERFERE ACTIVELY IS THE CRGANISATION OF THE STOCK EXCHANGE, UNLESS E SOON HAVE TANGIBLE EVIDENCE OF REAL PROGRESS TOWARDS UNIFICATION,
E SHALL HAVE TO CONSIDER INTRODUCING LEGISLATION TO ERING IT ABOUT.+
REGARDING THE COMMODITY EXCHANGE, MR. HADDON-CAVE SAID THAT SINCE IT WAS OPENED IN MAY, BUSINESS HAD BEEN AT A LOWER LEVEL THAN HE THOUGHT ALL HAD EXPECTED.
+SUT | CERTAINLY DO NOT SEE THIS AS REFLECTING ANY DEFICIENCY IN THE ORGANISATION OR MANAGEMENT OF THE EXCHANGE, HE SAID.
+IT MERELY SHOWS THAT TIME IS NEEDED TO GET ACCUSTOMED TO A LE INSTITUTION. IT REFLECTS ALSO THE FACT THAT INTEREST IN COMMODITIES WORLD WIDE HAS BEEN AT A LOW EED. BUSINESS ON THE EXCHANGE ILL, IN ANY CASE, RECEIVE A FOOST LATER THIS MONTH WITH THE START OF TRADING IN RA. SUGAR FUTURES.+
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MR. HADDON-CAVE SAID THE REGISTRA GENERAL WAS DRAFTING, WITH THE ACTIVE CO-OPERATION OF THE INSURANCE INDUSTRY, A NEW AND COMPREHENSIVE ORDINANCE TO PROVIDE THE NECESSARY CONTROL AND REGULATION OF THE INDUSTRY FOR THE PROTECTION OF POLICY HOLDERS, WHICH WOULD REPLACE THE THREE EXISTING ORDINANCES.
NOTE TO EDITORS:
COPIES OF MR. HADDON -CAVE'S 3-EECH BOTH IN ENGLISH AND CHINESE ARE NOW AVAILABLE FOR LECTION IN THE NEWS ROOM OF
G.I.S. ON 6TH FLOOR, LEACONSFIELD USE.
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