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WEDNESDAY, DECEMBER 22, 1982
NEW STEPS BEING TAKEN TO COVER COMMODITIES TRADING
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STEPS ARE BEING TAKEN TO BUILD UP WIDER AND CLOSER CONTACTS WITH OVERSEAS REGULATORY AUTHORITIES IN CONNECTION WITH COMMODITIES TRADING, THE SECRETARY FOR ECONOMIC SERVICES, THE HON P. JACOBS, SAID IN THE LEGISLATIVE COUNCIL TODAY.
HE SAID THIS ACTION WAS PARTICULARLY IMPORTANT BECAUSE OF THE INTERNATIONAL NATURE OF THE TRADE.
MR JACOBS WAS REPLYING TO A QUESTION BY THE HON PETER C. WONG WHO ASKED ABOUT ACTION BEING TAKEN BY THE GOVERNMENT TO CONTROL COMMODITIES AND GOLD FUTURES COMPANIES IN HONG KONG.
MR JACOBS SAID THAT SINCE THE BEGINNING OF THIS YEAR, THE COMMISSIONER FOR COMMODITIES TRADING HAD REVOKED OR SUSPENDED THE REGISTRATION OF 12 COMMODITIES DEALERS.
HE EXPLAINED THAT THESE DEALERS HAD FAILED TO COMPLY WITH VARIOUS REQUIREMENTS UNDER THE COMMODITIES TRADING ORDINANCE, INCLUDING MISUSE OF CUSTOMERS' FUNDS AND FAILURE TO EXECUTE ORDERS.
+ IT IS RECOGNISED THAT THE PROVISIONS OF THE ORDINANCE, PARTICULARLY IN RELATION TO INTERVENTION, NEED TO BE STRENGTHENED, HE SAID.
HE POINTED OUT THAT IN MAY A WORKING PARTY CHAIRED BY THE COMMISSIONER WAS APPOINTED TO REVIEW THE ORDINANCE GENERALLY AND IN JUNE PENALTIES FOR VARIOUS OFFENCES UNDER THE ORDINANCE WERE SUBSTANTIALLY INCREASED.
THE STAFF OF THE COMMISSIONER'S OFFICE HAD ALSO BEEN STRENGTHENED DURING RECENT MONTHS, MR JACOBS POINTED OUT.
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IN JULY, A NEW POST OF DEPUTY COMMISSIONER WAS CREATED TOGETHER WITH AN ADDITIONAL POST OF ASSISTANT COMMISSIONER EXPRESSLY CHARGED WITH RESPONSIBILITIES COVERING COMMODITIES TRADING.
LAST MONTH SEVERAL OTHER NEW POSTS WERE CREATED, AND AT PRESENT TWO POSTS OF SENIOR SECURITIES OFFICER AND FIVE OF SECURITIES OFFICER ARE ASSIGNED SPECIFICALLY FOR THE PURPOSES OF THE COMMODITIES TRADING ORDINANCE.