WEDNESDAY, NOVEMBER 27, 1985
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MR POON SAID WHILE HE FELT THAT LOCAL ISATION SHOULD PROCEED WITH DUE SPEED, THE EXPERTISE OF THE SOME LESS THAN 20 EXPATRIATE OFFICERS IN THE DEPARTMENT, MANY OF THEM MATURE ACCOUNTANTS WITH A GOOD TAX BACKGROUND, SHOULD BE RETAINED AS FAR AS POSSIBLE.
+ IN THE MEANTIME, EVERY EFFORT SHOULD ALSO BE MADE TO TRAIN MORE LOCAL ASSESSORS IN THIS PARTICULAR FIELD, HE SAID.
COMMENTING ON BANK ING SUPERVISORY SYSTEMS, MR POON SAID HE FULLY AGREED AND SUPPORTED THE INTRODUCTION OF FURTHER MEASURES TO STRENGTHEN THE PRUDENTIAL SUPERVISION OF BANKS AND DEPOSIT-TAKING COMPANIES.
HOWEVER, HE ALSO POINTED OUT THAT TIGHT REGULATIONS ALONE COULD NOT SOLVE THE PROBLEM,
+BANKS AND OTHER FINANCIAL INSTITUTIONS MUST BE IMPRESSED UPON THAT THEY SHOULD OBSERVE THE SPIRIT AS WELL AS THE LETTER OF THE LAW AND RELEVANT REQUIREMENTS.
+FURTHERMORE, CONSTANT CONSULTATION WITH THE BANK ING SECTOR AND CLOSER LIAISON BETWEEN THE BANKING COMMISSIONER'S OFFICE AND THE AUDITING PROFESSION ARE TO BE WELCOME, HE SAID.
ON THE SUPERVISION OF STOCK EXCHANGE ACTIVITIES, MR POON SAID IT WOULD NOT BE COMPLETE WITHOUT PROPER COMPANY LEGISLATION.
HE SAID THE RECOMMENDATIONS OF THE STANDING COMMITTEE ON COMPANY LAW REFORM ON DISCLOSURE OF INTERESTS IN PUBLIC COMPANIES WERE THEREFORE BOTH NECESSARY AND TIMELY AND SHOULD BE IMPLEMENTED AS SOON AS POSSIBLE.
MR POON SAID WE WERE LUCKY THAT WE DID NOT HAVE MASSIVE UNEMPLOYMENT WHICH NO DOUBT CREATED MANY SOCIAL PROBLEMS ELSEWHERE.
+HOWEVER, THE SLOWING DOWN OF RE-INVESTMENT IN INDUSTRY IS WORRYING AND THIS MAY HAVE LONG-TERM REPERCUSSIONS, HE SAID.
FUTURES MARKET LEGISLATION RAISES AMBIGUITIES
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WHILE THE FUTURES MARKET WAS CLOSELY REGULATED BY LAW, THE PRESENT LEGISLATION STILL RAISED AMBIGUITIES, AS THE PHYSICAL MARKET WAS NEITHER UNDER THE JURISDICTION OF THE COMMISSION FOR COMMODITIES TRADING NOR SUBJECT TO THE PROTECTION OF THE COMPENSATION FUND.
THIS OBSERVATION WAS MADE BY DR THE HON KIM CHAM AT THE ANNUAL POLICY DEBATE IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
/+FURTHERMORE,