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WEDNESDAY, FEBRUARY 25, 1987
SUBJECT TO THE ADVICE OF THE EXECUTIVE COUNCIL, MR JACOBS SAID HE HOPED TO INTRODUCE A BILL WITHIN THIS SESSIÓN.
HE ADDED THAT THE COMMISSIONER OF BANKING WAS CONSIDERING THE ISSUE OF QUIDELINES ON PARTICULAR MATTERS SUCH AS THE UNDERTAKING OF SECURITIES AND OTHER BUSINESS BY AUTHORISED INSTITUTIONS AND ON EXPOSURE TO A SINGLE PARTY.
AFTER CONSULTATION, THESE QUIDELINES WOULD SOON DE INTRODUCED BY THE COMMISSIONER UNDER THE APPROPRIATE SECTIONS OF THE ORDINANCE.
ON THE SECURITIES SIDE, MR JACOBS SAID THE TWO CONTROVERSIAL SUBJECTS – DISCLOSURE OF OWNERSHIP OF SHARES IN PUBLIC LISTED COMPANIES AND INSIDER DEALING - WERE BEING PURSUED.
+RECENT EVENTS IN OTHER FINANCIAL CENTRES HAVE ADDED A NEW DIMENSION TO OUR THINKING.+
AS TO DISCLOSURE, THE STANDING COMMITTEE ON COMPANY LAW REFORN AND THE SECURITIES COMMISSION HAD BOTH CONSIDERED AND ENDORSED A DRAFT BILL, WHICH WOULD BE PUBLISHED FOR FURTHER CONSULTATION WITH THE GENERAL PUBLIC, SUBJECT TO THE ADVICE OF THE EXECUTIVE COUNCIL.
ON INSIDER DEALING, MR JACOBS SAID THE STANDING COMMITTEE ON COMPANY LAW HAD ALREADY” JONE MUCH USEFUL WORK AND ME EXPECTED TO RECEIVE RECOMMENDATIONS SHORTLY.
*IN 1986 WE HAVE SEEN RAPID DEVELOPMENTS IN FINANCIAL MARKETS WORLDWIDE. WE HAVE ALSO SEEN SIGNIFICANT CHANGES IN THE FIELD OF REGULATION.+
HONG KONG MUST BE ABLE TO RESPOND QUICKLY AS THE NEED AROSE, OTHERWISE IT WOULD FIND ITSELF LOSING OUT AS A MAJOR FINANCIAL CENTRE.
+FURTHERMORE, THERE IS THE VITAL QUESTION OF REPUTATION, WE MUST NOT ALLOW THE INTEGRITY OF OUR MARKETS TO BE TARNISHED BY THE IMPRUDENT ACTIVITIES OF THE BREEDY.
+BUT EQUALLY WE MUST AVOID THE DANGERS OF OVER-REGULATION. THIS IS A BIFFICULT BALANCE TO STRIKE, BUT WE SHALL DO OUR BEST,+ HE ADDED.
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