WEDNESDAY, NOVEMBER 11, 1987
REVIEW COMMITTEE WILL DRAW LESSONS FROM RECENT EVENTS
THE GOVERNMENT HAS SET UP A COMMITTEE OF REVIEW, ΤΟ BE KNOWN AS THE SECURITIES REVIEW COMMITTEE, TO DRAW LESSONS FROM RECENT EVENTS IN THE STOCK AND FUTURES MARKETS,
AND, AS FAR AS POSSIBLE, ENSURE THAT THOSE EVENTS DO NOT HAPPEN AGAIN, THE FINANCIAL SECRETARY THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY},
1]
LEADING OFF THE REPLIES BY OFFICIALS IN THE RESUMED DEBATE ON THE GOVERNOR'S POLICY SPEECH, MR JACOBS ANNOUNCED THAT MR IAN HAY DAVISON FROM THE UK, WHO HAD GREAT RELEVANT KNOWLEDGE AND EXPERIENCE, HAD ACCEPTED AN INVITATION TO SERVE AS CHAIRMAN OF THE SECURITIES REVIEW COMMITTEE.
MR S.L. CHEN, MR LAU WAH-SUM, THE HON PETER POON, MR CHARLES SOO AND MR PHILIP TOSE HAD AGREED TO SERVE AS MEMBERS OF THE COMMITTEE, HE SAID.
MR DAVISON IS AN ADVISER TO ARTHUR ANDERSEN AND CO. AND A DIRECTOR OF MIDLAND BANK PLC. FROM 1983 TO 1986 HE WAS DEPUTY CHAIRMAN AND CHIEF EXECUTIVE, LLOYD'S OF LONDON.
MR JACOBS ADDED THAT THE SECRETARY OF THE COMMITTEE WOULD BE A SENIOR ADMINISTRATOR FROM THE CIVIL SERVICE, WHO WOULD AE GIVEN ALL. THE SUPPORT THAT THE COMMITTEE MIGHT REQUIRE.
HE SAID THE TERMS OF REFERENCE OF THE COMMITTEE WOULD BE:
"IN THE LIGHT OF RECENT EVENTS IN THE STOCK AND FUTURES MARKETS AND IN RECOGNITION OF THE NEED TO MAINTAIN HONG KONG AS A MAJOR INTERNATIONAL FINANCIAL CENTRE, то REVIEW THE CONSTITUTION, POWERS, MANAGEMENT AND OPERATION OF
—
(A) THE HONG KONG STOCK AND FUTURES EXCHANGES;
(B)
THE SECURITIES AND COMMODITIES TRADING COMMISSIONS; AND
(C) THE OFFICE OF THE COMMISSIONER FOR SECURITIES AND
COMMODITIES TRADING,
AND TO RECOMMEND WHAT CHANGES ARE DESIRABLE
INTEGRITY OF THE MARKETS AND TO PROTECT INVESTORS.
:
TO ENSURE THE
甲申
THE COMMITTEE WOULD BE ASKED TO ACT IN ACCORDANCE WITH NUMBER OF DIRECTIONS, HE SAID.
"FIRST, IT
SHOULD INVITE SUBMISSIONS FROM ALL INTERESTED
PARTIES AND FROM THE PUBLIC;
"SECOND, ITS OBJECT IS TO EXAMINE CRITICALLY THE RELEVANT STRUCTURES AND SYSTEMS RATHER THAN TO ALLOCATE BLAME OR FIND FAULT: WITH NAMED INDIVIDUALS OR INSTITUTIONS FOR PAST EVENTS.
"THIRD, IT