THURSDAY, MARCH 31, 1988
SECURITIES (AMENDMENT) BILL 1988 GAZETTED
THE GOVERNMENT HAS PROPOSED TO AMEND THE SECURITIES ORDINANCE TO PERMIT GREATER DISCRETION FOR THE SECURITIES COMMISSION AND COMMISSIONER FOR SECURITIES IN THE DISCLOSURE OF INFORMATION IN SPECIFIED CIRCUMSTANCES.
EXPLAINING THE PURPOSE OF THE SECURITIES (AMENDMENT) BILL 1988, WHICH WAS PUBLISHED IN THE GAZETTE TODAY (THURSDAY}, A GOVERNMENT SPOKESMAN SAID SECTION 19 OF THE SECURITIES ORDINANCE CONTAINED A GENERAL SECRECY PROVISION PROHIBITING THE DISCLOSURE OF INFORMATION OBTAINED BY OFFICIALS UNDER THE ORDINANCE.
"I
RESTRICTIVE AND HAS IN
'HOWEVER, THE SECTION IS
THE PAST PROHIBITED, FOR EXAMPLE, THE TRANSFER OF INFORMATION FROM THE SECURITIES COMMISSION AND COMMISSIONER FOR SECURITIES ΤΟ LAW ENFORCEMENT AGENCIES IN HONG KONG, AS WELL AS TO SECURITIES REGULATORY AUTHORITIES OVERSEAS, HE SAID.
THE
SPOKESMAN
ADDED
M
THAT
WITH
THE
INCREASING
BE
OF
INTERNATIONALISATION OF THE SECURITIES MARKETS, IT WAS ALSO BECOMING ESSENTIAL FOR REGULATORY AUTHORITIES IN DIFFERENT JURISDICTIONS TO ABLE TO CO-OPERATE FULLY WITH EACH OTHER IN THE GENERAL INTEREST INVESTORS.
THE
OF
P
"IT IS THEREFORE PROPOSED TO CLARIFY THE POSITION OF COMMISSION AND THE COMMISSIONER WITH RESPECT ΤΟ DISCLOSURE INFORMATION OBTAINED IN THE COURSE OF THEIR STATUTORY DUTIES, HE
SAID.
THE SPOKESMAN SAID THAT SUBJECT TO THE GENERAL OBLIGATION OF SECRECY. THE COMMISSIONER FOR SECURITIES MIGHT BE PERMITTED TO DISCLOSE INFORMATION IN SPECIFIC CIRCUMSTANCES INCLUDING INFORMATION IN THE FORM OF A SUMMARY FOR THE PURPOSES OF ANY INVESTIGATION OF CRIMINAL PROCEEDINGS IN HONG KONG, AND CIVIL PROCEEDINGS UNDER THE SECURITIES ORDINANCE.
J
ΤΟ
HE ADDED THAT DISCLOSURE OF INFORMATION WOULD BE RESTRICTED THE FOLLOWING PERSONS/BODIES: THE INSIDER DEALING TRIBUNAL; THE FINANCIAL SECRETARY; THE SECRETARY FOR MONETARY AFFAIRS; THE REGISTRAR GENERAL OR OTHER AUTHORISED PUBLIC OFFICER; THE COMMODITIES TRADING COMMISSION; THE FUTURES EXCHANGE; OVERSEAS REGULATORY BODIES WHICH EXERCISE FUNCTIONS SIMILAR ΤΟ THOSE OF THE COMMISSION, COMMISSIONER AND THE COMMODITIES TRADING COMMISSION; AND SPECIFIED PROFESSIONAL AND SEMI-PROFESSIONAL BODIES.
OF NOTES AND INVESTIGATION TO
"PROVISION IS ALSO MADE TO ALLOW THE DISCLOSURE INFORMATION OBTAINED BY INSPECTORS IN THE COURSE OF SPECIFIED PUBLIC OFFICERS, THE SPOKESMAN SAID.
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/THE SPOKESMAN
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