7
FRIDAY, OCTOBER 14, 1988
PREPARATIONS UNDERWAY FOR SECURITIES AND FUTURES COMMISSION GOVERNOR
PREPARATIONS WERE BEING MADE
AND
STATUTORY SECURITIES
FUTURES
SIR GOVERNOR,
THE TO ENABLE
TO COMMISSION
DAVID
NEW
INDEPENDENT
BECOME
WILSON,
FULLY
SAID
OPERATIONAL EARLY NEXT YEAR, THE THIS (FRIDAY) EVENING.
OF THE HONG KONG SOCIETY OF
BEGUN TO RECOMMENDATIONS
SPEAKING AT THE ANNUAL DINNER ACCOUNTANTS, SIR DAVID SAID THE GOVERNMENT HAD ALREADY IN PLACE THE ARRANGEMENTS NEEDED TO IMPLEMENT THE THE SECURITIES REVIEW COMMITTEE AND THAT HE WAS GOVERNMENT SHOULD COMPLETE THE WHOLE TASK AS SOON AS POSSIBLE.
PUT OF
DETERMINED THAT THE
CRASH ENABLED THE DEFICIENCIES IN HONG KONG'S
SIR DAVID SAID LAST OCTOBER'S STOCK MARKET
OF THE IDENTIFY SOME GOVERNMENT TO REGULATORY SYSTEM.
HAVING AGREED THAT
THE
EXISTING REGULATORY
NEW COMMISSION STRUCTURE, THE
THE REPLACE SHOULD IMMEDIATE TASK WAS TO PREPARE LEGISLATION THAT SET OUT THE NEW COMMISSION'S CONSTITUTION, FUNCTIONS, DUTIES AND POWERS.
AND BALANCES "THAT ALSO PROVIDES ADEQUATE CHECKS
SIR DAVID SAID. LIKE, A WATCH ON THE WATCHDOG,
IF YOU
"
AND PROFESSIONAL
AND THE
BODIES
GOVERNMENT IS NOW
IN INVOLVED
THE
"A DRAFT BILL HAS BEEN PREPARED, CONS CONSULTING ORGANISATIONS MARKET, HE ADDED.
THE LEGISLATIVE CAN BECOME
"I HOPE THAT THE BILL WILL BE INTRODUCED INTO COUNCIL BEFORE THE END OF 1988 SO THAT THE NEW COMMISSION FULLY OPERATIONAL EARLY NEXT YEAR,'
"
HAVE
HE SAID.
BEEN
MADE,
BY
SETTING
UP
A
OUT
**ALREADY ARRANGEMENTS PROVISIONAL COMPANY, TO START APPOINTING SENIOR STAFF AND TO WORK A DETAILED BUDGET AND ORGANISATIONAL STRUCTURE,"
HE ADDED.
THE SECURITIES AND MANAGEMENT OF THE
THE GOVERNOR SAID OTHER KEY RECOMMENDATIONS OF REVIEW COMMITTEE INVOLVED THE RECONSTITUTION STOCK EXCHANGE AND THE FUTURES EXCHANGE.
THE STOCK EXCHANGE TOOK PASSAGE IN JULY INTO EFFECT, SIR
HAVING ACCEPTED THE RECOMMENDATIONS, THE INITIATIVE TO IMPLEMENT THEM WITH THE UNANIMOUS 'OF A RESOLUTION TO BRING A NEW CONSTITUTION
NOTED.
DAVID
"THIS MOVE BY THE STOCK EXCHANGE WAS WIDELY, AND RIGHTLY, AS A MOST ENCOURAGING SIGN OF DETERMINATION BY THOSE IN THE MARKET
THE GOVERNOR SAID. HONG KONG TO PUT THEIR HOUSE IN ORDER,
H
SEEN
IN
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