FRIDAY, DECEMBER 2, 1988
DRAFT SECURITIES AND FUTURES COMMISSION BILL TO BE MODIFIED: SMS
THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID
SAID NENDICK,
NUMBER IN A TODAY (FRIDAY) THERE WOULD BE SIGNIFICANT MODIFICATIONS OF RESPECTS TO THE
PROPOSALS CONTAINED IN THE DISCUSSION DOCUMENT ON THE DRAFT SECURITIES AND FUTURES COMMISSION BILL.
INITIAL
THE SPEAKING AT THE ANNUAL DINNER OF
INSTITUTE OF CHARTERED AND ADMINISTRATORS SECRETARIES
IN
MR HONG KONG,
ALSO NENDICK
PROCESS THE CONSULTATION
HAD REASSURED ALL INTERESTED PARTIES THAT
HAD BEEN LISTENED TO BEEN A GENUINE ONE AND THAT THE COMMENTS MADE CAREFULLY.
REFERRING TO THE CONCERN OVER SOME OF THE
SAID THAT
PROPOSED POWERS OF THE NEW COMMISSION, MR NENDICK
WHEN THE GOVERNMENT SET MARKETS, IT ABOUT REFORMING ITS REGULATORY SYSTEM FOR THE SECURITIES
BALANCE WAS FULLY CONSCIOUS OF THE IMPORTANCE OF STRIKING THE RIGHT
OF ADEQUATE BETWEEN THE AVAILABILITY
POWERS
FRAUD TO COMBAT MARKET ABUSES AND THE NEED TO PRESERVE CIVIL LIBERTIES.
HE ADDED THAT THE GOVERNMENT WAS ALSO FULLY AWARE OF TO STRIKE THE RIGHT BALANCE BETWEEN ENCOURAGING THE GROWTH OF AND ENSURING THAT THEY DID NOT GET OUT OF CONTROL.
AND
THE NEED MARKETS
NENDICK LOOKING
MADE THIS VERY POINTING OUT THAT THE FINANCIAL SECRETARY HAD
THE CLEAR IN HIS RECENT SPEECH TO
LEGISLATIVE
MR COUNCIL,
WAS THE GOVERNMENT SAID MR JACOBS HAD ALSO EMPHASISED THAT FOR CONSENSUS RATHER THAN CONFRONTATION IN FORMULATING FOR REFORM.
THE PROPOSALS
AS
"THIS WE SEE AS ESSENTIAL IF WE ARE TO HAVE THE CO-OPERATION WE NEED OF PEOPLE IN THE MARKET PLACE IN ENSURING THAT THE SPIRIT, WELL AS THE LETTER, OF THE NEW REQUIREMENTS IS ADHERED TO," HE SAID.
MR NENDICK SAID
EARLY ESTABLISHMENT OF THE COMMISSION WAS IF THE GOVERNMENT WERE ESSENTIAL
TO MAINTAIN
OF THE MOMENTUM
REFORM PROPOSALS PUT IMPLEMENTING THE
FORWARD BY THE SECURITIES
REVIEW COMMITTEE.
то
"WE HAVE THEREFORE ACCORDED TOP PRIORITY
THE DRAFTING OF LEGISLATION TO BRING THIS NEW AUTHORITY INTO EARLY EXISTENCE.
"IF EVERYTHING GOES WELL, AS I HOPE IT WILL, THE BILL INTRODUCED INTO THE LEGISLATIVE COUNCIL EARLY IN JANUARY 1989 CAN EXPECT THE NEW COMMISSION TO BE FULLY OPERATIONAL BEFORE OF THE FIRST QUARTER OF NEXT YEAR, HE SAID.
WILL
BE
AND
WE
THE END
/ON THE