THURSDAY, FEBRUARY 16, 1989
ASSURANCE ON DEVELOPING HK AS INTERNATIONAL FINANCIAL CENTRE
THE GOVERNMENT IS
KONG'S POSITION AS
INTERNATIONAL
AN
INVESTORS INTEGRITY OF THE MARKETS.
AND DEVELOP HONG CENTRE WHERE AND EFFICIENCY
DETERMINED то MAINTAIN
INTERNATIONAL FINANCIAL HAVE CONFIDENCE IN THE
THE ASSURANCE WAS GIVEN BY THE SECRETARY FOR MONETARY MR DAVID NENDICK, THIS (THURSDAY) EVENING WHEN ADDRESSING THE RIM EXECUTIVE BANKERS SEMINAR.
AFFAIRS, PACIFIC
MARKET
MARKET
FINANCIAL
HE SAID THAT WITHIN 18 MONTHS OF THE OCTOBER 1987 STOCK CRISIS, VIRTUALLY ALL THE MAJOR REFORMS TO THE REGULATORY AND
WERE WHICH
ENSURE REQUIRED TO
HONG KONG'S STRUCTURES MARKETS MATCH UP TO MODERN EXPECTATIONS WOULD BE IN PLACE.
WHICH SAFEGUARDS WHICH
HE SAID.
THE OVER-REGULATION "WHILST WE ARE DETERMINED TO AVOID SEEMS TO HAVE OCCURRED ELSEWHERE, THERE ARE FURTHER WE ARE IN THE PROCESS OF PUTTING IN PLACE TOO,
REQUIRING LISTED
HE POINTED OUT THAT LEGISLATION WAS PASSED LAST JULY MAJOR SHAREHOLDERS, DIRECTORS AND CHIEF EXECUTIVES OF PUBLICLY COMPANIES TO DISCLOSE THE EXTENT OF THEIR BENEFICIAL HOLDINGS.
THIS
ALSO
ENABLE
LISTED
WOULD
COMPANIES BENEFICIAL OWNERSHIP OF ANY SHARE HOLDING, HE ADDED.
"WE ARE ALSO PLANNING
SANCTIONS
TO
DISCOVER
THE
THE
то LEGISLATION
SUBSTANTIALLY
AGAINST INSIDER DEALERS EXISTING TRIBUNAL SYSTEM, HE SAID.
ΤΟ INTRODUCE
INCREASE UNDER OUR
+
FIRMLY OF THE VIEW THAT MR NENDICK SAID THE GOVERNMENT WAS INSIDER DEALING UNDERMINED THE FAIRNESS OF THE MARKET.
TO SEE IDENTIFIED
"THE GOVERNMENT IS THEREFORE DETERMINED TO DO ITS BEST THAT IT DOES NOT OCCUR OR THAT IF IT DOES THE CULPRITS ARE AND BROUGHT TO BOOK,' HE STRESSED.
"
YEAR "WE AIM TO BRING BOTH MEASURES INTO FORCE THIS
AND HAS NEW SECURITIES AND FUTURES COMMISSION IS IN BEING RESOURCES TO ENSURE PROPER ENFORCEMENT," MR NENDICK SAID.
RECOUNTING THE MEASURES
WHEN THE AVAILABLE
TAKEN BY THE GOVERNMENT ΤΟ REMEDY
MARKET CRASH, MR NENDICK SHORTCOMINGS REVEALED BY THE STOCK
NOTED THRUST OF THE THAT THE GOVERNMENT HAD PROMPTLY ACCEPTED THE GENERAL SECURITIES REVIEW COMMITTEE'S RECOMMENDATIONS PUBLISHED IN JUNE 1988.
OF THE NEW WHILE THE GOVERNMENT HAD AGREED TO THE SETTING UP
EXCHANGE HAD PROMPTLY SECURITIES AND FUTURES COMMISSION, THE STOCK
ΤΟ RECOMMENDATIONS RELATING ACCEPTED
FUNDAMENTAL REVISIONS TO ITS CONSTITUTION AND INTERNAL MANAGEMENT.
THE
COMMITTEE'S
THANKS TO