WEDNESDAY, APRIL 12, 1989
30
THE CONSOLIDATION OF PROVISIONS DEALING UNDER THE RELEVANT ORDINANCES;
WITH
INVESTIGATIONS
ENCOURAGE
BLANKET CLAIMS
* TO REVIEW SECTION 31(5) AS IT MAY
IN RESPECT OF SELF-INCRIMINATING STATEMENTS;
* PROVISION REGARDING DELIVERY
SECTION 31;
OF
INVESTIGATION
NOTES UNDER
PROVISION
IN
SECRECY
AND * UNDER SECTION 54 THE FORM OF THE
RESPECT REVIEW UNDER SECTION 54(2)(B) THE DISCLOSURE "ANY INVESTIGATION" IN THE LIGHT OF OPERATIONAL EXPERIENCE.
TO
OF
BILL INTO MR ARCULLI CONCLUDED BY SAYING: "IN PASSING THE SFC
PART REMAINS: LAW WE WOULD HAVE DONE OUR PART BUT THE MORE IMPORTANT
KONG SECURITIES THE CO-OPERATION OF ALL CONCERNED IN TAKING THE HONG AND FUTURES MARKETS INTO THE NEXT IMPORTANT PHASE OF ITS DEVELOPMENT.
AND, HE MADE ONE OBSERVATION FOR THE SFC: "IT ALWAYS THE REGULATOR TO SET THE SCENE".
FALLS
П
ON
SECURITIES BILL HELPS BOTH MARKET AND INVESTORS
COULD ACHIEVE EFFICIENT AND
THE SECURITIES AND FUTURES COMMISSION BILL 1989 THE PURPOSE OF BALANCING THE NECESSITY OF HAVING FAIR, ORDERLY SECURITIES MARKETS ON THE ONE HAND AND PROPER PROTECTION OF INVESTORS ON THE OTHER, THE HON PETER POON SAID TODAY WEDNESDAY).
MR POON WAS SPEAKING IN THE LEGISLATIVE COUNCIL IN SUPPORT OF THE BILL.
HE NOTED THAT THE NEW SECURITIES AND FUTURES COMMISSION WOULD BE AN AUTONOMOUS WATCHDOG ON THE LOCAL SECURITIES MARKETS.
"THOUGH WE SHOULD FOLLOW INTERNATIONAL STANDARD OF SUPERVISION OF OUR MARKETS TO REGAIN CREDIBILITY, WE SHOULD NOT FOLLOW SLAVISHLY ALL THE COMPLICATED AND DRACONIAN SECURITIES LAWS IN THE UNITED KINGDOM AND THE USA, HE SAID.
17
HE ADDED THAT WHAT HONG KONG LOOKED FOR WAS A HONG KONG SOLUTION, WITH PROFESSIONAL-BASED MEMBERS WHTHIN THE NEW COMMISSION WHICH SHOULD HAVE SUFFICIENT POWER AND RESOURCES TO REGULATE THE SECURITIES MARKETS EFFECTIVELY.
HE WAS CONFIDENT THAT WITH SOME AMENDMENTS, THERE WOULD BE SUFFICIENT CHECKS AND BALANCES AND SAFEGUARDS TO ALLAY FEARS OF UNDUE INTERFERENCE OF THE LOCAL SECURITIES MARKETS.
"I AM ...