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WEDNESDAY, APRIL 12, 1989
F
31
"I AM SURE THAT THE NEW COMMISSION WILL BEAR IN MIND ITS ROLE AND DISPEL THE VARIOUS CONCERNS EXPRESSED THAT IT MIGHT EMBARK ON AMBITIOUS BUDGETS, UNNECESSARY DUPLICATION OF WORK OF THE EXCHANGE. FISHING EXPEDITIONS AND WITCHHUNTING OR CREATE BUREAUCRATIC REGULATIONS WHICH MAY STIFLE OUR MARKETS," HE SAID.
MR POON ALSO NOTED THAT THE BILL WAS THE FIRST-EVER LEGISLATION TO BE PASSED.
BILINGUAL
"I BELIEVE THAT THE EFFORTS MADE TO ENACT THIS BILL IN LANGUAGES HAVE ACHIEVED REASONABLY SATISFACTORY RESULT,' HE SAID.
"
BOTH
SFC SHOULD BE FINANCIALLY ACCOUNTABLE TO THE PUBLIC
*
* *
BE SUBJECTED ITSELF, THE
THE NEW SECURITIES AND FUTURES COMMISSION SHOULD TO THE SAME FINANCIAL ACCOUNTABILITY AS THE GOVERNMENT HON DAVID LI SUGGESTED IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
SECURITIES AND FUTURES SPEAKING AT THE RESUMED DEBATE ON THE
BE AMENDED TO SHOULD LI SAID
BILL THE COMMISSION BILL 1989, MR
SHOULD PROVIDE THAT THE FINANCIAL ESTIMATES OF INCOME AND EXPENDITURE
FOR PUBLIC SCRUTINY ΤΟ THE FINANCE COMMITTEE FIRST BE SUBMITTED BEFORE BEING PRESENTED TO THE GOVERNOR FOR FINAL APPROVAL.
SHOULD BE TABLED THE LETTER
FURTHERMORE, THE COMMISSION'S ANNUAL REPORT AND DEBATED IN LEGCO SO THAT MEMBERS COULD SEE TO IT THAT AND SPIRIT OF THE LAW WERE BEING CARRIED OUT.
NOTING THAT THE BILL WAS NOT PERFECT AND SURFACE ONCE IT CAME INTO FORCE, MR LI UNDERLINED COMMISSION TO HAVE FLEXIBILITY.
"WITHOUT SUCH FLEXIBILITY FINANCIAL CENTRE MAY BE IN DOUBT,
PROBLEM AREAS WOULD THE NEED FOR THE
FF
HONG EVEN HE WARNED.
KONG'S
FUTURE
AS
THERE WERE ENSURE TO
THAT
WOULD BUT A GREAT DEAL OF THE
AND ITS COMMISSION
THE AD HOC STUDY GROUP HAD TRIED ADEQUATE CHECKS AND BALANCES IN THIS BILL, DEPEND ON THE QUALITY AND THE JUDGEMENT STAFF, HE CONTINUED.
SAY, ACT THE MARTINET, "TO THE COMMISSION I WOULD MARKETS ARE DOOMED, PLAY THE FOOL, AND OCTOBER, 1987, MAY WELL ITSELF.
"THERE HAS TO BE A MIDDLE GROUND BETWEEN MICKEY MOUSE
AND YOU HAVE TO FIND IT.
PRUSSIAN GUARD
JL —
AND OUR REPEAT
AND THE
/" ABOVE ALL