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WEDNESDAY, APRIL 12, 1989
SFC DRAFT ESTIMATES TO GO THROUGH FINANCE COMMITTEE
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MEMBERS OF THE LEGISLATIVE COUNCIL SHOULD HAVE THE OPPORTUNITY OF LOOKING AT THE ESTIMATES OF THE SECURITIES AND FUTURES COMMISSION BEFORE IT IS FINALISED FOR SUBMISSION TO THE GOVERNOR, THE HON LAU WAH-SUM SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
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HIS COMMENTS CAME WHEN HE WAS MOVING AMENDMENTS TO CLAUSES
13 56 AND 58 OF THE SECURITIES AND FUTURES COMMISSION BILL 1989 AT THE COMMITTEE STAGE OF THE BILL.
ACCORDING TO MR LAU, THE LEGCO AD HOC GROUP STUDYING THE BILL HAD RECOMMENDED THAT A BUDGET REVIEW COMMITTEE COMPRISING LEGCO MEMBERS SHOULD BE CONSULTED ON THE ESTIMATES AND THE ADMINISTRATION IN RESPONSE AGREED TO AN ADMINISTRATIVE ARRANGEMENT UNDER WHICH DRAFT ESTIMATES OF THIE COMMISSION WOULD BE SUBMITTED то THE FINANCE COMMITTEE BEFORE IT WAS SUBMITTED TO THE GOVERNOR FOR APPROVAL.
THE ADMINISTRATION ALSO AGREED TO MAKE A NEW PROVISION FOR THE TABLING OF THE ESTIMATES OF THE COMMISSION IN LEGCO AFTER IT WAS APPROVED BY THE GOVERNOR AND THE PROPOSED SECTION 13(3) GAVE EFFECT TO SUCH AN AMENDMENT.
ON CLAUSE 26 OF THE BILL, WHICH RELATES TO THE MAKING OF FINANCIAL RESOURCES RULES BY THE COMMISSION, MR LAU SAID THE AD HOC GROUP CONSIDERED THAT IN VIEW OF THE IMPORTANCE OF THE FINANCIAL RESOURCES RULES TO THE BUSINESS OF THE REGISTERED PERSON, SUCH RULES SHOULD BE MADE IN THE FORM OF SUBSIDIARY LEGISLATION.
THE NEW SECTION 26 (5) MADE IT ABSOLUTELY CLEAR THAT FINANCIAL RESOURCES RULES ARE ONLY TO HAVE EFFECT WHEN THEY HAVE BEEN GAZETTED AND LAID ON THE TABLE OF LEGCO AND THE ADMINISTRATION HAD ALSO AGREED THAT THE INDUSTRY WOULD BE CONSULTED WHEN THE RULES WERE BEING FORMULATED, HE NOTED.
SECURITIES AND FUTURES COMMISSION BILL PASSED
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THE SECURITIES AND FUTURES COMMISSION BILL REPRESENTED A SIGNIFICANT STEP FORWARD IN THE FURTHER DEVELOPMENT OF A STABLE, FAIR AND ORDERLY MARKET IN HONG KONG, AND WE HAD REACHED THIS POINT WITHIN 18 MONTHS OF OCTOBER 1987, THE FINANCIAL SECRETARY, MR PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
A NUMBER OF AMENDMENTS, AGREED BETWEEN THE ADMINISTRATION AND THE LEGISLATIVE COUNCIL AD HOC GROUP DURING THE PAST 12 WEEKS AFTER THE BILL WAS FIRST INTRODUCED ON JANUARY 18. WERE MOVED AT THE COMMITTEE STAGE TODAY.
/WITH THE