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THURSDAY, JUNE 29, 1989.
1989.
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"I DO NOT SHARE THIS SCEPTICISM, HE SAID.
"NATURALLY THE GATT, LIKE OTHER INTERNATIONAL AGREEMENTS AND INSTITUTIONS, FACES MANY CHALLENGES IN A CHANGING WORLD.
"HAVING CELEBRATED ITS 40TH BIRTHDAY AND HAVING LIVED THROUGH PROSPEROUS TIMES, SOME CRISIS MAY NOT BE A BAD THING TO STIMULATE THE GATT AND PREVENT IT FROM BECOMING THEORETICAL AND UNIMAGINATIVE, HE SAID.
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MR CHAN ADDED THAT IN FACT THE GATT ENVISAGED CONSTANT MEMBER GOVERNMENTS TO NEGOTIATE NEW AND BETTER MARKETING OPPORTUNITIES FOR BUSINESS ENTERPRISES.
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"IN THE PAST THIS HAS ACHIEVED THROUGH SEVEN ROUNDS OF MULTILATERAL TRADE NEGOTIATIONS, AND IS CURRENTLY BEING PURSUED THE EIGHTH ROUND, THE URUGUAY ROUND," HE SAID.
TOUGH SANCTIONS AGAINST INSIDER DEALERS UNVEILED
TOUGH SANCTIONS AIMED AT ERADICATING INSIDER DEALING FROM THE MARKET PLACE ARE CONTAINED IN THE SECURITIES (INSIDER DEALING) TO BE GAZETTED TOMORROW (FRIDAY).
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SPEAKING AT A PRESS CONFERENCE TODAY (THURSDAY} ON LEGISLATIVE PROPOSALS, THE DEPUTY SECRETARY FOR MONETARY AFFAIRS, MR STEPHEN IP, SAID THE MAIN PURPOSE OF THE BILL WAS TO PROVIDE A MORE COMPREHENSIVE DEFINITION OF INSIDER DEALING AND TO AUTHORISE THE INSIDER DEALING TRIBUNAL TO IMPOSE SANCTIONS ON PERSONS IDENTIFIED HAVING BEEN INVOLVED IN INSIDER DEALING.
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AMONG THE SANCTIONS IN THE BILL ARE THE DISQUALIFICATION OF A PERSON FOUND TO BE INVOLVED IN INSIDER DEALING FROM THE DIRECTORSHIP OR THE MANAGEMENT OF ANY COMPANY FOR A PERIOD OF UP TO FIVE YEARS; THE DISGORGEMENT OF ANY PROFITS MADE OR LOSSES AVOIDED BY THAT PERSON: AND THE IMPOSITION OF A FINE OF UP ΤΟ THREE TIMES THE AMOUNT OF PROFITS MADE OR LOSSES AVOIDED.
MR IP SAID SUBSTANTIALLY INCREASED DEALERS WERE REQUIRED ΤΟ BRING HONG STANDARDS.
SANCTIONS AGAINST INSIDER KONG UP TO INTERNATIONAL
"WE BELIEVE THAT IMPOSING TOUGHER SANCTIONS, COUPLED WITH THE FLEXIBILITY OF THE TRIBUNAL SYSTEM, IS THE RIGHT APPROACH IN TACKLING THE PROBLEM OF INSIDER DEALING, HE SAID.
HE NOTED THAT THE PRESENT INSIDER DEALING TRIBUNAL SYSTEM WAS ESTABLISHED UNDER PART XIIA OF THE SECURITIES ORDINANCE то DETERMINE WHETHER CULPABLE INSIDER DEALING HAD TAKEN PLACE, THE IDENTITY OF PERSONS INVOLVED AND THE EXTENT OF THEIR CULPABILITY.
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/"UPON COMPLETION