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TUESDAY, FEBRUARY 6, 1990
ΤΟ COMMITTED
THE DEVELOPMENT OF
IN ACCORDANCE WITH FINANCIAL MARKETS SECURITIES REVIEW COMMITTEE.
ADDRESSING CONCERN EXPRESSED BY SOME THAT HONG KONG WAS TOWARDS AN OVER-REGULATED ENVIRONMENT, SIR PIERS REITERATED GOVERNMENT AND THE SECURITIES AND
MOVING THAT THE FULLY ARE COMMISSION
OF HONG KONG'S OF THE RECOMMENDATIONS
FUTURES SELF-REGULATION
THE
DESIGNED TO MARKET DEVELOPMENT.
FINE "WE HAVE SOUGHT TO BUILD IN A
MAINTAIN MARKET
BALANCE BETWEEN CONTROLS INTEGRITY AND FREEDOMS TO ENCOURAGE
"WE NEED TO GUARD MUST NOT BE SEDUCED INTO UNDER-REGULATION, DAY POSES FAR GREATER DANGERS, SIR PIERS SAID.
AGAINST
BUT OVER-REGULATION,
THE WHICH AT
EQUALLY, END OF
WE THE
HE STRESSED THAT THERE WAS NO INTENTION WHATSOEVER OF OUR MARKETS TO BE STIFLED BY "OVER-REGULATION".
ALLOWING
SECURITIES
BOTH LOCALLY RIGHT FOR HONG
HE NOTED THAT AT THE TIME OF THE PUBLICATION OF THE
AGREEMENT, GENERAL REVIEW COMMITTEE REPORT, THERE WAS
WERE RECOMMENDATIONS AND INTERNATIONALLY, THAT THE KONG.
REFLECTS THE INTENT OF UNIQUE FORMULATION OF THE
"THE REGULATORY SYSTEM WE HAVE TODAY THESE RECOMMENDATIONS, HE SAID, POINTING OUT THAT HONG KONG'S
ACCOUNT
THE IN CONDITIONS HAD BEEN TAKEN INTO REGULATORY FRAMEWORK FOR OUR MARKETS.
AND
NO IS IN THE
"PROVIDED WE WORK TOGETHER IN THE SPIRIT OF CO-OPERATION,
PROPER AND ADEQUATE PROVIDED THERE IS
THERE CONSULTATION, KONG MARKETS TILTING TOO FAR DANGER WHATSOEVER OF HONG DIRECTION OF EXCESS CONTROL AND OVER-REGULATION," HE SAID.
AS FOR SELF-REGULATION, SIR PIERS SAID EXCHANGES MUST ON THEIR INITIATIVES ENFORCE REQUIREMENTS, AND THEY MUST DO SO VIGOROUSLY,
TO MAKE IT WORK THE MARKET RULES AND LEGAL
BEEN
"WHERE NECESSARY, THEY SHOULD TAKE EFFECTIVE DISCIPLINARY ACTION AGAINST MEMBERS WHO HAVE VIOLATED RULES, WHICH OFTEN HAVE MADE WITH THE CONSENT OF THOSE MEMBERS, SIR PIERS SAID.
**
REGULATION
DOES NOT "I ACCEPT THAT THE ENFORCEMENT RULES AND
BUT IT SEEMS MAKE THOSE CHARGED WITH THAT DUTY PARTICULARLY POPULAR,
MODEST PRICE TO PAY TO ME THAT THAT IS A
IF WE ARE TO DEVELOP CONFIDENCE IN OUR MARKETS, HE SAID.
T
WE CAN WILL PROVE ** HE ADDED.
"WITH THE CONCERTED EFFORT OF ALL CONCERNED, I BELIEVE
ORDERLY MARKET PLACE THAT ATTRACTIVE TO BOTH LOCAL AND INTERNATIONAL INVESTORS ALIKE,
BUILD A FAIR, EFFICIENT AND
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