22
WEDNESDAY, JUNE 27, 1990
TO
TO
IN ADDITION, MR NENDICK SAID CLAUSES 5 AND 12 WERE AMENDED REDUCE THE MAXIMUM AGE OF A CHILD FROM 21 YEARS ΤΟ 18 YEARS BRING THE PROVISIONS OF THE ORDINANCE INTO LINE WITH THE RECENTLY ENACTED LAW REFORM (LEGAL EFFECTS OF AGE) ORDINANCE 1990.
**CLAUSE 2 IS AMENDED TO DELETE THE DEFINITION OF 'CHILD' IN SECTION 2 WHICH PROVIDES THAT 'CHILD INCLUDES A STEP-CHILD'.
TO
"WE AGREE WITH THE AD HOC GROUP THAT IT WOULD BE UNREASONABLE HOLD A PERSON RESPONSIBLE FOR INTERESTS HELD BY THE CHILD OF HIS SPOUSE'S FORMER MARRIAGES WHO MAY NOT HAVE CLOSE CONTACTS WITH HIM, MR NENDICK SAID.
THE BILL WAS PASSED.
BILL ENSURES PROMPT RELEASE OF INFORMATION
OF INTERESTS)
OF RELEASE REDUCE
THE
(DISCLOSURE SECURITIES THE PROVISIONS OF
THE PROMPT ENSURE WILL 1990 (AMENDMENT) BILL
TO THE PUBLIC AND WILL PRICE-SENSITIVE INFORMATION OPPORTUNITY FOR INSIDER INFORMATION TO BE TAKEN ADVANTAGE OF, THE STEPHEN CHEONG SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE
HON
OF SPEAKING IN SUPPORT OF THE BILL IN HIS CAPACITY AS CONVENER
BILL, MR CHEONG POINTED THE LEGCO AD HOC GROUP FORMED TO STUDY THE
CONCERNED WITH THE PROPOSED OUT THAT HIS GROUP WAS IMMUNITY AFFORDED FOR THE HONG KONG STOCK EXCHANGE AND ITS EMPLOYEES.
MR
CHEONG
PARTICULARLY
THE
THAT
UNDER
SUCH WAS WORRIED GROUP SAID
OF INCORRECT BECAUSE SUFFERING DAMAGE PERSON CIRCUMSTANCES, A INFORMATION PUBLISHED BY THE EXCHANGE OR ITS EMPLOYEES WOULD REDRESS AT ALL.
HAVE NO
BEING
THEY WERE ASSURED, HOWEVER, THAT EQUIVALENT IMMUNITY WAS ENJOYED BY THE SECURITIES AND FUTURES COMMISSION, THE COMMISSIONER BANKING AND THE INSURANCE AUTHORITY.
OF
WHICH WAS TO
ENSURE
WOULD
THE
BE
BESIDES, THE PURPOSE OF THE SYSTEM, PROMPT RELEASE OF PRICE-SENSITIVE INFORMATION TO THE MARKET, DEFEATED IF THE EXCHANGE WERE NOT TO BE PROTECTED IN THE WAY PROPOSED,
IN PLACE THE
EXHAUSTIVE MOST SINCE THE EXCHANGE WOULD HAVE TO PUT CHECKS TO MINIMISE THE RISK OF BEING SUED FOR DAMAGES, MR CHEONG SAID.
COSTLY
BE WOULD
TIME-CONSUMING AND "SUCH ARRANGEMENTS WOULD INEVITABLY DELAY THE PUBLICATION OF INFORMATION RECEIVED."
AND
:
ACCORDING TO MR CHEONG, ANOTHER ISSUE THE TIMING OF NOTIFICATION.
OF
CONCERN RELATED
TO
/NOTING THAT