31
WEDNESDAY, JULY 25, 1990
A
POINTED OUT THAT MR CHEONG, CONVENER OF THE AD HOC GROUP,
DEALING PREDOMINANT CONCERN WAS ON THE WIDTH OF THE SCOPE OF INSIDER
'CONNECTED WITH A CORPORATION" THAT AROSE FROM PROVISIONS, SUCH AS (CLAUSE 3) AND DEFINITION OF "RELEVANT INFORMATION" (CLAUSE 7).
DEVELOPMENT
OF INSIDER SCOPE WIDTH OF THE
ACTIVITIES, AND WAS NOT
OF
KONG HONG
AS AN
HE SAID UNCERTAINTY OVER THE DEALING MIGHT BECOME A DETERRENT TO MARKET
TO THE CONTINUED CONDUCIVE
INTERNATIONAL FINANCIAL CENTRE.
ADMINISTRATION, THE FOLLOWING DISCUSSIONS WITH
RESTRICT ΤΟ
BILL
WERE AGREED
A NUMBER OF THE SCOPE OF THE
CHANGES TO THE PROVISIONS, TOGETHER WITH A NUMBER OF CLARIFICATIONS, HE SAID.
ON THE DEFINITION OF WHAT CONSTITUTED
GROUP
LIKELY
THE
"RELEVANT INFORMATION",
OF TWO COMPONENTS
AVAILABLE" GENERALLY
"A ABOUT
MATERIAL CORPORATION, WERB
FOUND THE MR CHEONG SAID THE AD HOC
WAS "NOT DEFINITION, NAMELY INFORMATION WHICH
BRING ΤΟ AND INFORMATION WHICH WOULD BE CHANGE IN THE PRICE" OF ANY LISTED SECURITIES OF A WIDE AND LACKED CLARITY.
"RELEVANT
INFORMATION"
MIRIAM LAU AND WOULD AFFORD
HE SAID A NEW DEFINITION WOULD BE MOVED BY THE HON
THE
OF SCOPE TO NARROW GREATER CERTAINTY TO THE MARKET.
OF A PERSON MR CHEONG NOTED THAT THE WIDTH OF THE DEFINITION
IN UNEASE "CONNECTED WITH A CORPORATION" UNDER CLAUSE 3 HAD RESULTED
WITHOUT KNOWING THAT ABOUT THE POSSIBILITY OF A PERSON BEING CAUGHT THEY WERE CONNECTED.
TO
APPLIED
IMPORTANT
IMPORTANT TESTS,
PROCEDURAL
THE AD HOC GROUP WAS ASSURED THAT THERE WERE
AND BE AS MOTIVE SAFEGUARDS AGAINST IMPLICATING THE INNOCENT, HE SAID.
SUCH
TEST,
TO THE BILL EXCEPTIONS IN THE
HE SAID THE HON PETER WONG WOULD MOVE AMENDMENTS TO PROVIDE FOR A NUMBER OF ADDITIONAL DEFENCES OR LEGISLATION.
THE
THE LACK OF A CLEAR NEGLIGENT PERSON IN A NEW CONCEPT TO CATER IMPLICATED,
ABOUT CONERN ΤΟ RELATION IN DISTINCTION BETWEEN A TRUE INSIDER DEALER AND A GENERAL, THE ADMINISTRATION HAD PROPOSED TO INTRODUCE
THE BILL, AND TO MAKE PROVISIONS OF AN "INSIDER DEALER" IN
DIRECTOR BEING NEGLIGENT FOR THE CONCERN ABOUT THE ADDED.
HR
THE HYPOTHETICAL FROM A LACK OF INVESTIGATION MADE ΤΟ
MR CHEONG SAID THE AD HOC GROUP FELT MANY OF CASES PRESENTED BY MARKET ORGANISATIONS HAD STEMMED UNDERSTANDING OF THE PROCEDURES TO BE FOLLOWED FOR THE INTO POSSIBLE CASES OF INSIDER DEALING BEFORE A DECISION WAS SET UP A TRIBUNAL.
/IT WAS