33
WEDNESDAY, JULY 25, 1990
"THE THIRD RELATES TO PERMITTING SHORT-SELLING.
"THE
HAS ADMINISTRATION
TO RELATING
FURTHER AGREED COMMENCEMENT OF THE ORDINANCE UNTIL LEGISLATION
THE
DEFER TO BUYBACK
AND STOCK BORROWING ARE INTRODUCED POSSIBLY BY THE END OF 1990.
MARGINALLY "THE GROUP'S VIEW IS THAT THESE TWO MEASURES MAY BE BUT NOT SIGNIFICANTLY EFFECTIVE IN ADDRESSING THE ISSUE OF LIQUIDITY.
"THE GROUP
ACCEPTS
BE WILL
MORE THAT SHORT-SELLING
OF AN COMPLEXITY OF DRAFTING THE EFFECTIVE TOOL. NEVERTHELESS, GIVEN THE
ACCEPTS THAT THE INSIDER DEALING NECESSARY LEGISLATION, THE GROUP ORDINANCE SHOULD NOT BE HELD UP FOR A FURTHER YEAR.
OF THE CAVEAT MEASURES MENTIONED MARKET LIQUIDITY
'ACCORDINGLY, WE BELIEVE THAT THE INTRODUCTION EMPTOR PROVISION PLUS THE INTRODUCTION OF THE TWO ABOVE SHOULD GO SOME WAY TO ADDRESS THE PROBLEMS OF
MR CHEONG SAID. AS UNIQUELY EXPERIENCED IN HONG KONG,'
MR CHEONG SAID THIS STAGE ADMINISTRATION TO
ON THE ISSUE OF CRIMINALISING INSIDER DEALING, THE AD HOC GROUP FOUND THE ISSUE SHOULD NOT BE PURSUED AT
ASKED BUT HAD
THE BECAUSE OF ITS SENSITIVITY ADDRESS THE CONCERN ABOUT THE POSSIBLE EROSION OF CIVIL LIBERTY IN THE CONTEXT OF THE BILL OF RIGHTS.
SFC SHOULD HAVE MEANS TO BRING INSIDER DEALERS TO BOOK
WONG, SAID
IN
THE SECURITIES AND FUTURES COMMISSION SHOULD BE GIVEN EFFECTIVE MEANS TO BRING INSIDER DEALERS TO BOOK, THE HON PETER THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
BALANCED
NEVERTHELESS, MR WONG HELD THAT THESE MEANS SHOULD BE AGAINST THE POSSIBLE INTRUSIONS UPON THE RIGHTS OF THE INDIVIDUALS.
HE SAID THE SECURITIES (INSIDER DEALING) BILL 1989 ATTEMPTED TO BALANCE THESE POWERS AND INTRUSIONS.
SAID HE SPEAKING IN THE RESUMED DEBATE ON THE BILL, MR WONG
RESERVATION ON THE THE SUPPORTED
BILL AS A WHOLE BUT HAD DEFINITION OF "RELEVANT INFORMATION".
4
STRONG
HE WAS DISAPPOINTED THAT THE ADMINISTRATION HAD GIVEN IN TO THE BASED UPON THE NEW DEFINITION OF "RELEVANT INFORMATION" WHICH WAS EXISTING UK DEFINITION OF "INSIDE INFORMATION".
MR WONG NOTED THAT THE UK DEFINITION WOULD SHORTLY BE BY A NEW DEFINITION WHICH WAS CONTAINED IN DIRECTIVE.
THE
EUROPEAN
REPLACED COMMUNITY
/THIS MEANT