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34
WEDNESDAY, JULY 25, 1990
THIS
FROM THE
MEANT HONG KONG WAS UNLIKELY TO GET MUCH HELP DECISIONS OF THE EUROPEAN COURTS IN INTERPRETING THE FINER POINTS THE DEFINITION, HE SAID.
OF
NEW
MR WONG SAID HE UNDERSTOOD THAT ONE OF THE REASONS FOR THE
A SELECTED WORDING WAS TO ASSIST FINANCIAL ANALYSTS WHO MIGHT BE PASSING ON THEIR
IN RELATION TO PARTICULAR SECURITIES TO RECOMMENDATIONS NUMBER OF CLIENTS.
HE FELT THAT IT WAS DIFFICULT TO SEE HOW SUCH RECOMMENDATIONS COULD AMOUNT TO INSIDE INFORMATION IF THEY WERE BASED ON RESEARCH INTO PUBLICLY AVAILABLE INFORMATION.
"IF, ON THE OTHER HAND, THEY RESULT FROM TIPS FROM DIRECTORS IN
"I HE SAID. POSSESSION OF INSIDE INFORMATION, THE ANALYST SHOULD NOT BE DEALING OR ENCOURAGING HIS CLIENTS TO DEAL ON THE BASIS OF SUCH TIPS,
EXISTING HE SAID IT WOULD BE BETTER TO LEAVE THE TEXT AS IT WAS IN THE OF THE BILL AND WHICH WAS CURRENTLY IN THE DRAFT
PREVIOUS
THAT IS, THE INSIDER MUST LEGISLATION, "GENERALLY AVAILABLE".
SHOW
THE INFORMATION
WAS
TWO AREAS OF CONCERN ADDRESSED
OF CONCERN
AN
NENDICK. TODAY THE ACTING FINANCIAL SECRETARY, THE HON DAVID
THE COMPANIES IN ADDRESSED TWO AREAS (WEDNESDAY} (AMENDMENT) (NO. 4) BILL 1990 WHICH RELATED TO THE TIME LIMIT
WHICH THE APPLICATION FOR CONVERSION TO A VOLUNTARY WINDING-UP (SECTION 209A(1) AND THE VARIOUS MATTERS RELATING TO THE PUBLIC INTEREST TO COURT SHOULD HAVE REGARD (SECTION 209A (2).
THE LEGISLATIVE SPEAKING IN THE RESUMED DEBATE ON THE BILL IN
WHICH STOOD WAS A PROVISION COUNCIL, MR NENDICK SAID SECTION 209A VERY MUCH ON ITS OWN AND WHICH COULD THEREFORE BE AMENDED SEPARATELY, WITHOUT IMPINGING ON THE OTHER WINDING-UP PROVISIONS OF THE ORDINANCE.
TO THE CONCERN RELATED HE SAID THAT THE FIRST AREA OF LIMIT FOR AN APPLICATION FOR CONVERSION TO A VOLUNTARY WINDING-UP THE POSSIBILITY OF THE OFFICIAL RECEIVER'S DIVISION FUNCTIONING TIME-COST BASIS.
TIME
AND
ON A
MONTHS FROM THE AND TOO SHORT IF THE OFFICIAL
THREE ON THE CONCERN THAT THE TIME LIMIT OF FIRST MEETING OF THE CREDITORS AND CONTRIBUTORIES WAS THAT IT WOULD BE UNNECESSARY TO IMPOSE A TIME LIMIT
POSE WOULD RECEIVER COULD CHARGE FEES ON A TIME-COST BASIS, MR NENDICK
TIME-COSTING PROPOSED CHANGE TO A SYSTEM OF PRACTICAL PROBLEMS FOR THE OFFICIAL RECEIVER.
SAID THE SIGNIFICANT
/"I SHOULD