19
WEDNESDAY, JUNE 5, 1991
UNDER THE SECURITIES AND FUTURES COMMISSION ORDINANCE, THE COMMISSION COULD DISCLOSE INFORMATION TO OTHER REGULATORS ONLY IF DISCLOSURE WAS CONSIDERED DESIRABLE OR EXPEDIENT IN THE INTERESTS OF THE INVESTING PUBLIC OR IN THE PUBLIC INTEREST.
THE COMMISSION COULD NOT DISCLOSE INFORMATION TO THE REGULATORS MERELY FOR THE PURPOSES OF CO-OPERATION OR ASSISTANCE, SIR PIERS NOTED.
"THIS HAS CREATED DIFFICULTIES FOR HONG KONG SECURITIES COMPANIES CONDUCTING BUSINESS OVERSEAS BECAUSE OVERSEAS REGULATORS OFTEN WISH TO SEEK THE ASSISTANCE OF THE REGULATORY AUTHORITIES HONG KONG.
IN
"THE RESTRICTIONS HAS ALSO ON OCCASIONS HAMPERED THE EFFECTIVE REGULATION OF FINANCIAL INSTITUTIONS IN HONG KONG," HE SAID.
THE FINANCIAL SECRETARY SAID THIS BILL PURPOSED TO INCLUDE A FUNCTION FOR THE COMMISSION TO CO-OPERATE WITH AND ASSIST OTHER REGULATORS, BOTH DOMESTIC AND OVERSEAS.
NEW
OTHER
"IT SEEKS TO ALLOW THE COMMISSION TO DISCLOSE INFORMATION TO. REGULATORS TO ENABLE THEM TO PERFORM THEIR FUNCTIONS, PROVIDED THEY ARE SUBJECT TO ADEQUATE SECRECY PROVISIONS AND PROVIDED THE DISCLOSURE IS NOT CONTRARY TO THE INTERESTS OF THE INVESTING PUBLIC OR TO THE PUBLIC INTERESTS," HE ADDED.
SIR PIERS NOTED THAT THE OPPORTUNITY WAS TAKEN TO INCLUDE A FEW REFINEMENTS TO THE EXISTING SECRECY REQUIREMENTS IN AN ATTEMPT ΤΟ REMOVE CERTAIN OPERATIONAL DIFFICULTIES BEING EXPERIENCED BY THE COMMISSION.
"IN FORMULATING THESE AMENDMENTS, WE HAVE GIVEN DUE CONSIDERATION TO THE NEED FOR ADEQUATE LEGAL AND ADMINISTRATIVE CONTROLS TO GUARD AGAINST IMPROPER DISCLOSURE OF INFORMATION. BY THE COMMISSION OR RECIPIENTS OF SUCH INFORMATION, HE SAID.
DEBATE ON THE MOTION WAS ADJOURNED.
"
AMENDMENT BILL ON EXPRESSWAY INTRODUCED
THE SECRETARY FOR
TRANSPORT,
THE HON MICHAEL LEUNG, TODAY (WEDNESDAY) INTRODUCED AN AMENDMENT BILL WHICH PROVIDES FOR THE DESIGNATION OF EXPRESSWAYS, AND FOR THE USE, CONTROL AND MANAGEMENT OF THESE ROADS.
BILL
MOVING THE ROAD TRAFFIC (AMENDMENT} (NO. 3) MR LEUNG SAID EXPRESSWAYS DIFFERED FROM OTHER ROADS IN THAT THEY DESIGNED TO CARRY LARGE VOLUMES OF TRAFFIC AT HIGHER SPEEDS.
CORRIDOR
1991, WERE
TOLO HIGHWAY, ISLAND EASTERN
AND TUEN MUN HIGHWAY WERE BXAMPLES OF ROADS WHICH WOULD BE DESIGNATED AS EXPRESSWAYS UNDER THIS NEW LEGISLATION.
/HE SAID