63
WEDNESDAY, OCTOBER 26, 1994
WHO
AT PRESENT, AN EMPLOYEE WHO SUFFERS PERMANENT TOTAL INCAPACITY AND WHO REQUIRES THE CONSTANT ATTENTION OF ANOTHER PERSON IS ENTITLED TO CLAIM COMPENSATION FOR THE COST OF SUCH ARRANGEMENTS. HOWEVER, SUCH REQUIREMENT IS CONSIDERED UNDULY RESTRICTIVE AS AN EMPLOYEE SUFFERS SERIOUS RATHER THAN TOTAL PERMANENT INCAPACITY MAY ALSO REQUIRE THE CARE AND ATTENTION OF ANOTHER PERSON. WE THEREFORE PROPOSE TO AMEND THE EXISTING PROVISION TO ALLOW THE COURT TO AWARD COMPENSATION TO MEET THE COST OF ATTENDING TO AN EMPLOYEE WHO SUFFERS SERIOUS PERMANENT INCAPACITY AND TO REMOVE THE REQUIREMENT FOR SUCH ATTENTION TO BE "CONSTANT".
FINALLY, THE OTHER AMENDMENTS PROPOSED IN THE BILL ARE INTENDED TO CLARIFY PROVISIONS AND STREAMLINE PROCEDURES. THANK YOU.
0
SFC (AMENDMENT) (NO. 2) BILL INTRODUCED
FOLLOWING IS THE SPEECH BY THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, WHEN HE MOVED THE SECOND READING OF THE SECURITIES AND FUTURES COMMISSION (AMENDMENT) (NO.21 BILL 1991 IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY):
MR PRESIDENT,
I MOVE SECOND READING OF THE SECURITIES AND FUTURES COMMISSION (AMENDMENT) (NO. 2) BILL 1994.
THE BILL SEEKS TO ENABLE THE SECURITIES AND FUTURES COMMISSION (THE "SFC") TO PROVIDE RECIPROCAL INVESTIGATORY ASSISTANCE TO OVERSEAS REGULATORS AND COMPANY INSPECTORS. THIS IS ONE OF THE ITEMS INCLUDED IN THE LEGISLATIVE PROGRAMME WHICH FORMS PART OF THE GOVERNOR'S POLICY ADDRESS DELIVERED ON 5 OCTOBER 1994.
AT PRESENT, SUBJECT TO PUBLIC INTEREST CONSIDERATIONS, THE SFC CAN DISCLOSE TO OVERSEAS REGULATORS, PURSUANT TO THE SECURITIES AND FUTURES COMMISSION ORDINANCE, NON-PUBLIC INFORMATION THAT IS ALREADY IN ITS POSSESSION HOWEVER, IT CANNOT ENTERTAIN REQUESTS FROM OVERSEAS AUTHORITIES FOR INVESTIGATORY ASSISTANCE UNLESS THE CASE ALSO INVOLVES A BREACH OF RELEVANT HONG KONG LAWS.
WITH THE GRADUAL INTERNATIONALISATION OF THE LOCAL SECURITIES AND FUTURES MARKETS, IT HAS BECOME INCREASINGLY IMPORTANT FOR THE SFC TO BE ABLE TO PROVIDE SUCH ASSISTANCE ON A RECIPROCAL BASIS. THE INTERNATIONAL REGULATORY COMMUNITY IS GIVING INCREASING EMPHASIS TO CROSS-BORDER REGULATORY Co- OPERATION.
MOST NOTABLY, IN 1991 THE INTERNATIONAL ORGANISATION OF SECURITIES COMMISSIONS (JOSCO) ADOPTED TEN PRINCIPLES FOR CONCLUDING A BILATERAL OR MULTILATERAL MEMORANDUM OF UNDERSTANDING AMONG REGULATORS IN DIFFERENT JURISDICTIONS. THE FIRST PRINCIPLE URGES REGULATORS WHO ARE NOT ABLE TO PROVIDE INVESTIGATORY ASSISTANCE TO THEIR OVERSEAS COUNTERPARTS ΤΟ CONSIDER RECOMMENDING APPROPRIATE LEGISLATIVE AMENDMENTS TO ENABLE SUCH ASSISTANCE TO BE GIVEN. THIS YEAR, THE TECHNICAL COMMITTEE OF JOSCO HAS CALLED FOR SELF-EVALUATION REPORTS FROM MEMBERS REGARDING THEIR ABILITY TO PROVIDE MUTUAL ASSISTANCE FOREIGN SECURITIES AND FUTURES REGULATORS.
TO
/ELSEWHERE IN