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Question: Do you think there should be somebody trying to tell them that it's not such a simple matter and its a very complicated one and they can't...
Governor: I am sure that the members of the JLG. And one of their most distinguished former members is a member of the PWC, Ambassador Guo. I am sure that he could tell them that there had been an agreement in 1991 and I'm sure that since Chinese officials are always very keen for us to involve the PWC, and they would want to involve the PWC and show them the agreement and explain to them that the agreement is entirely in line with our Bill. It would be helpful, and I say this not in a political or critical spirit, it would be very helpful if Chinese officials could explain in what way our Bill they've had for over a year differs from the 1991 JLG agreement.
Question: Do you think they understand it?
Governor; I think that's a question for them. Who am I to speculate on whether they comprehend what they've agreed already.
Question: Do you think what the PWC have done is a way that the Chinese Government is going to set up this CFA without British consent?
Governor: I can't believe that Chinese officials are proposing they should break an agreement which they've already entered into.
Question: One more director of a listed company did not disclose his criminal record. What's your comment on this case?
Governor: I understand that its being investigated by the Stock Exchange and it is of course a serious matter and one which they are quite proper to investigate.
Question: You know, just a few cases about this hiding of criminal records, will that affect the reputation of Hong Kong as a financial centre?
Governor: If we weren't to deal with it, it would affect the reputation of Hong Kong which is why I am delighted that the Stock Exchange is dealing with it. We've got in Hong Kong extremely good and widely respected regulatory authorities. We have the SFC, we've got the Stock Exchange itself and we have to make absolutely certain that our reputation as a good, clean, corruption crime free place to do business is maintained because it is one of the reasons why so many people from elsewhere invest money here. It's one of the reasons why so many people want to use Hong Kong as a base for doing business elsewhere in the region.
Question: So you are quite satisfied with the regulation now underway?