XN000022-1973-01-06 — Page 3

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Saturday, January 6, 1972

"I am pleased that it has been possible to assemble a list of such

distinguished names to serve on the Council. All of them are extremely

owledgeable in their own fields and together they will constitute a very

powerful body of advice within the field of activity of the Securities Advisory

Council".

"The fact that such able and experienced men have agreed to serve

on the Council" the Financial Secretary concluded, "should be taken as a

mark not only of their own public spirit but also of Government's determination

to ensure that trading in stocks and shares and other securities in Hong Kong

is conducted in a manner best suited to the interests of the investing public

as a whole".

Securities Bill

In his statement to the Legislative Council on 3rd January, 1973,

Financial Secretary explained that, as part of the legislation arising from

the recommendations of the Companies Law Revision Committee, a Bill, to be

called the Securities Bill, was being drafted to cover all aspects of trading

in securities. The Bill would also provide for the establishment of a statutory

body to be called the Securities Council and for the creation of a post in the

public service of Commissioner for Securities.

The duties of the Securities Council will be laid down in the Bill

and will include, to use the Financial Secretary's words, "the creation of &

Federation of Stock Exchanges, the registration of dealers and investment

advisers, trading in securities outside the stock exchanges, the prevention of

false markets, and the keeping and auditing of accounts. The Council will alsc

/be empowered

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