XN000022-1973-09-28 — Page 5

Friday, September 28, 1973

Commenting on the Securities Bill, the Commissioner for Securities,

Mr. James Selwyn, said a considerable amount of time and thought had gone

into it. any of the measures had been specially drafted for Hong Kong,

although a lot of use had been made of legislation in U.K. and Australia.

"In effect, the bill seeks to establish in one Ordinance much of

what has been built up in older markets by statute, precedent and convention

over many years.

"With a subject which is not only complex, but constantly evolving, it

is impossible to frame a bill to cover every contingency," he added,

"but the legislation can be improved in the light of experience by suitable

amendment, and provision is made in the bill so that this can be quickly done."

Ho omphasised that the government had no desire to become involved

in the daily running of the exchanges "but rather to have them self-regulating

so far as this is in the public interest."

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