Wednesday, January 30, 1974
24
AMENDMENTS TO SECURITIES BILL OUTLINED
No Change In Basic Principles
The Financial Secretary, the Hon. Philip Haddon-Cave, today outlined
a series of proposed amendments to the Securities Bill during the committee
stage of the proceedings.
The amendments related to Parts I to VII of the bill and were concerned
almost entirely with clarification and application. None involved a retreat
from the basic principles of the bill.
No vote was taken on any of the proposed amendments, and the Financial
Secretary said he would deal with the proposed amendments to the remaining parts
of the bill before the council's next meeting,
Commenting on the proposed amendments to Parts I to VII, Mr. Haddon-
Cave said they were the result of lengthy meetings between the Commissioner for
Securities and principal interested parties, including ad hoc groups of
Unofficial Members of the Legislative Council.
"Every one of the large number of comments and suggestions which had
been received was carefully considered and discussed," he said, but he was fully
conscious that the Securities Bill could not be definitive as it dealt with an
industry which was constantly evolving.
He envisaged that more problems would arise in drawing up and imple-
menting the rules and regulations before the various sections of the bill could
be brought into operation, "but all these difficulties can be overcome if those
concerned with the securities industry will accept the bill in a spirit of co-
operation and with the determination to make it work."
/After some
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