WEDNESDAY, AUGUST 7, 1985
HE ALSO NOTED CORPORATIONS HAD BEEN INVOLVED IN STOCKBROK ING IN HONG KONG UNDER VARIOUS ARRANGEMENTS FOR A LONG TIME. AND THEY WERE PERMITTED TO DO SO IN OTHER COUNTRIES UNDER STRICT RULES AS TO ADEQUATE FINANCIAL BACKING AND PROPER MANAGEMENT.
+ IT IS TIMELY THAT WE SHOULD REGULARISE THE POSITION IN THIS RESPECT, MR POON SAID.
FINALLY, HE SAID, FURTHER PROTECTION TO THE INVESTING PUBLIC WAS OFFERED AS THE BILL IMPOSED A STATUTORY DUTY ON THE EXCHANGE COMPANY TO BE RESPONSIBLE FOR MONITORING ITS OWN MEMBERS AND TO ENSURE THEIR COMPLIANCE WITH THE FINANCIAL REQUIREMENTS SPECIFIED IN THE SECURITIES ORDINANCE.
PROTECTION FOR TRAVELLING PUBLIC SUPPORTED
*****
THERE WERE NO LEGAL CONTROLS OVER TRAVEL AGENTS IN RESPECT OF OUTBOUND TRAVEL AND TOUR ACTIVITIES AND ANYONE WHO OBTAINED A BUSINESS REGISTRATION CERTIFICATE COULD IMMEDIATELY ESTABLISH HIMSELF AS A TRAVEL AGENT.
THIS WAS SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) BY THE HON ALLEN LEE DURING THE RESUMED DEBATE ON THE TRAVEL AGENTS BILL.
+ABSCONDMENTS BY FLY-BY-NIGHT OPERATORS WERE NOT UNCOMMON IN THE PAST,+ HE SAID.
+I STRONGLY AGREE THAT THE TRAVELLING PUBLIC SHOULD BE PROTECTED FROM UNSCRUPULOUS TRAVEL AGENTS.+
THE BILL SOUGHT TO ESTABLISH A SYSTEM OF LICENSING FOR TRAVEL AGENTS AND TO PROVIDE FOR THE CREATION OF A TRAVEL AGENTS' RESERVE FUND FROM WHICH EX-GRATIA PAYMENTS MAY BE MADE TO CLIENTS IN THE EVENT THAT COURT JUDGMENTS AGAINST SUCH TRAVEL AGENTS COULD NOT BE SATISFIED.
+THE GENERAL PUBLIC SHOULD WELCOME THIS BILL AS IT GIVES THEM A DEGREE OF PROTECTION FROM BOGUS OR INSOLVENT TRAVEL AGENTS,+ MR LEE SAID.
THE TRAVEL INDUSTRY SHOULD ALSO SUPPORT THE BILL SINCE IT PROVIDED THE BASIC FRAMEWORK ON WHICH THE INDUSTRY COULD DEVELOP ITS OWN STANDARDS AND SELF-REGULATION,
+BLACK SHEEP OF THE INDUSTRY CAN ALSO BE CONTROLLED.+
/HR LEE
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