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FRIDAY, DECEMBER 4, 1987
STRENGTHENED SANCTIONS AGAINST INSIDER DEALING RECOMMENDED
* * * * *
THE STANDING COMMITTEE ON COMPANY LAW REFORM HAS RECOMMENDED THAT THE INSIDER DEALING TRIBUNAL SYSTEM BE RETAINED WITH STRENGTHENED SANCTIONS AGAINST CULPABLE INSIDER DEALERS,
FINANCIAL SECRETARY, MR PIERS JACOBS, SAID THIS (FRIDAY) EVENING.
THE
THE STRENGTHENED SANCTIONS SUGGESTED BY THE STANDING COMMITTEE,
A
IN IN A MAJORITY VIEW IN
REPORT SUBMITTED
MARCH, INCLUDED THE DISGORGEMENT OF PROFITS FROM POWER TO ORDER THE
INSIDER DEALING, TIMES THE POWER TO IMPOSE A FINANCIAL PENALTY OF UP TO THREE
AMOUNT
ΤΟ DISBAR OF THE PROFITS, POWER
AN OFFENDER FROM THE SECURITIES OF A MARKETS AND POWER TO PROHIBIT AN OFFENDER FROM BEING A DIRECTOR COMPANY IN HONG KONG.
■
HAD SECURITIES COMMISSION THE
BEEN CONSULTED AND THE OF TACKLING GOVERNMENT WAS NOW CLOSELY EXAMINING THE VARIOUS OPTIONS THE PROBLEM, HE SAID.
ANNUAL DINNER OF THE
THE SAID
THE SPEAKING AT
ASSOCIATION OF INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS, MR JACOBS THAT ANOTHER GOOD EXAMPLE OF THE STANDING COMMITTEE'S WORK WAS ITS
ON RECOMMENDATION
THE INTRODUCTION OF LEGISLATION REQUIRING THE DISCLOSURE OF BENEFICIAL OWNERSHIP OF
IN LISTED SHAREHOLDINGS
COMPANIES.
"THE STANDING
COMMITTEE'S RECOMMENDATIONS
HAVE BILL.,
BEEN
WHICH
JUNE
THIS
IN CONSULTATION
INCORPORATED IN THE SECURITIES (DISCLOSURE OF INTERESTS) WAS PUBLISHED AS A WHITE BILL FOR PUBLIC YEAR, HE SAID.
"
DURING THE
THREE-MONTH
BERN
CONSULTATION PERIOD, USEFUL COMMENTS HAD
RECEIVED FROM BUSINESS BODIES, LISTED COMPANIES AND INTERESTED INDIVIDUALS.
HE SAID, MANY AND PROFESSIONAL
"THE
ARE COMMENTS
UNDER NOW
CAREFUL
OF
I AND CONSIDERATION
IF BILL, WHICH,
MORE IN LINE
BELIEVE THAT THERE IS GENERAL ACCEPTANCE
THE PASSED, WILL BRING HONG KONG'S DISCLOSURE REQUIREMENTS WITH OTHER MAJOR FINANCIAL CENTRES.
"IT IS
OUR
INTENTION
ΤΟ
PUT A FINAL EXECUTIVE COUNCIL IN EARLY 1988," HE SAID.
SAID
DRAFT BILL
то
THE
MR JACOBS
THE STANDING COMMITTEE HAD ALSO MADE INCLUDING THE RECOMMENDATIONS ON MATTERS OF A MORE TECHNICAL NATURE, REGISTRATION OF CHARGES, DISTRIBUTABLE PROFITS, PURCHASE BY A OF ITS OWN SHARES AND THE PROCEDURE FOR THE VOLUNTARY WINDING EMERGENCY SITUATIONS.
COMPANY
UP IN
"IN ADDITION,
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