XN000022-1988-10-04 — Page 3

TUESDAY, OCTOBER 4, 1988

GOVT SECURITIES CONSULTANT OUTLINES ROLE OF REGULATOR

ROBERT OWEN,

IN HONG

SAID

KONG,

MR CONSULTANT, A REGULATOR, ESPECIALLY

THE GOVERNMENT SECURITIES TODAY (TUESDAY) THAT BEING REQUIRED A CONTINUAL BALANCING ACT - IN FACT SEVERAL AT ONCE.

REGULATION

OF

HONG

THE

INSTITUTE REGULATOR WAS REQUIRED

FOR

ΤΟ

ON INCREASED ORGANISED BY INTERNATIONAL RESEARCH, MR OWEN SAID THE

SPEAKING AT A

CONFERENCE

KONG'S

SECURITIES

MARKETS,

BALANCE:

THE BENEFITS TO INVESTORS OF TIGHTER REGULATION AGAINST COSTS;

OF

LOCAL PARTICIPANTS

THE NEEDS AND WISHES

( BROKERS INVESTORS) AGAINST THOSE OF INTERNATIONAL PLAYERS AND INSTITUTIONAL INVESTORS;

THE

AND

LARGE

*

THE NEED FOR

STRONG

POWERS TO COMBAT FRAUD AND MARKET CIVIL LIBERTIES IN A ABUSES AGAINST THE NEED TO PRESERVE UNIQUE POLITICAL ENVIRONMENT;

SHORT-TERM MARKET FACTORS AGAINST THE NEED FOR LONG-TERM STABILITY AND CONFIDENCE;

*

THE

SELF-REGULATION AGAINST

THE

NEED

FOR

OF PRINCIPLE EFFECTIVE SUPERVISION BY THE STATUTORY AUTHORITY;

THE NEED FOR CLEAR AND COMPREHENSIVE RULES AGAINST THE FOR FLEXIBILITY AND SPEED OF REACTION TO MARKET CHANGES;

NEED

THE DESIRE TO ENCOURAGE THE GROWTH OF NEED TO ENSURE THEY DO NOT GET OUT OF CONTROL;

MARKETS

AGAINST THE

*

WITH

CLOSE LINKS

THE MARKETS AND CHANNELS AGAINST THE INDIVIDUAL MARKET PARTICIPANTS; AND

EFFECTIVE

INFORMATION

NEED

FOR APPROPRIATE

DISTANCE

FROM

*

A DESIRE TO RESPECT LOCAL ETHNIC AND CULTURAL SENSITIVITIES AGAINST THE NEED TO BRING HONG KONG'S REGULATORY PRACTICES MORE INTO LINE WITH STANDARDS APPLYING IN OTHER FINANCIAL CENTRES.

OF

PROCEDURES,

THE REGULATOR WAS ALSO REQUIRED TO COMBINE AN UNDERSTANDING MARKETS WITH AN UNDERSTANDING OF GOVERNMENT MACHINERY AND HE SAID.

MR OWEN SAID EACH OF THESE ACTS DIFFICULT AND THE NEW SECURITIES AND FUTURES ATTEMPT TO PERFORM THEM ALL.

WAS INDIVIDUALLY

QUITE

COMMISSION (SFC) WOULD

/"IT IS