XN000022-1988-11-02 — Page 24

WEDNESDAY, NOVEMBER 2, 1988

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ANOTHER REASON WAS THAT IT WAS NOT EASY IN HONG KONG TO FIND SUITABLE PEOPLE WILLING AND WITH THE TIME AVAILABLE TO SERVE ON SUCH TRIBUNALS, WHO WERE SUFFICIENTLY CONVERSANT WITH THE SUBJECT MATTER AND YET DID NOT HAVE A POTENTIAL DIRECT OR INDIRECT INTEREST IN ANY PARTICULAR CASE.

MR OWEN ADDED THAT VIEWS ABOUT THE APPEALS PROCEDURE AMONG MARKET PARTICIPANTS CONSULTED VARIED FROM FULL AGREEMENT WITH THE INTERNAL APPEALS SYSTEM PROPOSED TO EQUALLY STRONG ADVOCACY OF AN INDEPENDENT TRIBUNAL AND/OR APPEAL TO THE COURTS ON THE MERITS OF THE

CASE.

"WE ARE PRESENTLY WEIGHING THE VARIOUS VIEWS WE HAVE AND WILL BE PUTTING FORWARD A RECOMMENDATION TO EXCO IN DUE HE SAID

P

RECEIVED COURSE,

די

MR OWEN SAID A KEY PART OF THE REGULATOR'S ROLE WAS TO TAKE A LEAD IN PROMOTING THE DEVELOPMENT OF MARKETS AND ΤΟ KEEP IN SIGHT LONGER-TERM STRATEGIC OBJECTIVES.

HE NOTED THAT THE CONCENTRATION OF PUBLIC DEBATE IN RECENT WEEKS ON ISSUES SUCH AS POWERS OF ENTRY AND THE RIGHT OF SILENCE HAD TENDED TO CREATE THE IMPRESSION THAT THE SFC WAS SEEN PURELY AS A LAW ENFORCEMENT AGENCY AND THAT HALF THE PARTICIPANTS IN THE MARKETS WERE VIEWED AS POTENTIAL CROOKS.

"THIS IS VERY FAR FROM THE TRUTH. BUT LAWS ARE ALL ABOUT THE POLICING ASPECTS OF THE REGULATOR'S JOB AND MUST ENABLE HIM TO DO THIS PROPERLY.

"THE PROMOTIONAL OR DEVELOPMENTAL ROLE IS FROM THE WAY THE ORGANISATION IS LED AND MANAGED, HE SAID.

ONE WHICH DERIVES RATHER THAN LAW,

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SECURITIES MARKETS MEET INTERNATIONAL STANDARDS: SMA

THE GOVERNMENT IS FIRMLY COMMITTED TO ENSURING HONG KONG'S SECURITIES MARKETS FULLY MEASURE UP TO INTERNATIONAL STANDARDS, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, TOLD AN AUDIENCE OF STOCKBROKERS AND OTHER MEMBERS OF THE FINANCIAL COMMUNITY IN SAN FRANCISO ON TUESDAY.

ADDRESSING A LUNCHEON MEETING SPONSORED BY THE PACIFIC STOCK EXCHANGE AND THE HONG KONG ASSOCIATION OF NORTHERN CALIFORNIA ON THE FIRST LEG OF HIS NORTH AMERICAN TOUR, MR NENDICK SAID THAT IT WAS ENSHRINED IN THE JOINT DECLARATION THAT HONG KONG WOULD REMAIN INTERNATIONAL FINANCIAL CENTRE BEYOND 1997.

AN

"THE HONG KONG