XN000022-1988-11-16 — Page 13

11

WEDNESDAY, NOVEMBER 16, 1988

ADEQUATE CHECKS AND BALANCES

IN VESTING POWERS IN THE NEW SECURITIES AND FUTURES COMMISSION,

WILL ENSURE

UNDERMINING

THAT THERE THE

THE GOVERNMENT BALANCES, BUT WITHOUT AUTHORITY, THE FINANCIAL SECRETARY, THE HON LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

ARE

AND

ADEQUATE COMMISSION'S

CHECKS

PIERS

JACOBS,

REGULATORY TOLD THE

SYSTEM FOR THE MR JACOBS SAID THAT IN REFORMING A REGULATORY

SEEK TO STRIKE THE RIGHT SECURITIES MARKETS, THE GOVERNMENT WOULD

TO COMBAT FRAUD AND ADEQUATE, POWERS BALANCE BETWEEN THE NEED FOR

LIBERTIES; AND BETWEEN MARKET ABUSES AND THE NEED TO PRESERVE CIVIL

TO ENSURE THE DESIRE TO ENCOURAGE THE GROWTH OF MARKETS AND THE NEED THAT THEY DID NOT GET OUT OF CONTROL.

MEMBERS

HAVE RIGHTLY

POINTED

"AS OVER-REGULATION," HE SAID IN THE RESUMED POLICY DEBATE.

OUT, WE

MUST

AVOID

OTHERWISE WE WOULD STIFLE THE

VIGOUR

INNOVATION AND

MARKETS.

OF

OUR

H

TO

"THE ESTABLISHMENT OF THE COMMISSION IS ESSENTIAL IF WE ARE MAINTAIN THE MOMENTUM OF IMPLEMENTING THE REFORM PROPOSALS PUT FORWARD HE SAID, ADDING THAT TOP PRIORITY BY THE SECURITIES REVIEW COMMITTEE,

TO BRING THE LEGISLATION HAD BEEN ACCORDED TO THE DRAFTING OF AUTHORITY INTO EARLY EXISTENCE.

NEW

"IN VIEW OF THE

VERY TIGHT

TIMETABLE,

WB BEGAN CONSULTING

COMMITTEES ON AT AN EARLY STAGE,

WITHIN

MARKET ORGANISATIONS, PROFESSIONAL BODIES AND ADVISORY THE MAJOR DRAFT PROVISIONS OF THE BILL NOTWITHSTANDING THE FACT THAT CONSULTATION ON THESE PROVISIONS GOVERNMENT WAS STILL CONTINUING.

ΤΟ REFERRING

A MISTAKEN

BELIEF

THAT

THERE HAD BEEN A THAT EMPHASISED

THE CONSULTATIVE ENABLING THE GOVERNMENT

PROPOSALS LEGISLATIVE

TO WHILST

POLARISATION OF VIEWS, MR JACOBS PROCESS SO FAR HAD BEEN MOST HELPFUL IN GAUGE MARKET RESPONSES

TOWARDS MAJOR

THEY WERE STILL IN A FORMATIVE STAGE.

"THE PROCESS OF CONSULTATION IS ESSENTIAL AND IT IS CONTINUING.

"IT REMAINS OUR AIM TO ATTRACT A

SHALL

BROAD CONSENSUS OF SUPPORT BEFORE THIS PUTTING

IN

DUE COURSE BE

+

FOR THE PROPOSALS. I

..

COUNCIL, HE SAID.

TURNING TO APPEAL PROCEDURES UNDER THE

THE ASKED

ORDINANCE,

MR

AND

THE

ADVISORY COMMITTEE BANKING JACOBS SAID HE HAD DEPOSIT-TAKING COMPANIES ADVISORY COMMITTEE TO REVIEW THE SUBJECT.

BANKING

/HE NOTED