XN000022-1989-04-12 — Page 35

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WEDNESDAY, APRIL 12, 1989

CAUTION AGAINST OVERREGULATION OF MARKETS

OVERREGULATION COULD STIFLE THE VIGOUR AND INNOVATION KONG'S SECURITIES MARKETS AND SHOULD BE STRENUOUSLY AVOIDED, MARTIN BARROW SAID TODAY WEDNESDAY).

OF HONG THE HON

COUNCIL IN SUPPORT

MR BARROW WAS SPEAKING IN THE LEGISLATIVE OF THE SECURITIES AND FUTURES COMMISSION BILL 1989.

HONG KONG AS A STRONG AND SUCCESSFUL

THE OF

KEY OBJECTIVES ON

WHICH

THE

"THE MAINTENANCE OF ONE CENTRE IS FINANCIAL ADMINISTRATION AND THE PRIVATE SECTOR MUST WORK CLOSELY TOGETHER.

"WE

THEREFORE

WELCOME ALL MUST SECURITIES AND FUTURES COMMISSION WHICH ACHIEVING THIS," HE SAID.

UP THE

OF THE SETTING CAN PLAY A MAJOR ROLE IN

**IN ENSURING

SUFFICIENT PROTECTION,

THAT ΤΟ RESOURCES

WE MUST AT

HONG KONG MAINTAIN AN

THE SAME

HAD A

BODY WITH REGULATORY

INVESTOR LEVEL OF ADEQUATE

TIME STRENUOUSLY AVOID

"

OVERREGULATION, HE ADDED.

POINT WHOLE

OF THE HAY DAVISON TAKEN TO ENSURE AREAS OF SECURITIES WHICH GAVE HONG

"WE MUST REMEMBER THAT THE REPORT WAS SUPERVISED SELF-REGULATION. CARE MUST BE

ALL IN THAT WE

INTERVENTIONISM DO NOT SEE DEALINGS WHICH COULD AFFECT AND DESTORY THE FACTORS KONG ITS SPECIAL NICHE, MR BARROW SAID.

SHOULD BE ΤΟ MONITOR

"THE ROLE OF THE SECURITIES COMMISSION THE EXCHANGES, NOT TO DO THE EXCHANGES WORK FOR IT.

BILL, THE MOST HE SAID THAT OF THE VARIOUS AMENDMENTS TO THE

CHECKS AND BALANCES THAT IMPORTANT WERE THOSE WHICH INTRODUCED THE

BALANCE RIGHT BETWEEN OVERREGULATION WERE SO ESSENTIAL TO KEEP THE AND POORLY CONTROLLED MARKETS.

HE ADDED THAT IT WAS NOT GOING TO BE THE NITTY GRITTY OF THE BILL THAT WERE GOING TO MAKE OR BREAK HONG KONG AS A CENTRE.

CONTENTS FINANCIAL

"WHAT IS GOING TO BE ABSOLUTELY KEY IS THE REALITY OF THE

HE SAID. RELATIONSHIP BETWEEN THE COMMISSION AND THE MARKETS,

COMMISSION

+

SHOULD, MR BARROW SUGGESTED THAT THE MEDIA, ARTICULATE THEIR ROLE AS CLEARLY AS POSSIBLE AND THEY SAW THEMSELVES RELATING TO THE EXCHANGES,

IT WOULD BE ESSENTIAL THAT AN DEVELOPED BETWEEN THE EXCHANGES

SHOULD

IRON

DUPLICATION.

WORK

THROUGH THE DESCRIBE HOW

AND

OUT AS QUICKLY

AS

EXCELLENT WORKING THE COMMISSION AND

THEY ANY AREAS OF POSSIBLE POSSIBLE

RELATIONSHIP

THAT

/"FOR EXAMPLE