XN000022-1989-05-05 — Page 10

FRIDAY, MAY 5, 1989

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HE SAID HE HAD MET AND EXCHANGED VIEWS DIRECTORS AND A NUMBER OF STAFF.

WITH

THE COMMISSION'S

THAT

THE PROBLEMS THAT LIE "WE'VE DISCUSSED VERY BRIEFLY SOME OF AHEAD OF US AND OBVIOUSLY A GREAT DEAL STILL REMAINS TO BE DONE.

" HE SAID. IS WHY WE SET UP THIS NEW COMMISSION,

HE SAID THE MATTERS THAT WERE DISCUSSED INCLUDED

TO BE INTRODUCED NEW LEGISLATION THAT WERE NEEDED DEALING LEGISLATION AND SOME OF THE WORK THAT STILL DONE IN RELATION TO THE FUTURES EXCHANGE.

SOME OF THE THE INSIDER NEEDED TO BE

ASKED WHETHER THE GOVERNMENT WOULD INTRODUCE INTO

ΤΟ REFERENCE

TRADING IN FUTURES DEALING LEGISLATION A MR JACOBS SAID THAT ASPECT WAS STILL BEING EXAMINED.

THAT

HE

WAS

HE POINTED OUT INSIDER DEALING INTRODUCED THIS SESSION.

IT

THE INSIDER CONTRACTS,

HOPING ΤΟ

GET A BILL ON

ENACTED DEPENDS UPON

THE TIMING. STILL

GET "WHETHER I SHALL WHETHER OR NOT WE WILL DEAL WITH FUTURES TRADING IN THE BILL IS SOMETHING WE ARE CONSIDERING.

"IN ANY EVENT, I SHALL, AS I

PROMISED, MAKE A STATEMENT ON

THAT PARTICULAR ASPECT EITHER WHEN I INTRODUCE THE BILL

HE SAID. BEFORE THE END OF THE SESSION,

IN

REPLY

то

A

L

OR CERTAINLY

OF THE THE APPOINTMENT

SAID JACOBS

A ALTHOUGH

FEW IN RECOMMENDED, WAS ACTUALLY HAD DONE WAS IN

THE LINE WITH

ABOUT QUESTION NON-EXECUTIVE DIRECTORS OF THE SFC, MR

MORE DIRECTORS WERE

APPOINTED

GENERAL TERMS WHAT THE GOVERNMENT

THAN

RECOMMENDATIONS OF THE SECURITIES REVIEW COMMITTEE.

APPOINTMENT

ASKED WHETHER THERE WOULD BE PROBLEMS POSED BY THE

TWO OF TWO HONGKONG BANK MEMBERS ON THE SFC BOARD, MR JACOBS SAID THE

WERE BOTH APPOINTED IN THEIR NON-EXECUTIVE DIRECTORS IN PERSONAL CAPACITY.

QUESTION

BOARD AND "THERE ARE QUITE A NUMBER OF OTHER DIRECTORS ON THE

BOUND IF QUESTIONS OF CONFLICT DO ARISE FROM TIME TO TIME AS THEY ARE

THERE WILL BE TO, AS IT HAPPENS IN EVERY ORGANISATION IN HONG KONG, DECLARATIONS OF INTEREST.

"I JUST DON'T SEE ANY REASON FOR ANY PROBLEMS AT ALL,

HE SAID.

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