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A Government spokesman said the Administration obviously welcomed the Court of Appeal decision.

"We shall be in contact with the VMs' lawyers on the early re-detention of their clients," the spokesman added.

End/Wednesday, April 12, 1995

Insider Dealing Tribunal

The Government has proposed to amend the Securities (Insider Dealing) Ordinance to provide for divisions of the Insider Dealing Tribunal to conduct more than one inquiry concurrently,

Explaining the purpose of the proposed amendments, a Government spokesman said today (Wednesday) that the Insider Dealing Tribunal was presently constituted under section 15 of the Securities (Insider Dealing) Ordinance.

"The Ordinance, as it now stands, does not permit differently constituted tribunals to operate at the same time."

He said the present Tribunal, chaired by Mr Justice Stock, had conducted two inquiries over the past year.

"There are now two pending cases and it is envisaged that investigations by the Securities and Futures Commission into suspected insider dealing will generate more cases in the next two years.

"The proposed amendments would enable divisions of the Tribunal to be set up to handle more insider dealing cases," he said.

The spokesman said the Bill also sought to make some other minor amendments to the Securities (Insider Dealing) Ordinance to improve the operation of the Tribunal.