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It is, of course, the case that the qualifying residential period for candidature vary from one jurisdiction to another. But we must be extremely careful in drawing any direct comparison between our own requirement, and those overseas. Circumstances differ from one place to another, and these must be taken into account when deciding on the appropriate qualifying period.

Mr President, for the above reasons, the three ex-officio Members will vote against Mr Andrew Wong's amendment to further reduce the qualifying residential period.

End/Wednesday, July 12, 1995

Securities (Insider Dealing) (Amendment) Bill 1995

Following is the speech of the Secretary for Financial Services, Mr Michael Cartland, at the committee stage of the Securities (Insider Dealing) (Amendment) Bill 1995 in the Legislative Council today (Wednesday):

Mr Chairman,

Clause 9

I move that clause 9 be amended as set out in the paper circulated to Members.

I propose that clause 9 be amended so that persons who by their own acts or omissions caused or brought about the Tribunal to inquire into their conduct subsequent to the institution of an inquiry or during the course of that inquiry will not be entitled to an award of costs by the Insider Dealing Tribunal. This is an extension of the provision ready in the Bill which denies an award of cost to any person who, by his acts or omissions, caused or brought about the institution of the inquiry in the first place.

Mr Chairman, I beg to move.