XN000022-1996-11-19 — Page 7

6.

LRC discusses report on interception of communications

The Law Reform Commission met today (Tuesday) to discuss the first part of the Privacy sub-committee's report on interception of communications. The report follows consideration by the sub-committee of comments made in response to initial proposals contained in a consultation paper on this subject which was published by the sub-committee earlier this year. That paper proposed a new statutory scheme requiring application for a judicial warrant to authorise any interception of communications.

The Chairman of the Commission, Attorney General Jeremy Mathews, said that the subject was complex and important. He expected that the Commission would hold further meetings to discuss the sub-committee's report and hoped that the Commission would complete its discussions by early December. Mr Mathews said that as with every subject considered by the Commission, the Commission's final conclusions on interception of communications would then be published and made available to the public.

Mr Mathews said that the Privacy sub-committee would be turning their attention next to the question of surveillance, and whether surveillance activities should be regulated by law.

End

HKMA to issue special issues of 28-day exchange fund bills

The Hong Kong Monetary Authority (HKMA) announced today (Tuesday) that it will tender two special issues of 28-day exchange fund bills to facilitate the smooth implementation of the Real Time Gross Settlement (RTGS) system in early December.

The two tap issues of 28-day exchange fund bills, each with an issue amount capped at $5 billion, will be tendered next Tuesday (November 26) and December 3 (Tuesday). Tender notices of the two issues will be published one week prior to their respective tender dates.

Under the RTGS system, banks can make use of exchange fund bills and notes to obtain interest free intraday liquidity by carrying out intraday repurchase (repo) transactions with the HKMA.