13.-
39.
I am sure this process of centralisation and concentration
f control and administration of the Government's financial affairs
will commend itself to Honourable Members. It is in keeping with
the evolving situation in which, on the one hand, fong kong has become
a major centre of world finance, and, on the other is no longer part
of the sterling area.
Financial legislation
40.
Two major items of financial legislation are proposed for
this session.
41.
Subject to the advice of Executive Council proposals will
be introduced to extend to registered deposit-taking companies some
This will of the obligations at present imposed only on the banks.
widen the extent of supervision over them and thus enable the Government to meet its obligations to protect small depositors, and
also ensure that the Government has the power to ensure that the
financial system adequately serves the needs of Hong Kong.
proposed to remove the prohibition on deposit-taking companies
offering a retail banking service.
42.
It is not
It
Secondly, the Government has now reached a conclusion on
what steps it should take to protect investors in the difficult area
Securities. of insider dealings. We do not consider Section 140 of the
Ordinance satisfactory. This section has a chequered history. is based on Australian legislation repealed and replaced in 1976 by legislation modelied on provisions in the UK Companies Bill of 1973, which in their turn were not proceeded with in England. This illust-
Executive Council rates how difficult others have found the subject.
has now advised that a Standing Tribunal be formed to investigate
/cases
No comments yet.
Private notes are available after approval.