TNAG-0607-FCO40-755-Monitoring-progress-made-on-planning-papers-on-Hong-Kong-1977 — Page 127

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cases of alleged insider dealing. The Commissioner for Securities

will be charged with the task of establishing a prima facie case and

it would be the responsibility of the Financial Secretary on the advice

of the Securities Commission to decide whether or not to refer such

cases to the tribunal. Once the tribunal has completed its investigation privak

- which would normally be held in public - it would be required to

publish its findings. The establishment of a Standing Tribunal will

require amendments to the Securities Ordinance which will be introduced.

during this session.

43.

I hope that this proposal will commend itself to Honourable

Members as a first step. In such a difficult field there is a good

case for starting with a body which will have powers to

investigate

and power and obligation to pronounce on professional standards but

not power to punish directly, but only indirectly through the authori-

tative guidance it till give to professional and public opinion. In

the light of experience of the workings of the tribunal and of how

effective it proves, it will be easier to consider whether more stringent

measures are or are not necessary or practicable.

Public Accounts Committee

44.

Finally, I hope that the formalities for the establishment

of a Public Accounts Committee, as referred to by the Financial Secretary

in the debate on the second reading of the Appropriation Bill earlier

this year, will be completed early in this session so that the new

procedures can be introduced by the time the Director of Audit submits

his report for the financial year 1977/78. This development will be

a significant step forward in strengthening the facilities at the

disposal of this Council to enquire into the financial activities of

the Government.

/(4) Fight

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