TNAG-1363-FCO40-1809-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 177

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Sir,

Speech by Mr. G.A. Higginson, Secretary for Economic Services in Legislative Council on Wednesday, 24 July 1985

Securities (Amendment) Bill 1985

30

01119

I move that the Securities (Amendment) Bill 1985

be read the second time.

2.

The Bill has four main objectives: first, to

provide for the registration of dealing partnerships and

investment advisers' partnerships; second, to require new

dealers to have certain qualifications and experience;

third to ensure the financial viability of dealers by

requiring them to meet certain financial requirements; and

fourth, to strengthen the powers of the Commissioner for

Securities in respect of the registration of dealers.

3.

At present, individuals and corporations may apply

to be registered as dealers. Given the decision to permit

partnerships to trade in the Unified Exchange, provision for

the registration of partnerships, as dealing partnerships

under the Securities Ordinance, is required. The Bill makes

similar provision for the registration of investment

advisers' partnerships.

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