TNAG-1363-FCO40-1809-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 183

3.

4.

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Power of the Commissioner of Securities

(a)

(b)

Under Clauses 9, 10 and 12, he has

power to refuse to register an

applicant, or to revoke or suspend the

registration of any dealer or investment advisor.

Under Clause 13, he may investigate

into the misconduct of any applicant

and also decide whether the applicant

is a "fit and proper" person.

Other provisions

(a) Under Clause 29, it is provided that

criminal proceedings can be taken

against a dealer if his partner commits

an offence with his consent or

connivance, or it can be attributed to

any neglect on his part.

(b)

Under Clause 6, investment advisers

also have to be registered.

Sir, at the end of 1985, the Hong Kong "Unified Exchange"

will be launched into the world securities market in an era of

reviving confidence in Hong Kong, and I am sure that it will

recover its former position in the Asian region.

However, the real safeguard to the interest of local and

overseas investors lies in the determination of the Commissioner

for Securities in exercising his power of investigation into the

activities of the dealers. One extremely important feature of

this reform is that the Hong Kong Exchange Company will assume