TNAG-1611-FCO40-2214-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 18

supplementary to

Supplementary to question No

pdeཋÊ༽ton

in Leeco ob

in Legco on 9.12.87

2

MR. LI : Sir, I have a question in two parts, Sir. The

first one is while welcoming the

}

appointment

of the

Securities Review Committee, I note that the terms of

reference do not include the role of the Monetary Affairs

Branch in the supervision of the securities markets. What

steps are being taken to review the

capability of this Branch?

competency and

The second one is, in view of

the fact that, first, Hong Kong was the only international

market to close for

for four days during the recent crisis

and, second, Hong Kong was the only Government that had to

hire outside consultants

to advise it on the effects of

the crisis, does this not

indicate a pressing need to

review the competency and capability of the Monetary

Affairs Branch?

FINANCIAL SECRETARY

Sir, I am glad that Mr. David Li

welcomes the establishment of the Securities Review

Committee. In putting together the terms of reference, we

considered it correct and appropriate to include both the

Stock Exchange and the Futures Exchange, and the relevant

regulatory authorities. We did not include the Monetary

Affairs Branch, nor, Sir, did we include the Financial

Secretary! Nevertheless, I can

Council that all officers of the Monetary Affairs Branch

and the Financial Secretary will be very happy to help the

assure Members of this

?