TNAG-1729-FCO40-2442-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 282

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57

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Ordinance shail preserve secrecy with regard to all

matters coming to their attention in the performance of

their duties, under the Ordinanes, Members of the

Securities Commission, the Commissioner for Securities and

his staff, and inspectors appointed under the Securities

Ordinance are subject to the secrecy provisions of this

section.

The restrictive nature of section 19 has meant

that the Commission and the Commissioner have been unable

to offer their full assistance to law enforcement agencies

in Hong Kong and to overseas regulatory authorities. Nor

lc

has it been possible for the Commission

ssion to release

g/le

information obtained by inspectors to law enforcement

agencies in Hong Kong.

بھ

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Sir,

wholly

Λ

This situation is unsatisfactory.

As the

financial services industry becomes increasingly

integrated, it is essential that the Commissioner and any

inspectors appointed under the Ordinance should be able to

co-operate fully with law enforcement agencies.

Moreover,

with the increasing internationalisation of securities

markets, it is becoming essential for regulatory

authorities in different jurisdictions to be able to

co-operate fully with each other in the general interest

of investors.

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