TNAG-1729-FCO40-2442-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 283

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The need to respond to these changes in the

market has already been recognised in the field of banking

supervision. The secrecy provisions in the Banking

Ordinance were relaxed in 1986 to allow the Commissioner

of Banking to co-operate with domestic and overseas

agencies. It is now proposed to bring the relevant

provisions in the Securities Ordinance into line with

those in the Banking Ordinance so as to permit greater

discretion in the disclosure of information in specified

circumstances, whilst preserving the general obligation of

secrecy.

7.

Clause 2(a) of the Bill deletes and replaces

section 19 of the Securities Ordinance.

The new

subsection (1) creates a general prohibition against the

disclosure of information under the Ordinance.

Notwithstanding this general prohibition, new

subfsection

(2) specifies the persons to whom and, in some cases, the

purposes for which such information may be disclosed by

the Commissioner for Securities; such purposes include any

investigation or criminal proceedings in Hong Kong, or

civil proceedings under the Ordinance. Information may

also be disclosed to the Insider Dealing Tribunal and to

the Financial Secretary, the Secretary for Monetary

Affairs, the Registrar General and any public officer

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