TNAG-1732-FCO40-2445-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 98

MISS TAM:

Sir,

le

Draft speech by Hon Maria TAM Legislative Council – 8 June 1988

-

Securities (Amendment) Bill 1988

Committee Stage

Legislative

Council.

The Legee Ad hoc group has discussed

clause 2 and

reached agreement with the Administration on the following amendments :

:+

sution

New $19(2)(c)

lo

It has been agreed that the $ection be amended extend the disclosure provision to cover all relevant civil proceedings.

to

suction

New $19(2) (h)

This

will be brought in line with the Insurance

Companies (Amendment) Bill 1988 and will hence be

amended to the effect that the Commissioner for

Securities will have to be satisfied that there are adequate secrecy provisions in the jurisdiction of the overseas supervisory authorities before information is disclosed to such authorities.

Section 19(7)

The Group pointed out to the Administration that the penalties for breach of secrecy provisions were lower than those prescribed in the Banking Ordinance and Insurance Companies (Amendment) Bill. Section 19(7)

will accordingly be amended to bring the penalties into line with the Banking and Insurance legislation.

Sir, I move that clause 2 be amended as set out in the paper circulated to Members.