TNAG-1732-FCO40-2445-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 99

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SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL WEDNESDAY 8 JUNE 1988

FINANCIAL SECRETARY:

sir,

Securities (Amendment) Bill 1988

I am grateful to Miss Tam and Members of the Ad

Hoc group for the consideration they have given to this I fully support the Committee Stage amendments

proposed by the Ad Hoc group.

Bill.

Z.

As Miss Tam has pointed out, we should seek

consistency between the relevant provisions on secrecy in

the Banking, Securities, and Insurance Companies

Ordinances. There is obvious merit in making sure that, as

far as

the possible, our regulatory authorities have

freedoms and safeguards in the exercise of their duties

under their ordinances.

same

Revised

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I accept, therefore, that the Commissioner for

Securities should be required to satisfy himself as to the

adequacy of secrecy provisions in the overseas jurisdiction

before releasing any information to the respective overseas

regulatory authority. In practice, the Commissioner for

Securities will perform this duty by seeking and obtaining

an assurance from the overseas regulatory authority that it

will protect the information to be disclosed to it. In the

event of a breach of this undertaking, the Commissioner

Ө will withhold their cooperation in future.

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