TNAG-1744-FCO40-2463-Visits-by-FCO-officials-to-Hong-Kong--including-visit-by-Lor-1988 — Page 184

CONFIDENTIAL

office with a single independent statutory body outside the Civil Service, made up of full-time regulators, funded largely by the market, charged with ensuring that the Exchanges properly regulate their markets directly if the Exchanges fall down on the job.

8.

The Hong Kong Government generally endorse the thrust of the

Securities Review Committee's recommendations and will examine them

quickly with a view to their early implementation.

Hong Kong Department

June 1988

CONFIDENTIAL