CONFIDENTIAL
FM HONG KONG
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TELNO 2070
CONFIDENTIAL
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INFO PRIORITY PEKING, HONG KONG GOVERNMENT OFFICE LONDON
OF 3109OOZ MAY 88
45
063515
MDHIAN 1280
MIPT: SECURITIES REVIEW COMMITTEE
1 FOLLOWING IS TEXT OF THE
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FINANCIAL SECRETARY'S DRAFT PRESS STATEMENT ON THE REPORT OF THE SECURITIES REVIEW COMMITTEE:
''THE REPORT OF THE SECURITIES REVIEW COMMITTEE HAS BEEN PUBLISHED TODAY. THE GOVERNMENT WELCOMES THIS REPORT.
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2. THE COMMITTEE HAS IDENTIFIED VARIOUS WAYS IN WHICH THE MANAGEMENT AND OPERATION OF OUR SECURITIES INDUSTRY CAN BE IMPROVED I BELIEVE THE REPORT WILL SERVE AS A VALUABLE AND ESSENTIAL BLUEPRINT FOR FUTURE DEVELOPMENTS. I WOULD LIKE TO TAKE THIS OPPORTUNITY TO THANK THE COMMITTEE AND ITS CHAIRMAN, MR IAN HAY DAVISON, FOR THEIR HARD WORK AND CONSTRUCTIVE RECOMMENDATIONS.
3. I WOULD ALSO LIKE TO REITERATE THE GOVERNMENT'S FIRM COMMITMENT TO MAINTAINING HONG KONG'S STATUS AS AN INTERNATIONAL FINANCIAL CENTRE. WE WILL PROCEED QUICKLY WITH OUR EXAMINATION OF THE COMMITTEE'S RECOMMENDATIONS AND, AFTER WE HAVE CONSIDERED VIEWS EXPRESSED ON THE REPORT AND AFTER CONSULTATION WITH INTERESTED PARTIES, WE WILL SEEK THE APPROVAL OF THE EXECUTIVE COUNCIL ON SPECIFIC PROPOSALS AS SOON AS IS PRACTICABLE.
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FOR THIS PURPOSE
A SPECIAL TEAM, CONSISTING OF OFFICERS OF THE MONETARY AFFAIRS BRANCH AND THE LEGAL DEPARTMENT, HAS BEEN SET UP TO DEAL WITH THE RECOMMENDATIONS OF THE COMMITTEE.
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5. LASTLY, I WISH TO EMPHASISE THAT THE SECURITIES REVIEW COMMITTEE CONSULTED WIDELY BOTH LOCALLY AND OVERSEAS, BEFORE FORMULATING THEIR PROPOSALS. INTERESTED PARTIES AND THE GENERAL PUBLIC WILL NOW HAVE THE OPPORTUNITY TO EXPRESS THEIR VIEWS ON THE FINDINGS AND RECOMMENDATIONS CONTAINED IN THE REPORT. ANY ONE WHO WISHES TO COMMENT ON THE FINDINGS O THE REPORT SHOULD WRITE TO THE SECRETARY FOR MONETARY AFFAIRS BY 4 JULY 1988.''
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