TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 108

Annex E

(h) the day-to-day accountability

is inadequately defined;

of the SEC

(i) the Chairman of the SFC should not be

given absolute power

there should be

adequate checks and balances;

(j) an independent SFC would facilitate the

recruitment of competent staff;

(k) the Exchanges and clearing houses should

be represented on the AC; and

(1) the replacement of the SC, CTC and OCS with an independent SFC would have implications on other regulatory bodies inside the civil service.

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