HONG KONG LEGISLATIVE COUNCIL 18 January 1989
香港立法局 一九八九年一月十八日
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to make regulations from the Governor in Council to the Securities and Futures Commission concerning most of the matters stipulated in section 146 of the Securities Ordinance and section 109 of the Commodities Trading Ordinance. This is necessary if the commission is to have relative independence in formulating its own administrative rules.
Sir, in conclusion, the Bill before this Council seeks to establish a durable regulatory framework which is conducive to the further development of stable, fair and orderly markets. It does not seek to lay down all the regulations and rules. These will have to be worked out by the commission, after it has been established, in consultation with those in the marketplace. The Bill does, however, set out the parameters within which such rules and regulations should be formulated.
In putting together this Bill, we have been acutely conscious of the need to avoid over-regulation, which would stifle the vigour and innovation of our markets. At the same time, we must establish a regulatory body with sufficient authority and resources to maintain a level of investor protection which is broadly comparable to that in other international financial centres. While looking overseas for useful references, and indeed for internationally accepted regulatory standards, we must not overlook local circumstances. Our aim has been to put forward in this Bill a solution which is right for Hong Kong.
Sir, I move that the debate on this motion be now adjourned.
Question on adjournment proposed, put and agreed to.
HIS EXCELLENCY THE PRESIDENT: In accordance with Standing Orders I now adjourn the Council until 2.30 pm on Wednesday, 25 January 1989.
Adjourned accordingly at sixteen minutes past Five o'clock.
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