TNAG-1943-FCO40-2769-Stock-market-and-exchange-rate-in-Hong-Kong-1989 — Page 12

We know that the Chinese authorities are interested in our plans to establish the SFC. Attempts may be made to approach and involve the Chinese authorities by groups seeking to lobby for amendment s to the Bill.

to

It would therefore be

prudent to brief the Chinese on the thinking behind the Bill so that if they felt obliged to react at all publicly

(nothwithstanding the fact that they will be advised not to say anything), it would at least be based on a thorough and accurate background knowledge of the Bill's provisions. It is therefore proposed to brief the Chinese on the Bill's contents once it has been approved by Members and shortly before it is made public.

Publicity

39

Subject to Members' advice the Legislative Council Ad Hoc Group will be briefed on the contents of the Bill by the Secretary for Monetary Affairs. A press release will be issued and

be held for conference will

the media on the press afternoon of 12 January 1989 to explain the provisions of this Bill. We shall emphasise the balance between regulatory needs and market interests which we aim to strike in the Bill as with

a

the Financial Secretary in introducing the Bill int o

Legislative Council.

40

Copies of the printed Bill will bodies which have been consulted with a further comment s

them will be

from

be sent to those

st at ement welcomed

that by

any the

Administration.

(The

Mr D.A.C. NENDICK

>

Secretary

for

Monetary

Affairs,

the Government Securities Consult ant, Mr R.J.R. OWEN, the Law Draftsman, Mr J.J. O'GRADY, the Senior Assistant Law Draft sman, Mr E. AU, the Adviser on Securities Legislation, Mr G.M. LEWIS, and the Deputy Secretary (Monetary Affairs), Mr B.C.L. LAM, will attend for this item.)

3 January 1989 (SU(SRC) B4/88)

COUNCIL CHAMBER

1