Annex F
Summary of Comments on the draft SFC Bill
1.
2.
As stated in the Memorandum for Executive Council, discussions were held with a number of market organisations, professional bodies, and advisory
advisory committees in October and November 1988 on draft provisions prepared for inclusion in due course in a Bill, and intended to assist the consultative process. The comments and views which were then received were taken into account, and a draft Bill was prepared in early December 1988. In view of the need to send the draft Bill to the Executive Council before the New Year break, it was not possible to submit the full text of the draft Bill to all interested bodies. Instead, a note on the treatment in the Bill of the main points which had provoked interest and concern at the earlier stage of consultation was prepared by the SLA and circulated to all interested bodies. A copy of that note ("Note of Main Points") is annexed. A further round of discussions then took place
place between 10th and 15th December.
The parties who were consulted in the December round of consultation were as follows:
The Standing Committee on Company Law Reform
The Securities Commission
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The Commodities Trading Commission
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The Stock Exchange of Hong Kong
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The Hong Kong Futures Exchange
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The Hong Kong Stockbrokers Association
The Hong Kong Bar Association
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The Law Society of Hong Kong
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The Hong Kong Society of Accountants
3.
The Hong Kong Society of Securities Analysts
The Hong Kong Unit Trust Association
The Financial Executives Institute
The Hong Kong Deposit-taking Companies Association
The full text of the draft Bill was sent only to the Standing Committee on Company Law Reform, the two Commissions, the two Exchanges, and the two legal professional bodies. In view of the short time available to those bodies to study the full text of the Bill, it has not been possible for all of them to give comments in full. Accordingly, those that wish to do so have been invited to submit comments at а later stage, and it is intended to-take account of these during the legislative phase.
No comments yet.
Private notes are available after approval.