CONFIDENTIAL
FM HONG KONG
TO PRIORITY FCO
TELNO 108
OF 10110OZ JANUARY 89
CONFIDENTIAL
HKC100/1
KONG
ST
2
دوان
147767
MOLIAN 7153
Jyor?
INFO PRIORITY PEKING, UKREP JLG HONG KONG
NT
MY TELNO 12: HK SECURITIES AND FUTURES COMMISSION LEGISLATION: BRIEFING OF CHINESE
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COMMISSION
FOLLOWING EXCO'S APPROVAL OF THE SECURITIES AND FUTURES BILL, POLITICAL ADVISER ASKED JI SHAOXIANG OF NCNA TOCALL ON 10 JANUARY. HE ALSO ASKED THAT NCNA INVITE SOMEONE FROM THE CHINESE JLG OFFICE TO COME TOO. IN THE EVENT WE GOT A MESSAGE THAT WANG JIAJI WAS TIED UP BUTWOULD RELY ON JI SHAOXIANG TO INFORM HIM OF THE SUBSTANCE OF THE MEETING.
2. CLIFT BRIEFED JI ON THE BACKGROUND TO THE BILL AND ON THE MAIN
PROPOSALS INCLUDING:
(A) THE ESTABLISHMENT OF ONE SECURITIES AND FUTURES COMMISSION TO REPLACE REGULATORY BODIES.
(B) THE POSITION OF THE COMMISSION OUTSIDE THE CIVIL SERVICE BUT AS PART OF THE WIDER GOVERNMENT MACHINERY.
(C) ARRANGEMENTS FOR THE RECRUITMENT OF PROFESSIONALS TO ENSURE THAT AN EFFICIENT REGULATORY JOB IS DONE.
(D) THE AIM OF STRIKING BALANCES BETWEEN ADEQUATE POWERS TO CURB MARKET ABUSES AND THE PRESERVATION OF CIVIL LIBERTIES: AND ENCOURAGING GROWTH OF MARKETS AND ENSURING THAT THEY DO NOT GET OUT
OF CONTROL.
(E) RETENTION OF GOVERNMENT CONTROL, EG. THROUGH APPOINTMENT CHAIRMAN AND OFFICIALS BY THE GOVERNOR: PROCESSING OF POLICY THROUGH SECRETARY FOR MONETARY AFFAIRS: APPROVAL OF ANNUAL BUDGET BY GOVERNOR ON TABLING OF ACCOUNTS IN LEGCO.
OF
COPY OF PA'S SPEAKING NOTE, WHICH WAS HANDED OVER FOLLOWS BY BAG.
/
PA
3. JI EXPRESSED THANKS. HE ASKED ABOUT FUNDING ARRANGEMENTS. EXPLAINED DUAL FUNDING SYSTEM THROUGH CONTRIBUTIONS FROM THE MARKET
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