TNAG-2127-FCO40-3037-Investment-in-Hong-Kong-1990 — Page 26

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WEDNESDAY, OCTOBER 31, 1990

WW

GOVT ACTIVELY REGULATES SECURITIES MARKET

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THE

GOVERNMENT WILL CONTINUE TO PLACE A HIGH PRIORITY ON ENHANCING THE FAIRNESS, TRANSPARENCY AND EFFICIENCY OF UONG KONG'S SECURITIES MARKET. THE FINANCIAL SECRETARY, SIR PIERS JACOBS, SAID TODAY (WEDNESDAY).

SPEAKING AT THE LEGISLATIVE COUNCIL'S RESUMED DEBATE ON THE GOVERNOR'S POLICY SPEECH, SIR PIERS SAID ALTHOUGH THE GOVERNMENT IS AWARE OF THE DANGERS OF OVER-REGULATION, IT HAD EXPERIENCED THE AFFECTS OP INADEQUATE REGULATORY CONTROL OVER THE PURSUIT

SELF-

INTEREST IN THE MARKET.

OF

"THE IMPORTANCE OF MAINTAINING PROGRESS AND BALANCE IN THIS FIELD IS NO LESS NOW THAN IT WAS IN 1987.

SIR PIERS SAID THERE WERE THOSE WHO HAD SUGGESTED THAT, AS HONG KONG MANAGED WELL IN THE PAST WITH FEW REGULATORY DISCIPLINES, IT COULD CONTINUE TO DO SO IN THE FUTURE.

HE SAID THIS VIEW WAS OUT OF STEP WITH THE CURRENT REALITIES OF THE SECURITIES MARKET.

A

WHETHER WE LIKE IT OR NOT, WE ARE PART OF AN INCREASINGLY INTER-DEPENDENT WORLD MARKET IN WHICH INTERNATIONAL INVESTORS PLAY KEY ROLE. BOTH THEY AND OUR OWN INCREASINGLY SOPHISTICATED COMMUNITY EXPECT APPROPRIATE STANDARDS OF BUSINESS CONDUCT AND ACCOUNTABILITY.

"THE HONG KONG MARKET, MORE THAN MOST, DEPENDS FOR ITS FUTURE GROWTH ON DEVELOPING ITS INTERNATIONAL DIMENSION.

"ACCORDINGLY, WE WILL CONTINUE TO PLACE A HIGH PRIORITY ON ENHANCING THE FAIRNESS, TRANSPARENCY AND EFFICIENCY OF OUR MARKETS, HE SAID.

NEED ΤΟ AND IN

SIR PIERS SAID THE GOVERNMENT WAS CONSCIOUS OF THE BALANCE THE INTERESTS OF DIFFERENT GROUPS OF MARKET PLAYERS DOING So, IT WOULD NOT LOSE SIGHT OF THE OVERALL INTEREST OF THE MARKET AND THE HONG KONG COMMUNITY.

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"WE SHALL PLAY THIS ROLE WITH SENSITIVITY AND GOOD SENSE, HE SAID.

COMMON

TIME: 23:17:37

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