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Following is the transcript of remarks (English portion) by the Secretary for Financial Services and the Treasury, Professor K C Chan, at a media session after attending a meeting of the Legislative Council Panel on Financial Affairs this morning (May 3):
Reporter: There were questions about the price sensitive information and what constitutes important information. So how can you allay legislators' concerns about that issue when that is not properly defined?
Secretary for Financial Services and the Treasury: For the definition of price sensitive information that we are using, the concept of that is what has been called inside information. This concept, in my opinion, has been quite well understood by the Hong Kong market because the Insider Dealing Tribunal has been working in Hong Kong for some time. For the market, there is a certain degree of understanding of what constitutes inside information. I think the public, the industry and the legislators will certainly rightly ask a lot of questions about implementation details about the concept of safe harbours. This is exactly why we are having a consultation so that we can actually hear the views of the industry while taking this proposal forward.
(Please also refer to the Chinese portion of the transcript.)
Ends/Monday, May 3, 2010
Issued at HKT 16:10
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