§ Mrs. Chalker
The Hong Kong Government have been in close and regular touch with us about developments since the events of October 1987. We welcome the recommendations for reform made by the Securities Review Committee, appointed by the Hong Kong Government, in its report published on 2 June. The Hong Kong Government, together with the industry itself, are acting as quickly as possible to implement the recommendations. An independent statutory regulatory body, the Securities and Futures Commission, is to be established as soon as the necessary legislation can be introduced. The Hong Kong stock exchange has just adopted important constitutional reforms which will make its governing body more broadly based and representative. We are confident that this prompt and decisive response will help to maintain and enhance Hong Kong's reputation as an international financial centre.