New controls
NZPA-Reuter Sydney Singapore plans to tighten control over its sharemarket, delayed after initial resistance from stockbrokers, will go ahead soon. The Finance Minister, Mr Richard Hu, said in an interview that wide-ranging changes to laws governing the securities industry would be tabled in Parliament next year. Mr Hu told the newspaper, “Business Times,” that a draft law was ready months before the troubles of Pan-Electric Industries, Ltd, surfaced. Stockbrokers had strongly resisted the new regulations
when the draft law was circulated in July and the Monetary System of Singapore (MAS) decided to delay implementation for more consultation, the Minister said.
“As events turned out, we have been overtaken by the Pan-Electric affair. “The MAS felt that selfregulation could not go on because the stock market was getting more complex and larger and some measure of control was necessary,” Mr Hu said. Changes to the Securities Industry Act would require brokers to conform to guidelines now imposed on the banking system, he said.
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Press, 27 December 1985, Page 12
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164New controls Press, 27 December 1985, Page 12
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