Borrison/hk-legicost huggingface dataset:
所以，我希望這些修訂可以令《條例草案》不會這麼難看，讓人覺得特區政府太離譜，透過《條例草案》用近乎沒有約制的權力來懲罰很多人。
Therefore I hope these amendments can make the Bill look less awful and the Government not as ridiculous as to penalizing lots of people using nearly unrestricted powers through the Bill
4位議員會動議合共21項修正案，旨在修正第5至7及9至11條。
Four Members will move a total of 21 amendments which seek to amend clauses 5 to 7 and 9 to 11
各位委員現在可以就各項條文、附表及修正案，進行合併辯論。
Members may now proceed to a joint debate on the clauses Schedules and amendments
我會依次請提出修正案的4位議員發言，但他們在現階段無須動議修正案。
I will call upon the four Members who have proposed amendments to speak in sequence but they are not required to move their amendments at this stage
然後，我會請其他議員發言。
Then I will call upon other Members to speak
各位議員，本會在上星期休會前已通過《國歌條例草案》的二讀議案，但因部分議員行為極不檢點並多次提出程序事宜，本會須多次暫停會議，損失了超過6小時的會議時間，令整個二讀程序所用的時間，由原先編配的8小時增加至14小時。
Members this Council passed the Second Reading motion on the National Anthem Bill before adjournment last week . But due to the grossly disorderly conduct of some Members who had also repeatedly raised procedural matters this Council had to suspend the meeting repeatedly losing over six hours of meeting time thereby increasing the time spent on the entire Second Reading procedure from the originally allocated 8 hours to 14 hours
正如大家所知，我預留了約30小時讓本會審議《國歌條例草案》。
As Members are aware I have reserved about 30 hours for this Council to consider the National Anthem Bill
我亦已多次提醒議員，在審議期間，點算法定人數及處理其他程序事宜所用的時間會計入該30小時之內。
I have also repeatedly reminded Members that during the consideration of the Bill the time spent on headcount and dealing with other procedural matters will be counted in the 30 hours
鑒於二讀程序多用了6小時，全委會審議時間會相應調整為約10小時，而處理三讀程序的時間維持不變，即6小時。
Given that an additional six hours have been spent on the Second Reading procedure the time for consideration by committee of the whole Council will be correspondingly adjusted to about 10 hours and the time for dealing with the Third Reading procedure will remain unchanged ie . six hours
我再次呼籲議員善用議會時間，盡快完成審議《條例草案》。
I once again appeal to Members to make the best use of the meeting time of this Council to complete the consideration of the Bill as soon as possible
委員已獲通知，全體委員會會合併辯論各項條文、附表及修正案。
Members have been informed that the committee will conduct a joint debate on the clauses Schedules and amendments
代理主席，在2017年，第十二屆全國人民代表大會常務委員會通過決定，把《中華人民共和國國歌法》列入《基本法》附件三。
Deputy Chairman in November 2017 the Standing Committee of the 12 National Peoples Congress NPCSC adopted the decision to add the Law of the Peoples Republic of China on the National Anthem to Annex III to the Basic Law
《基本法》第十八條列明，"凡列於本法附件三之法律，由香港特別行政區在當地公布或立法實施。
Article 18 of the Basic Law stipulates that the laws listed therein shall be applied locally by way of promulgation or legislation by the Region
"自由黨認為，香港必須尊重憲制的程序，同步推行《國歌法》。
The Liberal Party is of the view that Hong Kong must respect the constitutional procedures and implement the National Anthem Law simultaneously
作為全國性法律，《國歌法》在進行本地立法時，除了考慮到香港的普通法法律制度外，更需要顧及訂立《國歌法》的原意。
When taking forward the local legislation of the National Anthem Law which is a national law the common law system of Hong Kong and the legislative intent of the National Anthem Law have to be considered
今天，5位泛民議員共提出22項修正案，自由黨認為這些修正案一旦獲得通過，將會變相令《國歌條例草案》失去立法原意，甚至《國歌法》能否有效執行也成疑。
Five Members of the pro - democracy camp have proposed 22 amendments today . The Liberal Party believes that the passage of these amendments will violate the legislative intent of the National Anthem Bill the Bill and render the effectiveness of the National Anthem Law questionable
例如，兩項由梁繼昌議員和陳志全議員提出，關於侮辱國歌罪行罰則的修正案均旨在減輕侮辱國歌罪行的刑罰，自由黨認為這些修正案並不合理。
For example the two amendments proposed by Mr Kenneth LEUNG and Mr CHAN Chi - chuen seek to reduce the penalty for the offence of insulting the national anthem . The Liberal Party finds these amendments unreasonable
國歌、國旗及國徽同樣是國家的象徵，代表一個國家的主權、獨立和尊嚴。
National anthem national flag and national emblem are all symbols of a country representing its sovereignty independence and dignity
早在1997年回歸時，《國旗及國徽條例》已經生效，用以指明應該展示或使用國旗及國徽的機構、展示或使用國旗及國徽時必須遵循的條件，以及侮辱國旗及國徽和區旗及區徽的罪行。
The National Flag and National Emblem Ordinance has come into effect at the time of the reunification in 1997 . It specifies the organizations which must display or use the national flag and the national emblem the conditions under which the national flag and the national emblem must be displayed or used and offences in relation to desecrating the national flag and the national emblem as well as the regional flag and regional emblem
這次《條例草案》的情況相同，目的旨在保護國歌，維護國歌的尊嚴，故此，罰則亦應該與《國旗及國徽條例》相同，即一經定罪，最高可處罰款港幣5萬元及監禁3年，藉此將國歌與國旗及國徽看齊，修補現行法例的不足之處。
Similarly the Bill seeks to protect the national anthem and preserve its dignity . Therefore relevant penalty should be equivalent to that under the National Flag and National Emblem Ordinance and that is a fine of 50,000 and imprisonment for three years on conviction so as to treat the national anthem on par with the national flag and the national emblem and address the inadequacy of the existing legislation
其實《條例草案》的弁言已經清楚說明，《條例草案》的其中一個目的是尊重國歌，這是每位公民的基本責任和義務，可惜，部分市民不但沒有給予國歌基本的尊重，甚至對國歌加以侮辱。
In fact it is clearly stated in the Preamble of the Bill that one of the objectives of the Bill is to respect the national anthem which is the fundamental responsibility and obligation of every citizen . Regrettably some people not only did not show any respect for the national anthem but even insulted it
早年，在多場國際足球比賽上，部分球迷在奏國歌環節時"噓"國歌，以手勢作出侮辱，甚至展示"港獨"標語，不但嚴重損害國家的尊嚴，香港足球總會亦被這些肆意妄為的球迷連累，被國際足球協會罰款24萬元，可見尊重國歌亦是國際公認的禮儀。
A few years ago some football fans booed made insulting gestures and even displayed Hong Kong independence slogans when the national anthem was played during a number of international football matches . Such actions have severely undermined the countrys dignity . These reckless football fans also brought the Hong Kong Football Association into trouble as it was fined 240,000 by the Fédération Internationale de Football Association
如果侮辱國歌的罰則不能與國旗及國徽看齊，自由黨擔心會向社會傳達一個錯誤的信息，令人誤以為隨意侮辱國家並無後果，更會助長這類不負責任的行徑，反而違背《國歌法》尊重國歌立法的原意。
Evidently showing respect for the national anthem is an internationally recognized etiquette . If the penalty for insulting the national anthem is not aligned with that for the national flag and national emblem the Liberal Party is worried that a wrong message will be conveyed to the public making people mistakenly believe that insulting the country bears no consequence which will thus encourage similar irresponsible behaviour and run contrary to the legislative intent of the National Anthem Law to respect the national anthem
而且《條例草案》並非十分嚴苛的法例，絕大部分都是指引性條文，令市民尊重國歌，只要大家給予國歌基本的尊重，而非肆意胡亂侮辱國歌，便不會被檢控。
Moreover the Bill per se is not very harsh . Most of the provisions are directional in nature so as to inspire public respect for the national anthem . There will not be any prosecution as long as people show basic respect for the national anthem and refrain from insulting it arbitrarily
同屬國家特別行政區的澳門早在去年年中已經完成《國歌法》的立法，亦未見對公眾日常生活構成任何影響。
In Macao the other special administrative region of the country the National Anthem Law has been enacted in the middle of last year and the daily life of the public seems not to be affected at all
代理主席，《條例草案》的另一個重點是把國歌納入中、小學教育，令學生可以從小學習國歌，理解國歌背後的歷史及精神，以及學懂尊重國歌。
Deputy Chairman another key point of the Bill is the inclusion of the national anthem in primary and secondary education so that students can learn the national anthem its history and spirit and to respect it from an early age
只要仔細閱讀《國歌法》，以及由政府提交的《條例草案》，便會發現《條例草案》已經能夠準確反映《國歌法》就國歌教育部分的立法原意，故此，自由黨認為沒有修正的必要。
If we read the National Anthem Law and the Bill introduced by the Government carefully we will find that the Bill has accurately reflected the legislative intent of the National Anthem Law in relation to national anthem education . Hence the Liberal Party does not find any amendment necessary in this regard . In fact the national anthem is already included in the current curriculum guides for primary and secondary schools
事實上，現行的香港中小學課程指引已經包含教授國歌，很多音樂科教科書亦有國歌樂譜，以及講述國歌的背景，可見國歌教育並非新鮮事物，現時只是將一貫做法列作法定要求，相信在執行上並不困難，亦不會影響日常的教學。
Many music textbooks also cover the score and background of the national anthem . It can thus be seen that national anthem education is nothing new . The Bill simply seeks to make the established practice a statutory requirement
同時，國歌教育能夠讓下一代明白播放國歌的規範及應遵守的奏唱禮儀，可以令他們避免觸犯《國歌法》，與《條例草案》的其他條文相輔相成，有利達致《國歌法》尊重國歌的目的。
I believe its implementation will not be difficult and will not affect daily teaching . In addition national anthem education teaches the next generation the rules and etiquette for playing and singing the national anthem so as to prevent them from violating the National Anthem Law . That coupled with the other provisions in the Bill is conducive to achieving the object of the National Anthem Law to respect the national anthem
代理主席，身為中國人，尊重國歌、國旗及國徽這些國家象徵是理所當然的事。
Deputy Chairman it is a matter of course for us Chinese to respect the national anthem national flag and national emblem as they are symbols of our country
《條例草案》原本是簡單的法例，但一直被別有用心的人士加以扭曲，從全方位攻擊《條例草案》，借題發揮，煽動社會上的反中和"港獨"情緒，甚至激發社會撕裂，令《條例草案》拖拉多年，完成立法實在刻不容緩。
The Bill which is actually straightforward has all along been distorted by people with ulterior motives to attack the Bill on all fronts used it as a pretext to incite anti - China and Hong Kong independence sentiments in society and even caused social division . As a result the Bill has been dragged on for many years . Thus the legislative work should be completed without delay
我支持政府提出的《條例草案》，反對今天所有修正案，以便《國歌法》盡快在香港實施，履行香港的憲制責任，令全香港市民在播唱國歌時有法可依，維護國歌的尊嚴。
I support the Bill introduced by the Government and oppose all the amendments today . I hope the National Anthem Law will be implemented in Hong Kong as soon as possible so that Hong Kong can fulfil its constitutional responsibility and Hong Kong people will have a law to follow when the national anthem is played and sung with a view to preserving the dignity of the national anthem
不是，因為按照香港法例，這類簡易程序罪行一般要在半年內完成檢控，期限屆滿後，涉案人士便無須面對刑責。
No because according to the laws of Hong Kong prosecution for this kind of summary offences generally has to be completed within six months
"當中有一個很明顯的時限，表面上，好像有兩個限期，但實際上，有關時限差不多等於可以延伸至2年，即可以在2年內就一項可能構成侮辱及不尊重國歌的行為表現而作出檢控。
A time bar is obviously in place . On the surface there seems to be two time limits but in fact it is almost the same as extending the relevant time bar to two years . That is prosecution can be instituted within two years in respect of behaviour which may constitute an insult to and disrespect for the national anthem
根據當局的解釋，違反《條例草案》的情況多數會涉及大量人士或互聯網的使用，所需的調查和搜證時間會較長。
According to its explanation contraventions of the Bill are likely to involve large crowds or the use of the Internet thus requiring more time for investigation and collection of evidence
我相信特區政府自己也要認真思考一下。
Is this actually the way of governance in a modern civilized society? . I believe the SAR Government should give it some serious thoughts
當然，在過程中，人民要面對非常大的苦楚。
Certainly during the process the people will endure immense suffering
政府不要以為可以一直依靠這種鎮壓的方式來解決問題，而不採用文明及政治手段來解決問題，令社會的對立氣氛得以緩解，這樣才是有效的管治方式。
The Government should not be mistaken that it can always settle problems by relying on oppression rather than adopting a civilized and political approach to ease off the confrontational atmosphere in society which is the only effective way of governance
代理主席，2019冠狀病毒病全球大流行重創環球經濟而且未有緩和跡象，加上中美兩國在各領域的角力持續，以致環球金融市場近期大幅波動。
Deputy President with the Coronavirus Disease 2019 pandemic having dealt a heavy blow to the global economy and showing no signs of abating coupled with the continued wrestling between China and the United States US in various aspects financial markets around the world have been very volatile recently
然而，有別於其他股票市場，本港股票市場未設有熔斷機制。
However unlike other stock markets Hong Kongs stock market does not have a circuit breaker mechanism in place
由於每個市場環境都有其獨特性，其監控及管制的方式亦不盡相同。
Since each market is unique the approach of monitoring and control in each market also varies
證券及期貨事務監察委員會負責監察證券市場的交易活動，確保無異常的交投活動及持倉，以及市場操控的情況。
The Securities and Futures Commission SFC is responsible for regulating the trading activities in the securities market to ensure that there is no abnormal trading and position holding as well as market manipulation
證監會亦關注中介機構的運作情況，確保市場能在穩妥的情況下，如常地有序運作。
SFC also keeps a close watch on the operation of the intermediaries to ensure that the market can operate in an orderly manner under a stable environment
事實上，香港的金融體系在過去數十年歷經考驗，一直公平有序地運作。
In fact the financial system of Hong Kong has withstood crises over the years and has been operating in a fair and orderly manner
我們會繼續密切監察市況，並適時加固防衞措施，維護香港的金融穩定。
We will continue to monitor the market closely and strengthen the enhancement measures as necessary to safeguard the financial stability of Hong Kong
港交所在2019年就完善該機制進行諮詢。
HKEx consulted the market on proposals to enhance VCM in 2019
完善機制的建議獲普遍支持，港交所已在今年5月中起實施首階段優化措施，將市調機制所涵蓋股票的範圍由78隻恒生指數及恒生中國企業指數成分股，擴大至包括接近500隻恒生綜合大型股、中型股及小型股指數成分股，其觸發界線則分別設定為5分鐘前最後成交價的±10%、±15%和±20%。
In light of the general support from the market on VCM enhancement HKEx has implemented the first phase of enhancement measures since mid - May this year by expanding the coverage of VCM from 78 constituent stocks of the Hang Seng Index and Hang Seng China Enterprises Index to almost 500 constituent stocks of Hang Seng Composite LargeCap MidCap and SmallCap Indexes with triggering thresholds respectively set at ±10 % ±15 % and ±20 % to the last traded price five minutes ago
港交所會在實施首階段優化措施6個月後檢討市場運作，以決定何時實施第二階段優化措施，屆時每隻市調機制所涵蓋的股票在同一交易時段內將可被多次觸發。
HKEx will review the market operation six months after the first phase of enhancement measures and decide on the timing to implement the second phase of enhancement measures . Multiple triggers per stock covered under VCM per trading session would be allowed by then
在進行上述有關優化市調機制的諮詢時，港交所亦有就應否在香港引入市場層面波動調控措施徵求市場的意見。
In conducting the above mentioned consultation on VCM enhancement HKEx also invited market feedback on whether market - wide volatility control measures should be introduced in Hong Kong
由於各界的反應不一，港交所現階段不會就有關事宜作出決定。
Due to the mixed responses across the market HKEx would not make a firm decision on the matter at this stage
我們希望指出，各地證券市場的波動調控措施均具其獨特性，部分措施亦未必適用於所有市場。
We wish to point out that the volatility control measures adopted in securities markets around the world are unique and some of which may not be applicable to all
港交所會因應諮詢中收集到的意見，擬定可行的模式，與市場再作討論。
HKEx will having regard to the feedback received from the above mentioned consultation formulate a feasible model for further market engagement
二 香港的金融體系歷經考驗，監管制度穩健成熟，能應對市場變化。
2 Hong Kongs financial system has withstood crises one after another . With our resilient regulatory regime Hong Kong can cope with the ever - changing market
金融監管機構和業界亦已因應新型冠狀病毒疫情採取一系列措施，在維持業務持續運作及提供必要服務的同時，減低感染風險。
Financial regulators and the trade have also in response to the novel coronavirus epidemic adopted an array of measures to maintain business operations and provide necessary services while minimizing the risk of infection
證監會已就持牌法團採取的業務延續計劃作出查詢，並知悉部分持牌法團已因應疫情或其他原因以致員工未能返回辦公室上班的情況採取了應變措施，包括遙距辦公及將部分職能分配給不同的辦事處等。
SFC has enquired licensed corporations LCs on their business continuity plans adopted and noted that some LCs had already adopted contingency measures in response to the epidemic or other reasons that had prevented employees from returning to the workplace . Specific measures include working from remote office relocating of certain functions to different offices etc
證監會因應這些措施，採取彈性的處理方式，確保市場妥善運作，並保障投資者的利益。
In light of this SFC is pursuing a flexible approach to ensure that markets continue to function properly while safeguarding investor protection
目前為止，所有交易及結算活動均運作有序。
As of now all trading and settlement were orderly conducted
證監會將繼續密切監察市場情況，確保市場在目前特殊的環境下繼續有效率和公平地運作。
SFC will continue to monitor the market closely to ensure that it will operate efficiently and fairly amidst the extraordinary conditions that it is experiencing
三 多項與環球及本地情況相關的眾多不穩定因素影響下，香港的金融市場難免有所波動。
3 Given multiple unstable factors affecting the situation around the world and locally are at play it is inevitable that the financial market in Hong Kong will become volatile
然而，香港的金融基礎穩健，核心競爭力不變。
Notwithstanding the above Hong Kongs underlying fundamentals remain strong and the core competitiveness remains unchanged
其中，《意見》第十八條支持擴大證券業開放，支持在大灣區內地依法有序地設立外資控股的證券公司、基金管理公司、期貨公司；依法擴大合資券商業務範圍；以及支持香港私募基金參與大灣區創新型企業融資。
Among others item 18 of the Opinion supports the opening up of the securities sector; the setting up of foreign - owned securities companies fund management companies and futures companies orderly in the Greater Bay Area in accordance with the law; the expansion of business scope of eligible securities firms in accordance with the law; and the participation of Hong Kongs private equity funds in financing innovation enterprises in the Greater Bay Area
我們會繼續與內地當局緊密聯繫，在風險可控的前提下，穩妥有序地落實《意見》中的措施，把握大灣區發展的機遇，促進本地金融業發展。
We will continue to liaise closely with the Mainland authorities and take forward the measures in the Opinion progressively in a risk - controlled manner with a view to leveraging the opportunities brought by the Greater Bay Area development and promoting the development of the local financial services sector
另外，外匯基金主要投資高流動性的外幣資產，確保能在短時間內將資產變現，達至保持香港貨幣及金融體系穩定的法定目的。
Separately the Exchange Fund primarily invests in highly liquid foreign currency assets to ensure that it can readily liquidate assets for achieving its statutory objective of maintaining Hong Kongs monetary and financial stability
金管局一直對投資港元資產持審慎態度，現無計劃改變其投資策略。
HKMA has been cautious towards investing in Hong Kong dollar assets and currently has no plan to change such investment strategy
我想追問政府，對於美國聲言要制裁香港，政府如何評估這對本港金融市場會有何利 弊？
I would like to ask the Government a follow - up question . With regard to the United States claiming to sanction Hong Kong how will the Government assess the advantages and disadvantages to be brought to the local financial market?
除了加強防衞之外，香港應否積極爭取發行更多以人民幣計價的金融產品，以及會否就企業的同股不同權提供更多便利，吸引更多及加速中概股回流，並且爭取列入互聯互通名單，以增強香港國際金融中心的地位？
Apart from taking enhancement measures to safeguard the market should Hong Kong actively strive for the issuing of more Renminbi - denominated financial products and will the Government provide more facilitation for corporate weighted voting rights to attract and accelerate the return of more China concepts stocks and strive for their inclusion in the mutual market access schemes with a view to enhancing Hong Kongs position as an international financial centre?
代理主席，政府一直有留意中美角力對香港金融市場發展的影響，除了持續監察市場運作外，政府亦如剛才張議員所說，一直思考如何在國際格局的變動中，讓香港金融市場能夠把握新機遇，例如一些在美國上市的中資企業，現時可能會更加積極考慮來港上市，而內地的創科企業或其他企業如果需要在國際上融資，亦會積極考慮利用香港這個平台。
Deputy President the Government has always paid attention to the impact brought by the tug - of - war between China and the United States on the development of the local financial market . Apart from continuously monitoring the operation of the market the Government has as Mr CHEUNG said just now consistently considered ways to enable the local financial market to grasp new opportunities amidst changes in the international setting . For example some Chinese enterprises listed in the United States may more actively consider listing in Hong Kong whilst the innovative technology enterprises in the Mainland or other corporations in need of international financing may also actively consider availing themselves of our platform in Hong Kong
此外，近日港交所與MSCI就推出一系列共37隻MSCI亞洲地區及新興市場股票指數的期貨及期權合約，達成合作計劃。
Moreover HKEx has recently entered into partnership with MSCI Limited to launch a suite of 37 MSCI Asia and Emerging Market equity index futures and options contracts and this will inject diversity to the products offered in the financial market of Hong Kong
這些都會令香港金融市場的產品更多元化，為發展香港成為亞洲區內卓越的風險管理中心及衍生工具樞紐邁出重要的一步，並展示國際金融市場對香港投下信心的一票。
It also marks a big step forward in developing Hong Kong into a pre - eminent risk management centre and derivative hub in the Asia time zone and represents a notable vote of confidence of the international financial markets in Hong Kong
隨着中美角力為環球金融市場帶來不同層面的不穩定因素，市場參與者更希望找到可靠和穩定的市場進行投資。
Given unstable factors affecting the global financial market at various levels due to the wrestling between China and the United States market participants all the more wish to look for reliable and stable markets for investment
香港的金融監管政策向來公開、透明，而且高效，絕對有條件吸引這些尋求穩定投資環境的資金。
Our financial supervisory policies in Hong Kong have all along been open transparent and highly effective and we absolutely have the conditions to attract these capitals in pursuit of a stable environment for investment
我們會繼續好好發揮香港的制度優勢，致力提高香港作為主要國際金融中心的地位，善用香港與內地以至國際的連通優勢，抓緊大灣區及"一帶一路"發展的機遇，將香港發展成更深更廣的融資平台，進一步加強香港作為離岸人民幣業務中心、資產及財富管理中心、保險及風險管理中心，以及綠色金融樞紐的地位，並推動金融科技的發展。
We will continue to effectively give play to the institutional advantages in Hong Kong and be committed to upgrading Hong Kongs position as a major financial centre . We will leverage Hong Kongs connectivity with the Mainland and the international market and capitalize on the opportunities presented by the Greater Bay Area and the Belt and Road Initiative with a view to developing Hong Kong into a broader and deeper fundraising platform . We will further enhance Hong Kongs position as a centre for offshore Renminbi business asset and wealth management insurance risk management and green finance and promote the development of financial technology
代理主席，許局長在主體答覆的最後一段提到"外匯基金主要投資高流動性的外幣資產"，但一般而言，進行外幣資產投資後，亦會進行一定程度的貨幣對沖，以減低匯兌風險。
Deputy President Secretary HUI has mentioned in the last paragraph of his main reply that the Exchange Fund primarily invests in highly liquid foreign currency assets . But generally speaking after investing in foreign currency assets a certain degree of currency hedging will be carried out to reduce the exchange risk
所以，金管局說一直對投資港元資產持審慎態度，其實投資港元的股票市場亦可採用貨幣對沖，將之變成外幣資產。
In this connection while HKMA claims that it has been cautious towards investing in Hong Kong dollar assets actually currency hedging can be carried out to turn investment in Hong Kong dollar stocks into investment in foreign currency assets
因此，我想問局長的是，究竟審慎 投資香港股票市場是純粹因為幣種，還是避免過分集中本地市場的風險？
So my question to the Secretary is this When HKMA has been cautious towards investing in the Hong Kong stock market does the reason purely have to do with the types of currency or is it because of the need to avoid the risk of over concentration in the local market?
代理主席，就陳議員提及有關外匯基金投資的方向，主要的考慮是多方面的，其中一方面正是議員剛才說集中本地市場的問題。
Deputy President regarding the direction of investment of the Exchange Fund mentioned by Mr CHAN the major considerations are multi - faceted and one of them is precisely concentration on the local market as pointed out by the Member just now
代理主席，我想再提一提，事實上，如果用了22分鐘內的14分鐘，只有一位議員提問，而且提出多項的跟進問題，這可能已違反《議事規則》或偏離質詢的原意。
Deputy President I wish to bring up the point that if out of 22 minutes 14 minutes are spent already with only one Member asking a question plus a number of follow - up questions this may have breached the Rules of Procedure or digressed from the original intention of the question
代理主席，我想問的是，局長在主體答覆第一部分提到市調機制，亦即所謂的冷靜期，有關的工作似乎要按部就班地處理，而非一次過迅速地進行。
Deputy President my question is In part 1 of the main reply the Secretary mentioned VCM or the so - called cooling - off period and it seems that the relevant work will be carried out in an orderly manner rather than expeditiously in one go
政府及各金融監管機構一直密切監測市場情況，以維護市場的透明度及秩序，減低系統性的風險，促進市場健康有序地發展，以及維護香港的金融穩定。
The Government and financial regulators have been closely monitoring the market in order to maintain the transparency and order of the market reduce systemic risks facilitate the healthy and orderly development of the market and safeguard the financial stability of Hong Kong
港交所本身就風險管理設有一套完整的應對措施，當中包括初始保證金、按市場波動所追收的即日按金、按資本額釐定的持倉限額及儲備基金等，以應對市場波動。
In response to market volatility HKEx has in place a comprehensive range of measures for risk management including initial margin intra - day margin calls based on market volatility capital based position limit reserve fund and so on
目前為止，各個結算參與者亦已履行結算所的風險管理規定。
So far clearing participants have met the risk management requirements of the clearing houses
證監會就持牌法團的資本要求作出的規定，包括例如財政資源規則等，亦確保持牌法團具有充足流動資產，能夠在經營業務的過程中，當負債到期時可以償付。
SFC has set out capital requirements for LCs such as the financial resources rules and so on while ensuring that LCs have sufficient liquid assets to meet ongoing liabilities as they fall due