G.F. 316
41.
3) 高度機密NCLASSIFIED
The discretionary criteria for the granting of DTC licences, which were announced in this Council on 29 April 1981, have however been reviewed. Two have become open to challenge with the passage of time. One requires a company incorporated
outside Hong Kong applying for a DTC licence to have been a registered DTC on or before 10 April 1981, the date on which the
intention to create the licensed DTC category was gazetted. This criterion was considered necessary at the time to prevent a rush of registrations from overseas institutions, with a view to subsequent licence applications. Since then, however, the
licensed sector has settled down and
established its own
identity. It does not therefore seem that any harm would now be done by opening the door to overseas companies which have registered as DTCs more recently than 10 April 1981, given that the criterion of a minimum qualification period of three years as a registered DTC would continue to apply.
42.
The other change which I propose concerns the present requirement that an applicant should be "in good standing in the Hong Kong (and, if relevant, international) money markets". This criterion has been interpreted to refer to standing as a principal in the money market, and hence to require the holding of sizeable positions in that market. But the true intention is that an applicant must enjoy a good general standing within the financial community. This will be the revised criterion (10).
(10) All the other criteria, which the Administration has carefully reviewed with the assistance of the DTC Advisory Committee, remain unchanged. It is important to note that these are essentially guiding criteria. They will continue to be applied intelligently. For easy reference, the revised list is given at Appendix C.
高度機密