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SETTLEMENT PERIOD WITH A LONGER ONE, TRADE DAY PLUS THREE DAYS, TO ALLOW INTERNATIONAL BROKERS SUFFICIENT TIME TO EXECUTE THEIR OVERSEAS CLIENTS' TRANSACTIONS. A STERRING COMMITTEE COMPOSING OF STOCKBROKERS, BANKERS, REGISTRARS AND TRUSTEES HAS BEEN FORMED TO OVERSEE THE ESTABLISHMENT OF THE NEW CENTRAL CLEARING SYSTEM. THIS IS EXPECTED TO BE IN OPERATION BY MID 1990.
SECURITIES AND FUTURES COMMISSION
5. DRAFT LEGISLATION TO ESTABLISH A NEW REGULATORY AUTHORITY, THE SECURITIES AND FUTURES COMMISSION (SFC) IS BEING CURRENTLY DISCUSSED WITH INTERESTED PARTIES, INCLUDING THE SEHK. THE LEGISLATION WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL IN JANUARY SO THAT THE SFC CAN COME INTO BEING IN THE FIRST QUARTER OF 1989. THE FIRST COMMISSIONER WILL BE MR. ROBERT OWEN.
FUTURES EXCHANGE
6. MEMBERS OF THE HKFE APPROVED A NEW MEMORANDUM AND ARTICLES OF ASSOCIATION AT AN EGM IN NOVEMBER. THIS WILL MEAN THAT AS RECOMMENDED BY THE SRC THERE WILL BE MORE INDEPENDANT MEMBERS ON THE HKFE COUNCIL. AT A FURTHER EGM ON 14 DECEMBER, MEMBERS WILL CONSIDER THE ESTABLISHMENT OF A NEW CLEANING CORPORATION WHICH WILL BE A WHOLLY-OWNED SUBSIDIARY OF THE HKFE AND REPLACE THE FORMER GUARANTEE CORPORATION AND ICCH.
WILSON
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MINIMAL
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14
DISTRIBUTION
14
HKD
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