MKC 100/1
19 JUL RAS
67
PJMAGI
9
13 JUL 1988
8
65
*2
PA
FROM:
P J Morris
S
DATE:
Glexarthur My Morris HE
PS/Lord Glenarthur
Hong Kong Department
12 July 1988
CC: Mr Hum, HKD
D
Many thanks, Main points all covered.
Did he
BILaw Slawthe
CALL ON LORD GLENARTHUR BY MR NICK MACANDREW, MANAGING DIRECTOR OF SCHRODERS ASIA LTD
13/
Mr MacAndrew called on Lord Glenarthur this morning. This minute records the main points covered during the fifteen minute meeting.
1.
2. Mr MacAndrew said that he had written to Piers Jacobs urging him and the Hong Kong Government to press on with the Stock Exchange reforms. He said that many people recognised that the Stock Exchange had a very important role to play in Hong Kong's economy and it must be in good shape when it is handed over to the Chinese in 1997.
3.
Mr MacAndrew said that he and a number of businessmen were concerned that the large number of small brokers may encourage the Government to put off measures to restructure the Stock Exchange. This must not happen; the Government must maintain its present momentum and get on with the Stock Exchange reforms.
4. Mr MacAndrew said that the consultation period had passed and the recommendations (of the SRC) must not be sent back for
consultation.
5. Lord Glenarthur replied that the Stock Exchange reforms will need a certain amount of legislation and this could take up to two years; self-regulations would also require time to be clarified and implemented. He said that the Hong Kong Government had established
a special team to present specific proposals to ExCo.