CONFIDENTIAL
FM HONG KONG
TO PRIORITY FCO
TELNO 993
OF 28043OZ MARCH 89
11
CONFIDENTIAL
HKB 011/2
а
TOP COPY Q DIST ?
13
071327
MDLIAN 7962
HONG KONG TELNO 839: EXECUTIVE COUNCIL AT THE PART I MEETING OF THE EXECUTIVE COUNCIL HELD ON 21 MARCH 1989, THE GOVERNOR IN COUNCIL ORDERED THAT
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(A) NO FEE SHOULD BE LEVIED ON THE EXCHANGE COMPANY UNDER SECTION 28(1) OF THE STOCK EXCHANGE UNIFICATION ORDINANCE FOR THE PERIOD 2 APRIL 1989 TO 1 APRIL 1990: AND THE REQUIREMENT TO PAY AN ANNUAL FEE SHOULD BE REMOVED AND ACTION TAKEN TO REPEAL SECTION 28 OF THE ORDINANCE:
HALF
(B) FROM THE ESTABLISHMENT DAY OF THE SECURITIES AND FUTURE COMMISSION (SFC) IN THE CASE OF EVERY PURCHASE AND SALE OF SECURITIES RECORDED ON THE UNIFIED EXCHANGE, THE PURCHASER AND THE SELLER SHOULD EACH BE LIABLE TO PAY A LEVY OF 0.025 PER CENT OF THE CONSIDERATION FOR SUCH PURCHASE AND SALE AND THAT, INITIALLY, OF THIS LEVY SHOULD BE PAYABLE TO THE SFC AND HALF SHOULD BE RETAINED FOR USE BY THE UNIFIED EXCHANGE: AND FROM OCTOBER 1989, IN THE CASE OF EVERY LEVIABLE TRANSACTION IN EACH MARKET OF THE FUTURES EXCHANGE COMPANY, THE PURCHASER AND SELLER SHOULD EACH ROUND-TRIP CONTRACT, EACH BE LIABLE TO PAY A LEVY OF DOLLARS 5 TO THE SFC. THE COMMENCEMENT DATE OF THIS LEVY WILL BE SUBJECT TO A REVIEW OF THE MARKET SITUATION IN AUGUST 1989: AND
(C) THE STATE BANK OF VICTORIA SHOULD BE GRANTED A BANKING LICENCE UNDER SECTION 16(1) OF THE BANKING ORDINANCE.
WILSON
YYYY
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