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26. The Financial Secretary will consider applicatiore from
persons engaged in the discretionary management Ji portfolios of securities on behalf of residents at Iraq to continue to manage the portfolios in question. Permission will not normally be given to allow the release of portfolios from Hong Kong control.
is
27. Where securities are registered in the name of a Derson
resident in Iraq, no direction requiring payments of capical monies, dividends or interest to any person outside Hong Kong may be complied with. Permission nereby given for such payments to be made to "Iraqi Accounts", Such permission is also given where persons subject to the Order hold bearer securities for account of persons resident in Iraq.
Iraqi securities
28. No permissions are necessary for transfers of
securities issued by residents of raq except when a person subject to the Order is required, by a direction given by or on behalf of a resident of Iraq, so part with any such security or to make any change in the persons to whose order any such security is to be held.
29. Applications should be made to the Financial Secretary
for any permission needed by payment agents in Hong Kong for Iraqi securities to make Interest, dividend or redemption payments on, or to buy in, such securities.
Oil
30. Permission will be considered for payments to be made
by debit of an "Iraqi Account" for shipments of oil, provided any necessary import licence and evidence of shipment are exhibited.
Pre-zero transactions
Permission has been given for any bargains entered into in the money, foreign exchange, commodities (other than physical oil) and securities markets, including jerivatives, or any payment instructions received for immediate execution, involving Iraqi counterparties, prior to 9:00 a.m. on August 1990, to be completed.
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