6. 6
Friday, August 3, 1973
Ir. Woo added that if the government would give an assurance that
such regulations would not be made under the Stamp Ordinance until after
the Securities Bill had itself become law and had come into operation, the
Unofficial Members would have no objection to the bill.
In reply, the Financial Secretary, Mr. Philip Haddon-Cave, explained
that (as he told the council when moving the second reading of the bill), the
reason why the government's immediate proposal was that relief from stamp
duty should be confined to transactions involving either overseas cliente
or odd lots, was that these were the only areas to which the extension of
relief was practical and desirable at the present time.
Any further extensions of relief would depend on the initiative of
the stock exchanges.
The Financial Secretary also said that he proposed to include provisions
in the Securities Bill to allow the type of dealer that might be classified as
a jobber, and the manner of his transactions, to be determined by way of regulation.
In conclusion Mr. Haddon-Cave said: "But as Honourable Members feel
that, were I to seek Regulations for relief in the limited areas of jobbing
concerned with odd lots and overseas transactions before the passing of the
Securities Bill I would be putting the cart before the horse, I am willing to
give the assurance my Honourable Friend, Mr. P.C. Woo requires."
This means that, although enabling legislation has been passed, no
further steps will be taken to grant stamp duty relief for jobbing transactions
until after the Securities Bill has become law and has come into operation.
17