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FRIDAY, OCTOBER 19, 1984
THEY WILL DISCUSS PROBLEMS INVOLVING MUTLI-STOREY BUILDINGS, TRAFFIC IN TSIM SHA TSUI EAST, HAWKERS AND STREET SLEEPERS.
THE FORUM, IS JOINTLY ORGANISED BY THE CITY AND NEW TERRITORIES ADMINISTRATION AND RTHK.
NOTE TO EDITORS:
YOU ARE INVITED TO COVER THE FORUM IN THE UC CENTENARY GARDENS, TS IM SHA TSUI EAST ON SUNDAY (OCTOBER 21) AT 3.30 PM.
COMMODITIES TRADING ORDINANCE -
NATIONAL COMMODITIES TRADERS LIMITED
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THE COMMODITIES TRADING COMMISSION HAS AGREED THAT STEPS SHOULD BE TAKEN TOWARDS REVIEWING THE COMPENSATION PROVISIONS OF THE COMMODITIES TRADING ORDINANCE AT THE EARLIEST OPPORTUNITY. THIS HAS BECOME NECESSARY IN LIGHT OF THE CONSIDERABLE DIFFICULTIES IN ACHIEVING ANY RESOLUTION OF THE FIRST ACTUAL CLAIMS UPON THE COMPENSATION FUND ARISING IN CONNECTION WITH NATIONAL COMMODITIES TRADERS LIMITED, NOW IN LIQUIDATION.
THE HONG KONG COMMODITY EXCHANGE HAS ASSISTED THE COMMISSION BY PROVIDING VARIOUS LEGAL OPINIONS ON THE ORDINANCE WHICH CONFIRM THERE IS A SIGNIFICANT DEGREE OF UNCERTAINTY AS TO THE MEANING OF SOME PROVISIONS. IN PARTICULAR IT HAS BECOME APPARENT THAT THE PROVISIONS RELATING TO THE MAXIMUM SUM AVAILABLE TO CLAIMANTS AND ON REPLENISHMENT OF THE FUND MAY BE UNSATISFACTORY AND DO NOT APPEAR CAPABLE OF ACHIEVING ADEQUATE AND CONTINUING INVESTOR PROTECTION.
THE COMMISSION HAS BEEN AWARE OF THE GENERAL SHORTCOMINGS OF THE COMPENSATION PROVISIONS AND HAD INTENDED THAT THE MATTER BE INCLUDED IN THE GENERAL REVIEW OF THE COMMODITIES TRADING ORDINANCE PLANNED FOR 1985. HOWEVER, IN VIEW OF THE PRACTICAL DIFFICULTIES CAUSED BY THE NATIONAL COMMODITIES TRADERS CASE THE COMMISSION HAS DETERMINED THAT WORK ON SUCH A REVIEW SHOULD NOW BE COMMENCED.
THE OFFICE OF THE COMMISSIONER FOR COMMODITIES TRADING AND THE HONG KONG COMMODITY EXCHANGE ARE LIAISING CLOSELY ON THESE MATTERS AND ON PROPOSALS FOR A NEW OR AMENDED COMPENSATION FUND.
SPECIFIC PROPOSALS ARE NOW BEING FORMULATED AND IT IS ANTICIPATED THESE WILL BE CONSIDERED BY THE COMMODITIES TRADING COMMISSION SHORTLY.
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