WEDNESDAY, AUGUST 7, 1985
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THE GOVERNMENT SHOULD PREPARE ITSELF WITH ADEQUATE MANPOWER AND ACCEPTABLE METHODS TO GOVERN THE COLLECTION AND PAYMENT OF LEVIES, HE SAID.
THERE WAS ALSO CONCERN THAT A TRADER'S LICENCE COULD BE REVOKED DUE TO NEGLIGENCE TO PAY THE LEVY.
+THE SUCCESSFUL OPERATION OF THE LEVY SYSTEM WOULD REQUIRE SINCERE COOPERATION AND UNDERSTANDING OF ALL PARTIES CONCERNED,+ MR CHEUNG CONCLUDED.
INTEREST OF SMALL INVESTORS TAKEN CARE OF *****
BOTH THE FUTURES EXCHANGE AND THE CLEARING HOUSE ARE CONSCIOUS OF THE NEED TO ENSURE THE INTEREST OF THE SMALL INVESTORS ARE NOT IGNORED, SECRETARY FOR ECONOMIC SERVICES, THE HON PIERS JACOBS, SAID TODAY (WEDNESDAY).
ROUNDING UP THE RESUMED DEBATE ON THE COMMODITIES TRADING (AMENDMENT) BILL 1985, HE SAID BOTH THE EXCHANGE AND THE CLEARING HOUSE DID ATTEMPT TO PROVIDE SOME MEASURES OF PROTECTION.
+BUT IT IS INCUMBENT UPON ANY INVESTOR TO MAKE SURE THAT HE UNDERSTANDS THE NATURE OF THE INVESTMENT HE IS MAKING AND DOES NOT OVER-EXTEND HIMSELF,+ MR JACOBS SAID, NOTING THE CONCERN EXPRESSED BY THE HON BILL BROWN OVER UNDUE SPECULATION BY SMALL INVESTORS.
+AS MR BROWN HAS INDICATED, ESSENTIALLY THE FUTURES MARKET IS FOR THE LARGER OR PROFESSIONAL INVESTOR,
+BUT HAVING SAID THIS, I MUST SAY THAT THE DEALERS IN THE MARKET SHOULD ALWAYS TAKE STEPS TO ENSURE THAT THEIR CLIENTS ARE PROPERLY ADVISED.
+THOSE WHO IGNORE THAT ADVICE OR TAKE RISKS BEYOND THEIR MEANS WILL HAVE ONLY THEMSELVES TO BLAME,+ MR JACOBS ADDED.
HE POINTED OUT THAT THE VIEW OF THE SECURITIES COMMISSION AND THE COMMODITIES TRADING COMMISSION WAS THAT THE NECESSARY SAFEGUARD AND CONDITIONS WERE THERE AND THAT THE GOVERNMENT WOULD HAVE TO MONITOR DEVELOPMENTS.
TURNING TO THE HON CHEUNG YAN-LUNG'S REMARK REGARDING THE COMPENSATION FUND, MR JACOBS SAID THE PROVISIONS RELATING TO THIS FUND WERE DRAWN UP AFTER THE MOST CAREFUL INVESTIGATION OF THE PRACTICE IN OTHER EXCHANGES AND FOLLOWING CONSULTATION WITH THE HONG KONG FUTURES EXCHANGE.
/+WE HAVE
+