THURSDAY, OCTOBER 24, 1985
SECURITIES REGULATIONS TO BE PUBLISHED
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SEVERAL SETS OF SUBSIDIARY LEGISLATION, UNDER THE SECURITIES ORDINANCE AND THE COMMODITIES TRADING ORDINANCE WILL BE PUBLISHED IN THE GAZETTE TOMORROW (FRIDAY) AND TAKE EFFECT THE SAME DAY.
PART II OF THE SECURITIES (AMENDMENT) ORDINANCE 1985 WILL ALSO BECOME EFFECTIVE TOMORROW.
THE SECURITIES (MISCELLANEOUS) REGULATIONS 1985 AND THE SECURITIES (DEALERS, INVESTMENT ADVISERS
INVESTMENT ADVISERS, PARTNERSHIPS AND REPRESENTATIVES) RULES 1985, SUPPLEMENT THE MAIN ORDINANCE IN GOVERNING THE REGISTRATION PROCEDURES AND OTHER REGISTRATION MATTERS.
THE REGULATIONS SET OUT, AMONG OTHER THINGS, REVISED FEES IN RELATION TO REGISTRATION FOR VARIOUS CLASSES OF REGISTERED PERSONS AND CHANGES OF INFORMATION THAT A REGISTERED PERSON IS REQUIRED TO NOTIFY THE COMMISSIONER.
A GOVERNMENT SPOKESMAN EXPLAINED THAT THE FEES RELATING TO REGISTRATION OR RENEWAL OF REGISTRATION OF SECURITIES DEALERS, ADVISERS AND THE IR REPRESENTATIVES HAVE NOT BEEN REVISED SINCE THEY WERE FIRST IMPOSED IN 1974 AT THE ENACTMENT OF THE SECURITIES ORDINANCE.
THE FEES HAVE NOW BEEN SET ON A COST RECOVERY BASIS AFTER A DETAILED EXAMINATION BY GOVERNMENT, THE FEES ALSO TAKE INFLATION INTO ACCOUNT, HE SAID.
THE RULES PRESCRIBE THE VARIOUS FORMS USED FOR REGISTRATION. THEY CONSIST MAINLY OF EXISTING FORMS WHICH HAVE BEEN REVISED AND IMPROVED IN THE LIGHT OF PRACTICAL EXPERIENCE TO ENABLE DISCLOSURE OF MORE RELEVANT INFORMATION CONCERNING APPLICANTS.
THE RULES ALSO SET OUT THE PARTICULARS TO BE RECORDED IN THE REGISTER OF REGISTERED PERSONS MAINTAINED BY THE COMMISSIONER. SUCH REGISTERS ARE OPEN FOR PUBLIC INSPECTION ON THE PAYMENT OF A SMALL FEE.
THESE MATTERS WERE PREVIOUSLY DEALT WITH UNDER REGULATIONS, BUT TO PROVIDE FOR GREATER FLEXIBILITY FOR APPROPRIATE CHANGES TO BE MADE IN FUTURE, THE SECURITIES ORDINANCE NOW PROVIDES THE SECURITIES COMMISSION THE POWER TO MAKE RULES GOVERNING THESE MATTERS.
ALSO TO BE PUBLISHED TOMORROW ARE THE COMMODITIES TRADING (DEALERS, COMMODITY TRADING ADVISERS AND REPRESENTATIVES)
(AMENDMENT) REGULATIONS 1985. THE AMENDMENTS ARE CONCERNED MAINLY WITH REVISED FEES FOR REGISTRATION AND FOR INSPECTION OF PUBLIC REGISTERS, AND FOR THE ISSUE OF DUPLICATE CERTIFICATES OF REGISTRATION.
/THE FINES