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WEDNESDAY, FEBRUARY 26, 1986
N BALANCE, THE AD HOC GROUP DECIDE THAT THE ORIGINAL WORDING WAS TO WIDE AND NOT IN SPIRIT WITH THE SCHEDULE AND THEREFORE HAL PROPOSED THE PRESENT AMENDMENT, SHE SAID.
FOLLOWING THE AMENDMENT, PARAGRAPH 7(1)(A)(11) OF THE SCHEDULE ROW READS:
*HERE THE ASSETS ARE ACQUIRED FROM OR DISPOSED OF TO ANY OF THE COMPANY'S OR ITS SUBSIDIARIES' DIRECTOKS Ük CHIEF EXECUTIVE, OR ANY ASSOCIATE OF ANY SUCH DIRECTORS ON CHIEF EXECUTIVE OTHER THAN TRADING ASSETS SO ACQUIRED OR DISPOSED OF IN THE ORDINARY COURSE OF BUSINESS, OR+
COMMENTING ON THE SECURITIES REGULATIONS IN GENERAL, MISS TAN POINTED OUT THAT THEY WOULD FORM A NEW BASIS FOR THE OPERATIONAL RULES OF THE UNIFIED STOCK EXCHANGE TO BE LAUNCHED IN APRIL THIS YEAR.
+WHILE THE HONG KONG COMMUNITY DEFINITELY WANTS HONG KONG TO MOVE FORWARD AS A VIBRANT FINANCIAL CENTRE, THEY ALSO LOOK TO THE GOVERNMENT FOR LEGISLATIVE MEASURES TO STRENGTHEN OUR PRUDENTIAL CONTROLS, + MISS TAM SAID.
MISS TAM STRESSED THAT COOPERATION AND UNDERSTANDING BETWEEN THE BUSINESS COMMUNITY AND THE COMMISSIONER OF SECURITIES WAS VITAL TO MAKE THE RULES AND LISTING REQUIREMENTS WORK.
+AND IN THIS CONTEXT, I MUST ALSO EXPRESS CONCERN THAT OTHER PARTS OF THE LISTING REQUIREMENTS, WHICH ARE NOT SUBJECT TO THE STATUTORY RULES BUT WHICH ARE OF EQUAL IMPORTANCE TO THOSE AFFECTED, HAVE GIVEN RISE TO REPRESENTATIONS BY LISTED COMPANIES AND ARE IN SOME RESPECTS UNACCEPTABLE IN THEIR PRESENT FORM.
*IT IS A MATTER OF REGRET THAT THESE RULES, UNLIKE THE STATUTORY RULES, APPEAR TO HAVE BEEN BROUGHT INTO FORCE WITHOUT ANY PROCESS OF PRIOR CONSULTATION, SHE SAID,
MISS TAM ALSO DREW ATTENTION TO THE FACT THAT A STATUTORY MONOPOLY HAD BEEN CREATED IN THE FORM OF THE NEW UNIFIED STOCK EXCHANGE AND WIDE POWERS HAD BEEN CONFERRED ON THE NEW EXCHANGE COMPANY.
HOWEVER, SHE EXPRESSED CONCERN THAT THE LEGISLATIVE COUNCIL DID NOT HAVE ANY CONTROL OVER THE MANNER IN WHICH THESE POWERS WERE EXERCISED.
+ IT MAY THEREFORE BE APPROPRIATE TO SEND A MESSAGE TO THOSE ENTRUSTED WITH THE CONTROL AND MANAGEMENT OF THIS VITAL AND HIGHLY VISIBLE ORGAN OF OUR FINANCIAL CENTRE ACTIVITIES THAT WE EXPECT THE TO BE AT LEAST AS DILIGENT AS GOVERNMENT ITSELF IN CONSULTING WITH ALL INTERESTED PARTIES AND SELNING CONSENSUS WHEN EXERCISING THE POWERS VESTED IN THEM, + MISS TAM URGED.
/ALSO SPEAKING