MONDAY, SEPTEMBER 21, 1987
IT WAS HOPED THAT THE BILL WOULD BE INTRODUCED INTO THE LEGISLATIVE COUNCIL WITHIN THE NEXT FEW MONTHS.
MR NENDICK SAID THAT SINCE THE UNIFICATION OF THE FOUR STOCK MARKED EXCHANGES, THE TURNOVER OF THE STOCK MARKET HAD INCREASED TO A EXTENT AND THE NUMBER OF FIRMS SEEKING PUBLIC LISTING HAD GROWN DRAMATICALLY.
HE SAID THIS WAS TO BE WELCOMED BUT NOT THE EXTENT TO WHICH THE RECENT ISSUES HAD BEEN VASTLY OVERSUBSCRIBED.
"I DO NOT REGARD THIS AS A SATISFACTORY STATE OF AFFAIRS AND I URGE THOSE ASSOCIATED WITH NEW ISSUES, INCLUDING THOSE WHO FINANCE
CAREFULLY HOW SUBSCRIBERS, TO THINK
BEST SITUATIONS CAN
BB
AVOIDED IN FUTURE.
THESE
HE
"NOT ONLY ARE THEY POTENTIALLY DISRUPTING ΤΟ THE MONEY AND FOREIGN EXCHANGE MARKETS BUT ALSO OFFER SCOPE SAID.
FOR
MAJOR
FRAUD,
MR NENDICK SAID THE GOVERNMENT WAS FIRMLY COMMITTED TO A FREE MARKET PHILOSOPHY AND SAW ITS ROLE AS PROVIDING THE NECESSARY ENVIRONMENT AND INFRASTRUCTURE IN WHICH BUSINESS COULD FLOURISH RATHER THAN THE DRIVING FORCE.
"IN A NUTSHELL, THE GOVERNMENT LIMITS ITS INTERVENTION TO THE MINIMUM NECESSARY TO ENSURE THAT THE INTEGRITY OF THE FINANCIAL SYSTEM IS MAINTAINED AND THAT A PROPER MEASURE OF PROTECTION IS PROVIDED FOR THE NON-PROFESSIONAL PARTICIPANTS IN THE SYSTEM, PARTICULARLY SMALL INVESTORS AND DEPOSITORS, HE SAID.
10
HE SAID IT WAS THE AIM OF THE GOVERNMENT ΤΟ MOVE FORWARD BY CONSULTATION AND, WHENEVER POSSIBLE, BY CONSENSUS. "WE PLAN TO MAINTAIN A CLOSE DIALOGUE WITH THE PRIVATE SECTOR SO THAT WE CAN CONSIDER TOGETHER WHAT LEGISLATIVE AND FISCAL CHANGES MAY BE NECESSARY
ENABLE HONG KONG ΤΟ CONTINUE TO PROSPER AS " INTERNATIONAL FINANCIAL CENTRE.
ΤΟ
"
AN
"TO" CONCLUDE, MR NENDICK SAID, "WE SEE HONG KONG'S ROLE AS AN INTERNATIONAL FINANCIAL CENTRE CONTINUING WITHOUT INTERRUPTION BEYOND 1997. THE JOINT DECLARATION HAS PROVIDED THE POLITICAL BASIS AND STABILITY FOR THIS CONFIDENCE.'
I
"OUR ROLE WILL BE TO ENSURE THAT OUR MARKET PLACE INTEGRITY THAT WARRANTS THE FULL TRUST OF BOTH INTERNATIONAL INVESTORS, HE ADDED.
THE
11
MAINTAINS
LOCAL AND
17