TUESDAY, JUNE 14, 1988
OPPORTUNITY TO EXAMINE REPORT: ACTING FS
PRIORITY 18 NOW BEING GIVEN TO THE EXAMINATION OF RECOMMENDATIONS IN THE SECURITIES REVIEW COMMITTEE REPORT WHICH PROVIDES A BLUEPRINT FOR HONG KONG'S FUTURE DEVELOPMENT A9 AN INTERNATIONAL FINANCIAL CENTRE, THE ACTING FINANCIAL SECRETARY, DAVID NENDICK SAID TODAY (TUESDAY).
MR
SHOW
OFFICIATING AT THE SWITCHING-ON CEREMONY FOR RTHK'S VIDEO ON "MONEY PROGRAMME", MR NENDICK NOTED THAT THE PAST TWO WEEKS HAD BEEN EVENTFUL FOR THE SECURITIES MARKETS.
HE POINTED OUT THAT APART FROM ACCORDING PRIORITY TO THE EXAMINATION OF THE SECURITIES REVIEW COMMITTEE REPORT PROPOSALS, THE GOVERNMENT HAD RECENTLY ACHIEVED SIGNIFICANT PROGRESS ON TWO OTHER FRONTS.
"FIRST, THE SECURITIES (DISCLOSURE OF INTERESTS) INTRODUCED INTO THE LEGISLATIVE COUNCIL LAST WEDNESDAY.
BILL WAS
SUBSTANTIAL
"THE BILL CONTAINS PROPOSALS WHICH WILL REQUIRE SHAREHOLDERS OF LISTED COMPANIES INCORPORATED IN HONG KONG, I.E. THOSE HOLDING 10 PER CENT OR MORE OF THE SHARES, TO DISCLOSE THEIR SHAREHOLDINGS AND SHARE DEALINGS," HE SAID.
OR
THE SAME WILL APPLY TO ALL DIRECTORS AND CHIEF EXECUTIVES SUCH COMPANIES. THE INFORMATION WILL BE RECORDED IN REGISTERS KEPT BY LISTED COMPANIES, TO WHICH THE PUBLIC WILL HAVE ACCESS.
"IN ADDITION, LISTED COMPANIES THEMSELVES, SHAREHOLDERS REPRESENTING 10 PER CENT OF THE PAID UP CAPITAL OF ANY SUCH COMPANY OR THE FINANCIAL SECRETARY ACTING THROUGH INSPECTORS APPOINTED BY HIM, CAN REQUIRE INFORMATION TO BE PROVIDED REGARDING THE BENEFICIAL OWNERSHIP OF SHAREHOLDINGS OF ANY SIZE, IF THEY HAVE REASONABLE CAUSE TO OBTAIN IT, HE SAID.
MR NENDICK POINTED OUT THAT THERE WOULD BE SEVERE PENALTIES FOR NON-COMPLIANCE.
"THIS PROPOSED LEGISLATION WILL ENABLE THE PUBLIC ΤΟ HAVE A BETTER UNDERSTANDING AS TO THE OWNERSHIP OF LISTED COMPANIES AND WILL MAKE IT EASIER TO IDENTIFY AND PENALISE THOSE WHO BREACH THE RULES AND REGULATIONS RELATING TO THE SECURITIES MARKETS DESIGNED ΤΟ PROTECT THE NON-PROFESSIONAL INVESTOR, HE SAID.
ANOTHER SIGNIFICANT DEVELOPMENT, MR NENDICK SAID, WAS THE PASSING OF THE SECURITIES (AMENDMENT} BILL AND THE INSURANCE COMPANIES (AMENDMENT) BILL IN THE LEGISLATIVE COUNCIL LAST WEDNESDAY.
"THE PROVISIONS