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THURSDAY, OCTOBER 27, 1988
COMMENTING ON THE TRADE PROSPECT IN 1992 WHEN THE INTERNAL TRADE BARRIERS GO DOWN IN EUROPE, SIR DAVID SAID: "WE HAVE TO LOOK TO THE OPPORTUNITIES THAT MIGHT PROVIDE FOR US AND WE HAVE TO LOOK ΤΟ SEE IF THERE ARE ANY POTENTIAL DANGERS AND, IF NECESSARY, TAKE PRE-EMPTIVE ACTION TO DEAL WITH THEM.
RETURNING WITH THE GOVERNOR WERE LADY WILSON AND HIS PRIVATE SECRETARY, MR RICHARD HOARE. THEY WERE GREETED BY THE CHIEF SECRETARY, SIR DAVID FORD; ACTING SENIOR MEMBER OF THE EXECUTIVE COUNCIL, MISS MARIA TAM; AND THE SENIOR MEMBER OF THE LEGISLATIVE COUNCIL, MR ALLEN LEE.
MAINTAINING HK'S STATUS AS MAJOR FINANCIAL CENTRE
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FURTHER SAFEGUARDS ARE TO BE INTRODUCED TO ENSURE THAT HONG KONG MAINTAINS STANDARDS CONSISTENT WITH ITS ROLE AS A MAJOR INTERNATIONAL FINANCIAL CENTRE, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID THIS (THURSDAY) MORNING.
SPEAKING AT THE OPENING OF THE MONEY 88 EXHIBITION, MR NENDICK SAID THAT OVER THE PAST YEAR, HONG KONG HAD BUILT ON THE EXPERIENCE GAINED LAST OCTOBER AND THE PROCESS CONTINUED.
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"WE WILL CONTINUE TO DO ALL WE CAN TO PROTECT THE INTEGRITY THE MARKETS AND THE INTERESTS OF INVESTORS, BOTH LOCAL AND OVERSEAS, HE SAID.
MR NENDICK SAID THE EVENTS OF LAST OCTOBER ALSO REMINDED US THAT RISK AND RETURN WERE INSEPARABLE ELEMENTS IN ANY INVESTMENT AND FINANCIAL INVESTMENT WAS BECOMING MORE COMPLEX AND SOPHISTICATED.
"IT IS IMPORTANT FOR THE INVESTING PUBLIC TO IDENTIFY THEIR OBJECTIVES AND UNDERSTAND THE RANGE OF INVESTMENT OPPORTUNITIES OPEN TO THEM BEFORE THEY MAKE THEIR CHOICE," HE SAID.
MR NENDICK SAID THAT FOLLOWING THE PUBLICATION OF THE SECURITIES REVIEW COMMITTEE'S REPORT IN JUNE, PLANS WERE WELL IN HAND TO ESTABLISH A NEW REGULATORY AUTHORITY, THE SECURITIES AND FUTURES COMMISSION, TO REPLACE THE EXISTING REGULATORY STRUCTURE.
HE SAID IT WAS HOPED THAT LEGISLATION WOULD BE INTRODUCED INTO THE LEGISLATIVE COUNCIL BEFORE THE END OF THE YEAR.
MR NENDICK SAID THE SECURITIES REVIEW COMMITTEE ALSO RECOMMENDED A FUNDAMENTAL REVISION OF THE CONSTITUTION AND INTERNAL MANAGEMENT OF BOTH THE STOCK AND FUTURES EXCHANGES.
COMMITTEE '9 RECOMMENDATIONS
"THE STOCK EXCHANGE ACCEPTED THE AND, THANKS TO THEIR INITIATIVE, A NEW STRUCTURE IS ALREADY IN PLACE.
"THE FUTURES EXCHANGE IS ALSO AT AN ADVANCED STAGE IMPLEMENTING A NEW CLEARING AND RISK MANAGEMENT STRUCTURE, * HE SAID.
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