MONDAY, FEBRUARY 20, 1989
*
THE EXISTING STOCK EXCHANGE LEVY WILL BE REPLACED BY A NEW STATUTORY LEVY AT AN INITIAL LEVEL OF 0.025 PER CENT PER TRANSACTION.
THE STOCK
EXCHANGE AND THE NEW SECURITIES AND FUTURES COMMISSION WILL EACH RECEIVE 0.0125 PER CENT AT THE INITIAL STAGE.
* THE AMOUNT OF THE LEVY TO BE RECEIVED BY THE STOCK EXCHANGE WILL BE SUBJECT TO REVIEW BY THE GOVERNMENT WITHIN FOUR YEARS OF THE INCEPTION OF THE NEW ARRANGEMENT.
THE AMOUNT OF THE LEVY TO BE RECEIVED BY THE NEW SECURITIES AND FUTURES COMMISSION WILL UNDER THE PROVISIONS IN THE SECURITIES AND FUTURES COMMISSION BILL BE SUBJECT TO REGULAR REVIEW BY THE EXECUTIVE COUNCIL.
THE STOCK EXCHANGE WILL NO LONGER BE REQUIRED TO PAY THE GOVERNMENT AN ANNUAL LUMP SUM, WHICH IS REVIEWED EVERY YEAR AND TOTALLED $14.5 MILLION FOR 1988-89,
"THE DECISION FOLLOWS THE FINANCIAL SECRETARY'S CAREFUL CONSIDERATION OF A REPORT SUBMITTED BY THE MONETARY AFFAIRS BRANCH ON THE SECURITIES COMMISSION'S CONCLUSION THAT THE STOCK EXCHANGE TRANSACTION LEVY SHOULD BE ABOLISHED AT A TIME AND IN A MANNER то BE DECIDED BY THE ADMINISTRATION, THE SPOKESMAN ADDED.
*
"IT IS THE RESULT OF MY PERSONAL DISCUSSIONS WITH SIR Q.W. LEE, CHAIRMAN OF THE COUNCIL OF THE STOCK EXCHANGE OF HONG KONG, TAKING INTO ACCOUNT THE EXCHANGE'S NEEDS TO CONTINUE WITH ITS IMPROVEMENT PROGRAMMES, MR JACOBS SAID.
"I ALSO PAID SPECIAL REGARD TO THE VIEWS EXPRESSED BY MARKET BODIES THAT THE ESTABLISHMENT OF THE NEW SECURITIES AND FUTURES ON THE COMMISSION SHOULD NOT RESULT IN ADDITIONAL COST BEING IMPOSED INVESTING PUBLIC," HE SAID.
HE THANKED MR C.H. WONG, CHAIRMAN OF THE SECURITIES COMMISSION, AND HIS COLLEAGUES FOR
THOROUGH AND HELPFUL EXAMINATION OF ISSUED INVOLVED.
"OVERALL,
THEIR
NOW
I FIRMLY BELIEVE THAT THE PACKAGE REPRESENTS A MOST SATISFACTORY SOLUTION TO ALL CONCERNED AND 1 SHALL
RECOMMEND IT TO THE EXECUTIVE COUNCIL FOR APPROVAL, MR JACOBS ADDED.
|
THE COUNCIL OF THE STOCK EXCHANGE OF HONG KONG HAS ACCEPTED THE NEW ARRANGEMENT AT ITS MEETING HELD THIS AFTERNOON,
/8