FRIDAY, MAY 5, 1989
NOMINEE SHAREHOLDINGS IN TELEVISION LICENSEE COMPANIES
* *
* *
GOVERNMENT
AN ORDER WILL BE PUBLISHED IN THE
GAZETTE SHORTLY
DATE THE IMPLEMENTATION WHICH WILL HAVE THE EFFECT OF DEFERRING SECTION 17B OF THE TELEVISION (AMENDMENT) ORDINANCE 1988.
AN HOLDING
OF
INTEREST
SECTION 17B PROHIBITS MOST NOMINEES FROM
OF A TELEVISION LICENSEE COMPANY, AND WAS IN THE VOTING SHARES SCHEDULED TO COME INTO OPERATION ON MAY 21.
SECRETARY FOR
TSAO, CONSULTED
SAID: PRIOR THE
THE DEFERMENT, THE EXPLAINING THE REASON FOR
MR SERVICES AND INFORMATION,
PETER ADMINISTRATIVE "ALTHOUGH THE TWO TELEVISION LICENSEE COMPANIES WERE TO THE PROMULGATION OF THE TELEVISION (AMENDMENT) ORDINANCE 1988,
RECEIVED REPRESENTATIONS FROM THE ADMINISTRATION EARLIER THIS YEAR
LTD. SEEKING TO EXTEND THE HONG KONG ASSOCIATION OF BANKS AND TVB
TELEVISION LICENSER CATEGORY OF NOMINEES ALLOWED TO HOLD SHARES IN A
PRACTICES ADOPTED BY COMPANY IN ORDER TO ACCOMMODATE CURRENT MARKET BANKS, DEPOSIT-TAKING COMPANIES AND STOCKBROKERS."
THESE PRACTICES INCLUDE THE PROVISION OF CUSTODIAL SERVICES
STOCKBROKERS BANKS, DEPOSIT-TAKING COMPANIES, INSURANCE COMPANIES AND AS NOMINEES FOR SHAREHOLDERS WHO DO NOT THEMSELVES AND THE SECURITY AGAINST LOANS.
ALSO THIS
OF ACCEPTANCE
BY
WISH ΤΟ MANAGE THE SHARES SHARES BY SUCH INSTITUTIONS AS
OF BANKS, DEPOSIT-TAKING
COVERS SUBSIDIARIES
COMPANIES, INSURERS OR STOCKBROKERS WHICH IN MOST THE SHARES ON BEHALF OF THOSE INSTITUTIONS.
CIRCUMSTANCES HOLD
RESTRICTING
"THE GOVERNMENT'S PRIMARY CONCERN IN SHAREHOLDING IS TO PREVENT PERSONS WHO WISH TO LICENSEE FROM HIDING THEIR IDENTITIES BEHIND NOMINEES,
OVER
THE PAST
NOMINEE
CONTROL A TELEVISION
H MR TSAO SAID.
REPRESENTATIVES OF BANKS, DEPOSIT-TAKING COMPANIES,
INSURERS WITH AND HAS CONSULTED
FEW
MONTHS, THE
HAS MET AND STOCKBROKERS
OF THE AIM
ACCOMMODATING MARKET THAT GOVERNMENT'S PRINCIPLE LICENSEES SHOULD BE KNOWN
ADMINISTRATION
то
THE
PRACTICES WHILE UPHOLDING THE
SHAREHOLDERS
OF TELEVISION
ADMINISTRATION.
"WE HAVE NOW WORKED OUT
AN
ARE
APPROPRIATE FRAMEWORK TO ENSURE THAT THE IDENTITY AND THE RESIDENTIAL STATUS OF BENEFICIAL OWNERS KNOWN.
"IT IS THE ADMINISTRATION'S INTENTION TO SUBMIT
THE EXECUTIVE TO AMEND THE TELEVISION ORDINANCE TO COUNCILS.
A DRAFT BILL
AND
LEGISLATIVE
|
"SECTION 17B WILL BE BROUGHT INTO FORCE UPON OF THE AMENDMENTS, MR TSAO SAID.
THE
PROMULGATION
/HOWEVER,