6
FRIDAY, JUNE 23, 1989
מיד
THE SPOKESMAN ADDED THAT THE OPPORTUNITY WAS ALSO TAKEN STREAMLINE SOME ARRANGEMENTS FOR SETTING FEES RELATING TO COMPANY MATTERS.
ONE OF THE PROPOSALS WAS TO INCORPORATE THE COMPANIES (FERG) REGULATIONS INTO THE EIGHTH SCHEDULE TO THE COMPANIES ORDINANCE.
SALO.
"BOTH THE COMPANIES (FEES) REGULATIONS AND THE EIGHTH SCHEDULE PL ESCRIBE FEES ARE SET BY THE GOVERNOR IN COUNCIL.
"
"TO SIMPLIFY THE LEGISLATION IT IS PROPOSED THAT THE OI FEES BE COMBINED TO FACILITATE FUTURE AMENDMENT,' THE EXPLAINED.
TWO SETX SPOKI SMAN
ILL TO STREAMLINE INVESTOR PROTECTION LAW
*
* * *
THE
INVESTORS
GOVERNMENT HAS PROPOSED то AMEND THE ORDINANCE TO STREAMLINE AND IMPROVE THE AUTHORISATION PROCEDURES FOR ADVERTISEMENTS CONCERNING THE ISSUE OF CERTIFICATES DEPOSIT (CD) AND COMMERCIAL PAPER (CP).
PROTECTION
OF
OF
"
OF
"THE PROPOSED AMENDMENTS ARE INCLUDED IN THE PROTECTION INVESTORS (AMENDMENT) BILL GAZETTED TODAY (FRIDAY), A GOVERNMENT SPOKESMAN SAID.
THE
"THE MAIN OBJECT OF THE BILL IS TO SIMPLIFY THE PRESENT
PROCEDURES IN AUTHORISATION
ORDER то REMOVE
то OBSTACLES DEVELOPMENT OF THE LOCAL CAPITAL MARKET AND TO RELIEVE THE SECURITIES AND FUTURES COMMISSION (SFC) OF UNNECESSARY WORK,
ENSURING ADEQUATE PROTECTION FOR THE ORDINARY INVESTOR, HE SAID.
"I
WHILE
EXPLAINING THE NEED FOR THE PROPOSED CHANGES, THE SPOKESMAN
OF INVESTORS SAID: "THE PURPOSE OF THE PROTECTION
ORDINANCE IS TO PROVIDE THE ORDINARY INVESTOR IN SECURITIES AND
PROPERTY WITH PROTECTION THROUGH THE ADEQUATE DISCLOSURE OF RELEVANT INFORMATION.
OTHER
"SUBJECT TO CERTAIN EXCEPTIONS, SECTION 4(1) OF PROHIBITS THE ISSUE OF ADVERTISEMENTS RELATING ARRANGEMENTS. THESE EXCEPTIONS INCLUDE, INTER ALIA, WHICH HAVE BEEN AUTHORISED BY THE SFC, HE SAID.
||
THE DEFINITION
THE ORDINANCE ΤΟ INVESTMENT ADVERTISEMENTS
OF INVESTMENT
RESPECT
"CD AND CP ISSUES FALL WITHIN
IN ADVERTISEMENTS ARRANGEMENTS UNDER THE ORDINANCE, AND
THE ISSUES CAN SUCH ISSUES MUST BE AUTHORISED BY THE SFC BEFORE MARKETED IN HONG KONG.
ADVERTISEMENTS
r
F E
SERAJ' G
IN
RECENT YEARS, THIS SOME DELAYS
"AS THE NUMBER OF RELEVANT AUTHORISATION HAS INCREASED CONSIDERABLY IN CREATED EXTRA WORK FOR THE SFC AND LED TO AUTHORISATION, THE SPOKESMAN CONTINUED.
"
/"THE AMENDMENT