RATE OF INCREASE IN:
*GDP DEFLATOR
DOMESTIC DEMAND DEFLATOR
CONSUMER PRICE INDEX (A)
6
FRIDAY, NOVEMBER 24, 1989
9.5
10
9.4
10
9.5
10
HK STOCKBROKERS ASSN PLAYS IMPORTANT ROLE
F
+
AND
AN IMPORTANT ROLE
(SFC) COMMISSION
IN REGULATION OF. THE JACOBS, SAID
FUTURES
THE IN
THE HONG KONG STOCKBROKERS ASSOCIATION HAS TO PLAY IN HELPING THE SECURITIES ARRIVING AT
KONG SOLUTION" A "HONG SECURITIES INDUSTRY, THE FINANCIAL SECRETARY, SIR PIERS THIS (FRIDAY) EVENING,
SPEAKING AT THE ASSOCIATION'S
MEETING OF NEW
MARKET
INAUGURAL
OF THE
TO ABILITY THE PIERS SAID COMMITTEE MEMBERS, SIR
YEAR INDICATED THAT WITHSTAND THE SETBACKS IN JUNE AND OCTOBER THIS
STOCK THE
AND THE FUTURES CREATED BY FRAMEWORK REGULATORY EXCHANGES AND THE SFC WAS WORKING WELL.
THE
AND THIS REFLECTED GREAT
7
INCLUDING
CREDIT ON ALL
INVOLVED,
PRACTITIONERS IN THE MARKET, HE ADDED.
GOVERNMENT
OF
MARKET
CONCERNS IS AWARE "THI OVER-REGULATION, AND THE POSSIBILITY THAT THE NEW ARRANGEMENTS DO TAKE SUFFICIENT ACCOUNT OF LOCAL CONDITIONS.
"
I HOPE TIME WILL PROVE THAT THESE WORRIES ARE
OF THE MINDFUL
TIME-HONOURED COMMISSION IS ALWAYS TRADITIONS IN HONG KONG AND HAS DEVELOPED CLOSE WORKING WITH CONCERNED MARKET BODIES.
ABOUT NOT
UNFOUNDED. THE
CONSULTATIVE RELATIONSHIPS
'WORKING TOGETHER Į HAVE
" HE SAID. PROBLEMS CAN BE SOLVED,'
NO DOUBT
THAT
ANY
OUTSTANDING
FROM INPUT
THE STOCKBROKERS HAD ALREADY COMPLETELY
FOR FORMS
REGISTERED
SIR PIRRS POINTED OUT THAT WITH ASSOCIATION AND OTHER MARKET BODIES. THE SFC
NEW APPLICATION RESTRUCTURED ITS PROPOSED PERSONS.
"I UNDERSTAND THAT THE
HAS COMMISSION
ALSO
SOUGHT
ASSOCIATION'S ASSISTANCE IN DEVELOPING THE 'FIT AND PROPER' TEST.
YOUR
"THE 'FIT AND
PROPER'
TEST FOR LOCAL REGULATORY
A MAJOR
STEP BY
CORNERSTONE OF THE DOCUMENT REPRESENTS
PERSONS REGISTERED
ES THE CONSULTATIVE
TOWARDS
THE
AND THE REGIME,
THE COMMISSION
ESTABLISHMENT OF FAIR AND CLEAR RULES WHICH
WILL PROMOTE COMMERCIAL
CERTAINTY AND CONFIDENCE IN THE INTEGRITY OF OUR MARKETS." HE NOTED.
+
/TURNING TO
4