37
WEDNESDAY, JUNE 27, 1990
"GOVERNMENT WILL CONTINUE TO PLAY AN EXEMPLARY ROLE IN BANNING SMOKING IN PUBLIC AREAS IN ITS PREMISES INCLUDING CONFERENCE ROOMS.
ADMINISTRATION HAS RECENTLY
"IN THIS REGARD, THE DIRECTOR OF SOUGHT THE CO-OPERATION OF STAFF IN THE CENTRAL GOVERNMENT OFFICES REFRAIN FROM SMOKING WHILST IN THE OFFICE.
TO
"WE ENCOURAGE OTHER STATUTORY BODIES AD PRIVATE CORPORATIONS. TO TAKE SIMILAR ACTION," HE SAID.
WORKING GROUP SET UP TO CONSIDER CONTROLS ON LEVERAGED DEALINGS
* * * * *
A WORKING GROUP HAS RECENTLY BEEN SET UP UNDER THE MONETARY
WHETHER AFFAIRS BRANCH TO CONSIDER
THERE IS ANY NEED TO IMPOSE CONTROLS ON LEVERAGED DEALINGS IN FOREIGN EXCHANGE BY INVESTMENT COMPANIES, THE ACTING FINANCIAL SECRETARY, THE HON NENDICK, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
FRINGE
DAVID
MR
HAD
RELATING
IN A WRITTEN REPLY TO A QUESTION FROM THE HON TAI CHIN-WAH, NENDICK SAID WHILE IT WAS TRUE THAT THE NUMBER OF PUBLIC COMPLAINTS RELATING TO LEVERAGED FOREIGN EXCHANGE DEALINGS BY SUCH COMPANIES INCREASED OVER THE PAST FEW MONTHS, THE NUMBER OF COMPLAINTS TO LEVERAGED GOLD DEALINGS BY THESE COMPANIES HAD BEEN VERY SMALL.
WORKING GROUP HE TOLD MEMBERS THAT THE
WAS CHAIRED BY THE DEPUTY SECRETARY FOR
AFFAIRS AND INCLUDED REPRESENTATION FROM THE OFFICE OF THE COMMISSIONER OF BANKING AND THE SECURITIES AND FUTURES COMMISSION.
MONETARY
BUREAU AND
NEWLY FORMED, FOR SOME THE
WAS MR NENDICK SAID ALTHOUGH THE WORKING GROUP THE MONETARY AFFAIRS BRANCH HAD BEEN LOOKING AT THE SUBJECT TIME IN CONSULTATION WITH THE COMMERCIAL CRIME ATTORNEY GENERAL'S CHAMBERS.
"WE THINK THAT THE MAJOR PROBLEM ARISING FROM THE ACTIVITIES OF THESE FRINGE COMPANIES LIES WITH NON-PROFESSIONAL INVESTORS.
"MANY OF THEM ARE UNABLE TO ASSESS PROPERLY THE RISKS INVOLVED
SO INVEST MORE IN LEVERAGED CONTRACTS IN FOREIGN EXCHANGE AND
THAN
THEY CAN EASILY AFFORD TO LOSE, HE SAID.
TT
THESE
FOR
COMPANIES MORE DISCRETION TO IN SOME CASES, FRAUD
THE
CRIME COMMERCIAL
"MANY OF THEM ALSO GIVE DEAL ON THEIR BEHALF THAN IS PERHAPS PRUDENT. MAY BE INVOLVED BUT THAT IS THEN A MATTER BUREAU, HE ADDED.
PRESS
SUBJECT MADE
MR NENDICK SAID THE MONETARY AFFAIRS BRANCH HAD ISSUED A RELEASE ON JUNE 7 INVITING SUBMISSIONS IN CONFIDENCE ON THE FROM THOSE WHO HAD AN INTEREST IN IT. THE SUBMISSIONS WERE TO BE BY THE END OF NEXT MONTH.
/"THE WORKING