WEDNESDAY, APRIL 17, 1991
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BILL TO PLUG LOOPHOLE IN SECURITIES ORDINANCE INTRODUCED
THE SECURITIES (AMENDMENT) (NO. 2) BILL SEEKS TO CURB THE ACTIVITIES OF RUNNERS AND UNREGISTERED DEALERS IN SECURITIES BY BRINGING THEM UNDER THE REGULATORY CONTROL OF THE SECURITIES AND FUTURES COMMISSION.
THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID THIS WHEN MOVING THE SECOND READING OF THE BILL IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THERE WAS, AT PRESENT, A LOOPHOLE IN THE SECURITIES ORDINANCE WHICH ALLOWED UNREGISTERED INTERMEDIARIES TO HANDLE INVESTORS' MONEY AND SECURITIES, SIR PIERS NOTED.
"THE BILL SEEKS TO PLUG THIS LOOPHOLE BY PROVIDING THAT A PERSON WHO ACTS FOR REMUNERATION AS AN INTERMEDIARY BETWEEN AN INVESTOR AND A REGISTERED DEALER IS REQUIRED TO BE REGISTERED WITH THE SECURITIES AND FUTURES COMMISSION,
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"THROUGH THE REGISTRATION SYSTEM, THE COMMISSION CAN ACCESS AND MONITOR WHETHER SUCH INTERMEDIARIES ARE FIT AND PROPER, HE ADDED.
DEBATE ON THE BILL WAS ADJOURNED.
BILL TO EFFECT TAX CONCESSIONS IN STAMP DUTY
THE HON SIR
LEGISLATIVE THE STAMP DUTY (AMENDMENT) BILL 1991 SEEKS TO GIVE
IN EFFECT TO THE TAXATION CONCESSIONS PROPOSED
THIS YEAR'S BUDGET, THE FINANCIAL SECRETARY,
SAID JACOBS,
IN THE
LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
PIERS
MOVING THE SECOND READING OF THE BILL, SIR PIERS SAID THE
REDUCTION TAXATION CONCESSIONS INCLUDED A
IN THE OVERALL CONTRACT OF REGISTERED NOTE DUTY FROM 0.6 PER CENT TO 0.5 PER CENT, EXEMPTION DEBT INSTRUMENTS FROM STAMP DUTY AND RELIEF OF CORPORATE DUTY ON STOCK
RESTRUCTURING OF THEIR INTRA-GROUP SHAREHOLDINGS.
TRANSFERS UPON
GROUPS FROM
THE EXISTING
INTRA-GROUP
EXEMPTION PROPERTY
AS "THIS RELIEF IS ON THE SAME BASIS FROM ASSIGNMENT DUTY UPON THE REORGANISATION OF HOLDINGS.
RELIEF "TO GUARD AGAINST ABUSE OF THE
AFFORDED ΤΟ CORPORATE DATE GROUPS, COMPANIES MUST REMAIN ASSOCIATED FOR TWO YEARS AFTER THE OF THE TRANSFER OF THE PROPERTY OR SHARES," HE SAID.
OF
TO THE FINANCIAL SECRETARY SAID THE COST
GENERAL REVENUE THESE PROPOSALS WAS ESTIMATED TO ВЕ APPROXIMATELY
IMPLEMENTING $501 MILLION IN THE CURRENT FINANCIAL YEAR.
"THERE ARE NO STAFFING IMPLICATIONS,
DRRATE ON TAP BIL. WAS ADJOURNED.
HE ADDED.
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