9
WEDNESDAY, MAY 1, 1991
THE GOVERNMENT ACCEPTED, HOWEVER, THAT THE TERMS OF STATUTORY DUTY SHOULD BE STATED UNAMBIGUOUSLY.
ANY
DUTY
"WE PROPOSE THEREFORE TO MAKE IT CLEAR THAT THE OFFICER'S IS TO PREVENT THE COMPANY FROM ENGAGING IN CONDUCT WHICH MIGHT CAUSE IT TO BE IDENTIFIED BY THE TRIBUNAL AS AN INSIDER DEALER, HE SAID.
10
MR MACLEOD SAID THE GOVERNMENT HAD ALSO TAKEN THE OPPORTUNITY TO REPLACE AN OBSOLETE REFERENCE IN THE ORDINANCE TO THE COMMISSIONER FOR SECURITIES WITH A REFERENCE TO THE SECURITIES AND FUTURES
COMMISSION.
THE SECURITIES (INSIDER DEALING) ORDINANCE WAS ENACTED IN JULY 1990 BUT HAD YET TO BE BROUGHT INTO FORCE, MR MACLEOD SAID.
AT THE TIME OF ENACTMENT, FEARS WERE EXPRESSED THAT THE NEW LEGISLATION WOULD HAVE AN ADVERSE EFFECT ON MARKET LIQUIDITY.
INTO
"WE HAVE UNDERTAKEN THEREFORE NOT TO BRING THE ORDINANCE OPERATION UNTIL PROPOSALS ΤΟ ALLOW BUYBACK OF SHARES BY LISTED COMPANIES, AND STOCK BORROWING AND LENDING FREE OF STAMP
DUTY, HAVE BEEN IMPLEMENTED, HE ADDED.
זי
MR MACLEOD SAID THESE PROPOSALS WERE WELL ADVANCED, AND HE HAD TODAY INTRODUCED AMENDMENTS TO THE COMPANIES ORDINANCE TO PERMIT LOCAL COMPANIES TO PURCHASE THEIR OWN SHARES.
ALSO, THE SECURITIES AND FUTURES COMMISSION AND THE STOCK EXCHANGE WERE NOW FINALISING THE NECESSARY ARRANGEMENTS ΤΟ REGULATE STOCK BORROWING.
"SUBJECT ΤΟ THE IMPLEMENTATION OF THESE PROPOSALS AND THE то ENACTMENT OF THIS BILL NOW BEFORE THE COUNCIL, IT IS OUR INTENTION BRING THE PRINCIPAL ORDINANCE INTO FORCE ON 1 AUGUST 1991,' MR MACLEOD SAID.
...
DEBATE ON THE BILL WAS ADJOURNED.
SECURITIES (DISCLOSURE OF INTERESTS ) ( AMENDMENT) BILL 1991 INTRODUCED
*
A BILL INTERESTS)
TO EXTEND THE SCOPE OF THE SECURITIES (DISCLOSURE ORDINANCE TO COVER OVERSEAS COMPANIES LISTED IN HONG WAS INTRODUCED IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
OF KONG
MOVING THE SECOND READING OF THE BILL COUNCIL, THE ACTING FINANCIAL SECRETARY, THE HON HAMISH MACLEOD,
PRESENT AT
THE ORDINANCE APPLIED ONLY TO LOCAL COMPANIES HONG KONG.
IN
THE
LEGISLATIVE
LISTED
SAID IN
/HOWEVER, IT
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