THURSDAY, JULY 11, 1991
"WE AGREED THEREFORE NOT TO BRING THE ORDINANCE INTO OPERATION UNTIL THE PROPOS TO ALLOW BUYBACK OF SHARES BY LISTED COMPANIES AND STOCK BORROWING AND LENDING FREE OF STAMP DUTY HAVE BEEN IMPLEMENTED.
"MEASURES TO IMPLEMENT THESE PROPOSALS ARE NOW IN PLACE. THE COMPANIES { AMENDMENT) ORDINANCE 1991, WHICH CONTAINS PROVISIONS ALLOWING COMPANIES ΤΟ REPURCHASE THEIR OWN SHARES, HAS JUST BEEN ENACTED EARLY THIS MONTH.
ARRANGEMENTS TO REGULATE STOCK BORROWING AND LENDING HAVE BEEN AGREED BETWEEN THE SECURITIES AND FUTURES COMMISSION AND THE STOCK EXCHANGE AND WILL COME INTO FORCE NEXT MONTH.
THE SECURITIES (DISCLOSURE OF INTERESTS) ORDINANCE WAS ENACTED IN JULY 1988. IT REQUIRES SUBSTANTIAL SHAREHOLDERS, DIRECTORS AND CHIEF EXECUTIVES OF LISTED COMPANIES TO DISCLOSE THEIR SHAREHOLDINGS AND SHARE DEALINGS.
SECTION 1(2) OF THE ORDINANCE ALSO PROVIDES THAT IT SHALL COME INTO OPERATION ON A DAY TO BE APPOINTED BY THE GOVERNOR.
SOME AMENDMENTS WERE MADE TO THE ORDINANCE IN JUNE 1990 ΤΟ IMPROVE THE PROCEDURES FOR NOTIFICATION OF INTERESTS.
THAT
A FURTHER AMENDMENT HAS JUST BEEN MADE LAST MONTH TO ENSURE THE DISCLOSURE REQUIREMENTS ARE ALSO APPLICABLE TO OVERSEAS . INCORPORATED COMPANIES LISTED ON THE STOCK EXCHANGE OF HONG KONG.
"THE TIME IS NOW RIPE TO BRING THE TWO ORDINANCES INTO OPERATION, THE SPOKESMAN SAID.
H
HAS
"AS THE TWO ORDINANCES ARE CLOSELY RELATED, THE GOVERNOR APPOINTED THE SAME DAY, SEPTEMBER 1, 1991, FOR BOTH ΤΟ COME INTO OPERATION, HE ADDED.
"
ARRANGEMENTS FOR BCCHK CUSTOMERS
TO
ARRANGEMENTS HAVE BEEN MADE FOR CUSTOMERS OF THE BANK OF CREDIT AND COMMERCE HONG KONG LIMITED (BCCHK) TO APPROACH THE BANK SEEK THE RELEASE
THOSE IMPORT/EXPORT DOCUMENTS HELD BANK WHICH MEET THE FOLLOWING TEST:
OP
WITH
THE
·
THE DOCUMENTS HAVE NOT YET BEEN PROCESSED; AND
2. THE DOCUMENTS ARE NOT EMCUMBERED.
ANNOUNCING THIS TODAY
(THURSDAY),
ARRANGEMENTS FFW DAYS WITH THE BANK.
PAST
COMMISSIONER OF BANKING SAID THE ENQUIRIES RECEIVED DURING THE IMPORT/EXPORT DOCUMENTS LODGED
THE
OFFICE OF WERE IN RESPONSE ABOUT THE STATUS
THE
TO
OF
/CUSTOMERS ARE