FRIDAY, NOVEMBER 29, 1991
GOVT IS AWARE OF STOCKBROKERS' CONCERNS
MACLEOD,
MR HAMISH
SAID TONIGHT SECRETARY, FINANCIAL THE
A (FRIDAY) THAT THE DRAFTING OF THE BILL RELATED TO THE SETTING UP OF
IN A CENTRAL CLEARING AND SETTLEMENT SYSTEM FOR THE STOCK MARKET IS VERY ADVANCED STAGE.
SPEAKING
AT THE
STOCKBROKERS HONG KONG
ASSOCIATION' ANNUAL COMPLICATED, EMBRACING DINNER, MR MACLEOD SAID THE LEGISLATION IS PROVISIONS IN THE AREAS OF SECURITIES, COMPANIES AND INSOLVENCY..
"WE ARE PURSUING THIS AS A SUBJECT OF HIGH PRIORITY,'
HE SAID.
MR MACLEOD SAID THE LEGISLATION IS AWAITED TO ENABLE THE SYSTEM TO TO GO INTO OPERATION WITH ALL THE NECESSARY SUPPORT AND PROTECTION ENSURE ITS INTEGRITY AND SMOOTH RUNNING.
"THE TECHNICAL ASPECT OF THE SYSTEM IS IN A VERY ADVANCED STAGE OF DEVELOPMENT, HE ADDED.
IT
MR MACLEOD SAID HE WAS INDUSTRY OVER THE CONTINUED
ON STAMP DUTY ON SHARE TRANSACTIONS, AWARE OF THE CONCERN OF THE SECURITIES EXISTENCE OF THIS DUTY.
NEED FOR FURTHER
"THE GOVERNMENT WILL CONTINUE TO KEEP THE REDUCTION OF STAMP DUTY ON STOCK MARKET DEALS UNDER REVIEW,
THE TRANSFER
THE STAMP DUTY WAS REDUCED IN THE LAST BUDGET, FOLLOWING INTERNATIONAL TREND TOWARDS THE REDUCTION OR ELIMINATION OF TAXES ON SHARE TRANSACTIONS.
THE ΤΟ
REFORM PACKAGE FOR
THE
STOCK
AND
EXCHANGE, MR TURNING MACLEOD SAID IT IS THE RESULT OF COMPROMISES MADE BY THE EXCHANGE
AT TIMES, THE SECURITIES AND FUTURES COMMISSION AFTER LENGTHY AND, DIFFICULT DISCUSSIONS.
"NOW THAT THE PROBLEM IS BEHIND US, WE SHOULD ALL LOOK TO THE FUTURE.
"EFFORTS CAN NOW BE FOCUSSED ON FURTHER DEVELOPING THE AND IN CONSOLIDATING WHAT HAS BEEN DONE SO FAR IN ORDER TO HONG KONG AMONGST THE PRIME SECURITIES MARKETS IN THE WORLD.
FORWARD
MARKET, POSITION
AN
MR MACLEOD POINTED OUT THAT THE GOVERNMENT'S ROLE IS TO PROVIDE
CAN INDUSTRY
OPERATE AND ENVIRONMENT IN WHICH THE SECURITIES
PROSPER.
/"THIS WILL