WEDNESDAY, JUNE 3, 1992
KONG,
REFORMS THE
"THE MOST IMPORTANT ISSUES INCLUDED THE CONSTITUTIONAL
HONG TO THE GOVERNING STRUCTURE OF THE STOCK EXCHANGE OF DEVELOPMENT OF THE NEW SECURITIES CLEARING AND SETTLEMENT SYSTEM, AND
THE TRANSFER OF FULL COMPLETION OF
то RESPONSIBILITY
THE STOCK EXCHANGE FOR ALL DAY-TO-DAY
AND REGULATORY MATTERS IN RELATION TO LISTINGS," HE SAID.
OPERATIONAL
TURNING TO MORE RECENT DEVELOPMENTS, MR MACLEOD SAID THE HONG KONG SECURITIES CLEARING COMPANY, HAVING RECEIVED THE NECESSARY RECOGNITION FROM THE SFC HAD OPENED ITS DEPOSITORY YESTERDAY.
THE COMPANY WOULD START OPERATING ON A TRADE-FOR-TRADE LATER THIS MONTH.
BASIS
"IT IS IMPORTANT FOR THE COMPANY TO PROCEED AS SOON AS THE POSSIBLE TO A CONTINUOUS NET SETTLEMENT BASIS IN WHICH IT ACTS AS COUNTER PARTY AND SETTLEMENT GUARANTOR OF TRANSACTIONS.
"SUCH A MOVE WILL ENABLE HONG KONG INVESTORS TO BENEFIT FROM THE SETTLEMENT OF TRANSACTIONS ON A FULLY NETTED AND GUARANTEED BASIS, MR MACLEOD SAID.
11
BE
THE AS THE ESSENTIAL PRE-CONDITION FOR THIS WAS
ENACTMENT OF HOPED THE SECURITIES (CLEARING HOUSES) BILL MR MACLEOD
IT WOULD POSSIBLE FOR THE BILL TO BE ENACTED BEFORE THE END OF THE SESSION.
MR MACLEOD ALSO MENTIONED OTHER IMPORTANT
MATTERS
DEALT WITH
BY SFC DURING THE YEAR.
TRUST
CODE AND A
SECURITIES
AND
THESE INCLUDED THE ISSUE OF A REVISED UNIT TAKEOVERS AND SHARE REPURCHASES CODE, AND THE ISSUE OF A CONSULTATIVE DOCUMENT ON FINANCIAL RESOURCE REQUIREMENTS FOR FUTURES DEALERS.
IN ADDITION TO THESE WERE THE APPROVAL OF NEW LISTING RULES TO
A PERMIT SECONDARY LISTINGS FOR COMPANIES WHICH HAD
PRIMARY LISTING ON A RECOGNISED OVERSEAS EXCHANGE, BUT WHERE THE MAJORITY REMAINED IN HONG KONG.
OF
TRADING
ABOLITION OF DEATH PENALTY KEPT UNDER REVIEW
THE GOVERNMENT WILL KEEP UNDER REVIEW THE ABOLITION OF DEATH PENALTY AND INTRODUCE THE NECESSARY LEGISLATION TO ABOLISH CAPITAL PUNISHMENT IN DUE COURSE.
THIS WAS STATED BY THE ACTING SECRETARY FOR SECURITY, MR IAN STRACHAN, IN A WRITTEN REPLY TO A QUESTION BY PROF THE HON FELICE LIEH MAK IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE GOVERNMENT BELIEVED THAT CAPITAL PUNISHMENT SHOULD BE ABOLISHED IN HONG KONG AT AN APPROPRIATE TIME, MR STRACHAN NOTED.
/HOWEVER, GIVEN