WEDNESDAY, JULY 6, 1994
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COMPANIES REGISTRAR REVISES FEES
THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) PASSED TWO MOTIONS TO RAISE CERTAIN FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RELATION ΤΟ THE INCORPORATION OF TRUSTEES AND THE INSPECTION AND PHOTOCOPYING OF LIQUIDATORS' STATEMENTS SENT TO THE REGISTRAR.
THE FEES WILL GO UP BY ABOUT 10 PER CENT IN LINE WITH THE INCREASE IN COSTS BASED ON THE MOVEMENT OF THE GOVERNMENT EXPENDITURE CONSUMPTION DEFLATOR FOR THIS YEAR.
THE REVISED FEES WILL BE EFFECTIVE WHEN THE REGISTERED TRUSTEES INCORPORATION (AMENDMENT OF SECOND SCHEDULE) ORDER 1994 AND THE COMPANIES (FEES AND PERCENTAGES) (AMENDMENT) ORDER 1994 ARE GAZETTED ON JULY 8.
MOVING THE MOTIONS, THE ACTING SECRETARY FOR FINANCIAL SERVICES, MR TAM WING-PONG, EXPLAINED THAT THE GOVERNMENT'S POLICY WAS TO SET FEES AT LEVELS SUFFICIENT TO RECOVER THE FULL COST OF PROVIDING THE SERVICES.
FUND,
AS THE COMPANIES REGISTRY IS NOW OPERATING AS A TRADING IS NECESSARY TO RECOVER COSTS IN ORDER TO ACHIEVE ITS PERFORMANCE TARGETS, HE SAID.
IT
THE FEES WERE LAST REVIEWED IN AUGUST 1993.
SHORT SELLING SECURITIES MARKET TRANSPARENT AND OPEN
WING-PONG,
THE ACTING SECRETARY FOR FINANCIAL SERVICES, MR TAM SAID THERE WAS NO LACK OF TRANSPARENCY OR OPEN INFORMATION ON THE SHORT SELLING OF SECURITIES.
HONG KONG HAS IN PLACE MEASURES THAT ARE COMPARABLE ΤΟ OTHER DEVELOPED INTERNATIONAL MARKETS, HE TOLD THE LEGISLATIVE COUNCIL IN A WRITTEN REPLY TO DR THE HON HUANG CHEN-YA'S QUESTION TODAY (WEDNESDAY).
THE LOCAL MARKET HAS MADE AVAILABLE REAL TIME REGULATORY DATA ABOUT SHORT SELLING. MEANINGFUL INFORMATION ON SUCH ACTIVITY IS ROUTINELY DISSEMINATED TO THE PUBLIC.
MR TAM SAID THE REGULATORY STRUCTURF ESTABLISHED BY THE STOCK EXCHANGE OF HONG KONG LTD AND APPROVED BY THE SECURITIES AND FUTURES COMMISSION WAS LARGELY BASED ON THE SYSTEMS IN OTHER DEVELOPED MARKETS SUCH AS USA, UK, JAPAN, CANADA AND AUSTRALIA.
CONTAINED
"IT WAS DESIGNED TO ADDRESS VARIOUS RECOMMENDATIONS IN THE SECURITIES REVIEW COMMITTEE REPORT ISSUED IN 1988, HE SAID,
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