14
WEDNESDAY, JULY 6, 1994
THE STRUCTURE ENSURES THAT SHORT SELLING IS PROPERLY MONITORED, APPROPRIATE INFORMATION IS ADEQUATELY DISSEMINATED TO THE MARKET, AND THE USE OF SHORT SELLING WILL NOT PRECIPITATE SEVERE MARKET DECLINES, HE ADDED.
"1T IS COMPARABLE TO THE FRAMEWORKS IN OTHER MARKETS
AND, IN CERTAIN AREAS, OUR REQUIREMENTS ARE MORE STRINGENT THAN ELSEWHERE, SAID.
HE
REGULATED SHORT SELLING ON THE STOCK EXCHANGE OF HONG KONG BEGAN ON JANUARY 3 THIS YEAR. UP TO JUNE 14, MORE THAN 2.8 MILLION SHARES SOLD SHORT WITH A TOTAL VALUE OF $76,540,800 IN 23 TRANSACTIONS WERE REPORTED.
TWO BILLS SET FOR SECOND READING DEBATE TODAY IN THE LEGISLATIVE COUNCIL SEEK TO RELAX THE STAMP DUTY CONCESSION ON STOCK BORROWING AND LENDING ACTIVITIES.
STOCK
HE SAID THEY WOULD ENCOURAGE THE DEVELOPMENT OF A BORROWING AND LENDING MARKET IN HONG KONG AND IN TURN ENABLE SHORT SELLING TO TAKE PLACE MORE EFFECTIVELY.
REVISED TAVA LEVIES APPROVED
TO
THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) CARRIED A MOTION REVISE THE LEVIES ON VEHICLE AND DRIVING LICENCES TO ENSURE THAT THE TRAFFIC ACCIDENT VICTIMS ASSISTANCE (TAVA) SCHEME REMAINS SOLVENT.
THE ANNUAL LEVY ON VEHICLE LICENCES WILL GO UP FROM $66 TO $84 FROM JULY 15, 1994 AND TO $114 WITH EFFECT FROM JANUARY 1, 1995.
THE LEVY ON DRIVING LICENCES WILL BE RAISED FROM $22 TO $28 AND THEN TO $38 FROM THE SAME EFFECTIVE DATES.
THE TAVA SCHEME HAS BEEN IN OPERATION FOR 15 YEARS TO PROVIDE SPEEDY ASSISTANCE TO TRAFFIC ACCIDENT VICTIMS OR TO THEIR DEPENDENT FAMILY MEMBERS.
MOVING THE MOTION, THE ACTING SECRETARY FOR HEALTH AND WELFARE, MRS SHELLEY LAU, SAID EXPENDITURE OF THE TAVA FUND HAD OUTGROWN ITS INCOME OVER TIME AS THE RATES OF PAYMENT UNDER THE SCHEME WERE ADJUSTED IN LINE WITH INFLATION AND THE AVERAGE INCREASE IN WAGES WHILE THE INCOME WAS NOT INFLATION-PROOF.
THE INCOME OF THE FUND IS DRAWN FROM LEVIES ON VEHICLE AND DRIVING LICENCES, CONTRIBUTION FROM GENERAL REVENUE AND REFUND FROM THOSE APPLICANTS WHO RECEIVED COMPENSATION FROM OTHER PARTIES IN RESPECT OF THE ACCIDENT.
"CONTRIBUTION FROM GENERAL REVENUE IS INTENDED TO COVER PEDESTRIANS' PART IN CAUSING TRAFFIC ACCIDENTS, MRS LAU SAID.
**
THE
/IT WAS