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Proposal to amend Securities ordinances
The Government has proposed to amend the Securities (Clearing Houses) Ordinance and the Securities Ordinance with a view to strengthening further Hong Kong's risk management systems.
The Securities (Clearing Houses) Ordinance was enacted in July 1992. Its main purpose was to disapply certain aspects of insolvency/bankruptcy laws in respect of securities transactions conducted at the Stock Exchange of Hong Kong Ltd in order to lessen the potential for a chain reaction of financial market defaults.
The Secretary for Financial Services, Mr Michael Cartland, said today (Wednesday): "The legislative amendments being proposed seek to extend the Ordinance to cover futures transactions conducted at the Hong Kong Futures Exchange Ltd."
The Securities (Amendment) Bill 1995 seeks to empower the Securities and Futures Commission (SFC) to make rules to facilitate tracking of speculative short selling of securities and to deter market manipulation.
"It also seeks to enable the SFC to prescribe, by rules, position limits and other conditions in relation to trading of stock options," Mr Cartland said.
The Bills will be published in the Gazette on Friday and introduced into the Legislative Council on June 21.
End/Wednesday, June 7, 1995
HK wants action in APEC declaration this year: D-G of Trade
The Director-General of Trade, Mr Tony Miller, said today (Wednesday) Hong Kong would want to see, above all else, "substance" in the forthcoming declaration by the Asia Pacific Economic Co-operation's (APEC) Economic Leaders at their November meeting in Osaka, Japan.
"We need action, and we need to demonstrate to both our own businessmen and non-APEC governments that APEC means business," he said.