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Saturday, February 17, 1973
STATEMENT BY THE FINANCIAL SECRETARY
The following is a statement issued by the Financial Secretary,
Mr. C.P. Haddon-Cave, today (Saturday):
"I have seen reports in the press that a fifth stock exchange is
about to be opened.
"The Government's attitude to the formation of any more stock exchanges
in Hong Kong was clearly explained in my statement to the Legislative Council
on 15th November, 1972 when I said:
The Government cannot at present prevent the establishment of any more stock exchanges in Hong Kong. The fact is no statutory powers exist to forbid the formation and operation of stock exchanges, but only to withhold recognition under Section 24 of the Companies Ordinance.
Under the Bill dealing with securities, which I hope to introduce into this Council within a few months, only those stock exchanges approved by the Financial Secretary will be allowed to operate in Hong Kong after the Bill goes into force. I intend to approve only those which are recognised for the purposes of Section 24 of the Companies Ordinance. It follows that any exchange which is not recognised cannot continue to operate; and any new stock exchange which may be established between now and the date of the enactment of the Securities Bill will not be recognised. In other words, it is our intention to restrict the number of exchanges allowed to operate and this will be coupled with a system of registration of all dealers.
"I would reiterate now that the Government's position and intentions
on this matter have not changed in any way since I made that statement. In
other words, any new stock exchange established between now and the enactment
of the Securities Bill will be required to cease operations at that time."
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