XN000022-1975-11-10 — Page 10

MONDAY, NOVEMBER 10, 1975

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CLARIFICATION ON MUTUAL FUNDS ******

THE OFFICE OF THE COMMISSIONER FOR SECURITIES EXPLAINED TODAY THAT IN HONG KONG ALL MUTUAL FUNDS AND UNIT TRUSTS HAVE TO BE AUTHORISED BY THE SECURITIES COMMISSION BEFORE THEY CAN BE OFFERED FOR SALE.

THE STATEMENT WAS ISSUED FOLLOWING A RECENT REPORT THAT IF AND WHEN A COMMODITY EXCHANGE IS ESTABLISHED IN HONG KONG, SEATS MIGHT BE PURCHASED ON THE EXCHANGE BY ORGANISATIONS OF MUTUAL FUND-TYPE OPERATIONS. THE REPORT ADDED THAT MEMBERS OF THE PUBLIC WERE BEING INVITED TO SUBSCRIBE TO THE FUNDING OF THESE OPERATIONS,

THE SPOKESMAN FOR THE COMMISSIONER SAID THAT MEMBERSHIP OF THE PROPOSED COMMODITY EXCHANGE WILL BE SUBJECT TO RIGOROUS SCRUTINY BY A COMMITTEE SPECIALLY SET UP BY THE EXCHANGE TO DEAL WITH MEMBERSHIP.

HE EMPHASISED THAT IN HONG KONG ALL MUTUAL FUNDS AND UNIT TRUSTS HAVE TO BE AUTHORISED BY THE SECURITIES COMMISSION AND ALTHOUGH HE COULD NOT PRE-JUDGE ANY APPLICATION, + IT IS MOST UNLIKELY THAT AN APPLICATION WILL BE APPROVED IF IT IS MADE IN RESPECT OF A MUTUAL FUND OR UNIT TRUST DEALING SOLELY WITH INVESTMENT IN COMMODITIES ON THE EXCHANGE IN HONG KONG,+

RHKAAF COMMEMORATIVE COVERS STILL AVAILABLE:

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THOSE WHO WERE UNABLE TO OBTAIN SPECIAL POSTAL COVERS COMMEMORATING THE ROYAL HONG KONG AUXILIARY AIR FORCE'S SILVER JUBILEE STILL HAVE A CHANCE TO DO SO.

THE COVERS QUICKLY SOLD OUT EARLIER THIS YEAR BUT A NUMBER ARE STILL AVAILABLE FROM THE ROYAL AIR FORCE MUSEUM AT HENDON.

THOSE WISHING TO BUY THEM SHOULD WRITE DIRECT TO THE ROYAL AIR FORCE MUSEUM, AERODROME ROAD, HENDON, LONDON, NW9 5LL.

UNSIGNED COVERS ARE 30 PENCE EACH, WHILE THOSE SIGNED BY THE PILOT AND CREWMEN OF THE FLIGHT ARE SELLING AT 40 PENCE EACH.

WHEN SENDING A STERLING DRAFT, AN ADDITIONAL 10 PENCE SHOULD BE INCLUDED TO COVER THE COST OF ORDINARY SEAMAIL FOR UP TO FIVE COVERS.

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