XN000022-1982-12-20 — Page 6

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MONDAY, DECEMBER 20, 1982

SECURITIES AND COMMODITIES CHAIRMAN TO RETIRE

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AFTER NEARLY 10 YEARS SERVICE STEERING THE DEVELOPMENT OF AN IMPORTANT PART OF HONG KONG'S FINANCIAL SECTOR, MR Y. H. KAN WILL RETIRE AS CHAIRMAN OF THE SECURITIES COMMISSION AND OF THE COMMODITIES TRADING COMMISSION.

AT A LUNCHEON GIVEN IN MR KAN'S HONOUR TODAY, THE GOVERNOR SIR EDWARD YOUDE, EXPRESSED THE GOVERNMENT'S WARM APPRECIATION OF HIS OUTSTANDING CONTRIBUTION OVER THE YEARS. DURING THIS TIME, THE ESTABLISHMENT OF SOUND REGULATION HAD BEEN A KEY FACTOR IN THE SUCCESSFUL DEVELOPMENT OF THE STOCK AND COMMODITIES MARKETS IN HONG KONG AND THE EMERGENCE OF HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE.

MR Y.H. KAN WAS INVITED IN JANUARY 1973 TO BE CHAIRMAN OF THE SECURITIES ADVISORY COUNCIL, THE FORERUNNER OF THE SECURITIES COMMISSION. IN MARCH 1974, MR KAN BECAME THE FIRST CHAIRMAN OF THIS STATUTORY BODY APPOINTED BY THE GOVERNMENT TO REGULATE TRADING IN SECURITIES IN HONG KONG.

IN 1976, UNDER THE LEGISLATION PROVIDING FOR THE ESTABLISHMENT OF THE HONG KONG COMMODITY EXCHANGE, MR Y.H. KAN BECAME ALSO THE FIRST CHAIRMAN OF THE COMMODITIES TRADING COMMISSION.

A MAJOR DEVELOPMENT DURING MR KAN'S LONG TERM OF OFFICE WAS THE MOVE TO UNITE THE FOUR STOCK EXCHANGES. AFTER YEARS OF PATIENT NEGOTIATION, THE FORMING OF THE NEW STOCK EXCHANGES OF HONG KONG LIMITED AND THE PASSING OF THE ENABLING LEGISLATION WAS A MARKED SUCCESS FOR THE WORK OF THE SECURITIES COMMISSION. DURING THIS PERIOD MR KAN WAS RESPONSIBLE FOR SETTING UP AND DEVELOPING SEVERAL

IMPORTANT COMMITTEES OF THE COMMISSION, SUCH AS THE COMMITTEE ON TAKEOVERS AND MERGERS AND THE COMMITTEE ON UNIT TRUSTS AND MUTUAL FUNDS.

THE GOVERNOR SAID MR KAN'S UNDOUBTED SUCCESS WAS DUE PARTLY TO HIS LONG BANKING EXPERIENCE IN HONG KONG AND OVERSEAS. BUT OF MORE IMPORTANCE WAS MR KAN'S UNDOUBTED INTEGRITY AND PERSONAL QUALITIES. THE GOVERNOR SAID HONG KONG WAS VERY FORTUNATE IN HAVING SUCH LEADERS AS MR KAN WILLING TO DEVOTE THEIR TIME AND ENERGIES TO THE WELL-BEING OF THE IR FELLOW CITIZENS.

SUCCEEDING MR KAN IS MR ARCHIBALD ZIMMERN, CURRENTLY A MEMBER OF THE SECURITIES COMMISSION, MR ZIMMERN RECENTLY RETIRED FROM THE BENCH AS A JUSTICE OF APPEAL. HIS APPOINTMENT WILL BE EFFECTIVE FROM JANUARY 1, 1983.

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