XN000022-1984-07-05 — Page 8

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THURSDAY, JULY 5, 1984

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+THIS HAS BEEN A NORMAL FEATURE IN THE MAXICAB SCHEME. PARTNERS IN THE SCHEME ARE THEREFORE ADVISED TO ENTER INTO FORMAL AGREEMENT WITH THE GRANTEE SO THAT THE IR INVESTMENT CAN BE PROTECTED. THE TRANSPORT DEPARTMENT IS NOT IN A POSITION TO INTERVENE IN PARTNERSHIP DISPUTES,+ HE SAID.

THE SPOKESMAN STRESSED THAT PLB AND MAXICAB OPERATORS NEED NOT WORRY ABOUT THE REQUIREMENTS OF THE PASSENGER SERVICE LICENCES. THE CONDITIONS LAID DOWN IN SUCH LICENCES FOR THEIR OPERATION ARE BASICALLY THE SAME AS THOSE CURRENTLY IN FORCE.

QUERIES SHOULD BE DIRECTED TO THE ENQUIRY SERVICE OF THE TRANSPORT DEPARTMENT AT 5-249418.

LISTING RULES AND DISCLOSURE

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ON NOVEMBER 4, 1983, IT WAS ANNOUNCED THAT THE EXECUTIVE COUNCIL HAD REQUESTED THE SECURITIES COMMISSION TO DRAFT LISTING RULES UNDER SECTION 14 OF THE SECURITIES ORDINANCE. THE OBJECT OF THE RULES WOULD BE TO PROMOTE TIMELY DISCLOSURE BY PUBLIC LISTED COMPANIES OF SHAREHOLDING AND OTHER CORPORATE INFORMATIO ONCE DRAFTED IN PRELIMINARY FORM THE RULES WERE THEN TO BE DISCUSSED WITH INTERESTED PARTIES, INCLUDING STOCK EXCHANGES, MERCHANT BANKS, PROFESSIONAL ASSOCIATIONS AND OTHERS.

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SUBSEQUENTLY, ON APRIL 5, 1984 DRAFT RULES IN THESE TERMS, WITH A FULL EXPLANATORY GUIDE, WERE PREPARED AND FORWARDED TO THOSE INTERESTED PARTIES FOR COMMENT AND SUGGESTION. MANY USEFUL SUBMISSIONS AND COMMENTS WERE RECEIVED, AND THE DRAFT RULES ERE AMENDED IN THE LIGHT OF THEM.

AT ITS MEETING TODAY THE SECURITIES COMMISSION PROVISIONALLY APPROVED REVISED RULES SUBJECT TO LEGAL DRAFTING. AT THE SAME TIME, THE COMMISSION ALSO DECIDED TO PUBLISH IN DUE COURSE A GUIDE TO THESE RULES AND OTHER STOCK EXCHANGE LISTING REQUIREME ITS IN HONG KONG.

BEFORE SUBMISSION TO THE EXECUTIVE COUNCIL AND FORMAL ENACTMENT, THE FEDERATION OF THE STOCK EXCHANGES, THE LAW SOCIETY AND THE SOCIETY OF ACCOUNTANTS WILL BE CONSULTED ON THE REVISED DRAFT. IT IS ANTICIPATED THAT THE NEW RULES WILL COME INTO FORCE IN OCTOBER THIS YEAR.

CERTAIN PROVISIONS OF THE COMPANIES ORDINANCE (CHAPTER 32) ARE RELEVANT TO STOCK EXCHANGE REQUIREMENTS, AS WELL AS TO SOVPLY LAW GENERALLY. WHEN THE COMMISSION FORMULATED ITS INITIAL PROPOSALS FOR LISTING RULES, IT CONSIDERED THE DESIRABILITY OF INCLUDING THESE PROVISIONS IN THEM, TO FORM A COMPOSITE DISCLOSURE REGIME. HOWEVER, IN THE LIGHT OF SUBMISSIONS RECEIVED FROM VARIOUS INTERESTED PARTIES, AND ITS OWN FURTHER DELIBERATIONS, IT DECIDEL AGAINST SUCH DUPLICATION. THE DRAFT RULES APPROVED BY COMMISSION HAVE BEEN AMENDED ACCORDINGLY.

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