XN000022-1984-07-24 — Page 17

TUESDAY, JULY 24, 1984

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+ IN PARTICULAR, THE TATTOOED YOUNG OFFENDERS SHOULD NOT LOOK DOWN UPON THEMSELVES. SOCIETY IS WILLING TO WELCOME THEM BACK IF THEY ARE DETERMINED TO REFORM THEMSELVES,+ HE ADDED.

HE ALSO URGED THE GOVERNMENT TO FORMULATE A COMPREHENSIVE POLICY TO STRENGTHEN SOCIAL EDUCATION SO AS TO PREVENT YOUNG PEOPLE FROM GOING ASTRAY.

RULES ON TRANSACTIONS DISCLOSURE BEING FINALISED

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STATUTORY RULES REQUIRING LISTED PUBLIC COMPANIES TO MAKE KNOWN DETAILS OF ANY AGREEMENT REGARDING A MATERIAL TRANSACTION AFFECTING THEM, COULD BE BROUGHT INTO EFFECT BEFORE THE END OF THIS YEAR, THE SECRETARY FOR ECONOMIC SERVICES, THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY.

THE SECURITIES COMMISSIONER, IN CONSULTATION WITH THE HONG KONG FEDERATION OF STOCK EXCHANGES AND OTHER INTERESTED PARTIES, IS IN THE PROCESS OF FINALISING THE DRAFT RULES UNDER SECTION 14 OF THE SECURITIES ORDINANCE, MR JACOBS SAID, IN REPLY TO A QUESTION FROM THE HON STEPHEN CHEONG.

THESE DRAFT RULES SHOULD BE SUBMITTED TO THE EXECUTIVE COUNCIL FOR CONSIDERATION IN A FEW MONTHS' TIME.

+WE HOPE THAT THEY MAY BE BROUGHT INTO EFFECT BEFORE THE END OF THIS YEAR, + MR JACOBS SAID.

UNDER THESE RULES, AN ANNOUNCEMENT BY A COMPANY WILL ALSO HAVE TO BE CLEARED BY THE EXCHANGE AND THE COMMISSIONER FOR SECURITIES PRIOR TO ITS PUBLIC RELEASE, HE EXPLAINED,

+ THE GOVERNMENT RECOGNISES THE IMPORTANCE OF TIMELY DISCLOSURE OF COMMERCIAL INFORMATION FOR A HEALTHY AND INFORMED STOCK MARKET, HE SAID.

FOR THIS REASON, HE ADDED, THE EXECUTIVE COUNCIL LAST SEPTEMBER HAD ENDORSED IN PRINCIPLE THE SECURITIES COMMISSION'S RECOMMENDATIONS REGARDING DISCLOSURE OF SHAREHOLDINGS AND COMMERCIAL INFORMATION.

AND THE COMMISSION HAD THUS BEEN ASKED TO DRAFT THE STATUTORY RULES, HE EXPLAINED.

ON THE ISSUE OF INSIDER DEALING, MR JACOBS SAID THAT THE OFFICE OF THE COMMISSIONER FOR SECURITIES MONITORS SHARE PRICE MOVEMENTS DAILY.

+WHENEVER THERE IS AN INDICATION THAT INSIDER DEALING OR ANY OTHER IMPROPER TRADING PRACTICE HAS TAKEN PLACE IN RELATION TO THE SECURITIES OF A PUBLIC LISTED COMPANY, INVESTIGATIONS ARE INITIATED, + HE SAID.

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