XN000022-1985-07-12 — Page 15

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JULY 12, 1985

LIMITED PARTNERS ARE NOT REQUIRED TO REGISTER AS DEALERS THOUGH DETAILS OF THE PARTNERSHIP ARRANGEMENTS ARE REQUIRED TC BE DISCLOSED IN THE APPLICATION FOR REGISTRATION,

INDIVIDUALS, CORPORATIONS AND DEALING PARTNERSHIPS WILL ALL HAVE TO COMPLY WITH THEIR FINANCIAL REQUIREMENTS ON THE COMMENCE · OF OPERATION OF THE UNIFIED EXCHANGE.

+THESE NEW REGISTRATION CRITERIA ARE DESIGNED TO IMPROVE THE QUALITY AND STANDARD OF DEALERS IN SECURITIES IN HONG KONG. THEY SHOULD IMPROVE THE QUALITY OF THE STOCKBROKING BUSINESS IN HONG KONG AND PROVIDE THE NECESSARY INFRASTRUCTURE FOR HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE. IN THE END THEY WILL AFFORD

THE SPOKESMAN SAID. GREATER PROTECTION TO THE INVESTING PUBLIC, +

HE ADDED THAT THE NEW REGISTRATION CRITERIA WOULD COME INTO FORCE AS SOON AS THE SUBSIDIARY LEGISLATION ON REGISTRATION MATTERS WAS MADE.

+

THE TWO BILLS WILL RECEIVE THEIR FIRST READING ON JULY 24. ANY MEMBER OF THE PUBLIC WHO WISHES TO COMMENT ON THEIR PROVISIONS CAN WRITE TO UMELCO, AT SWIRE HOUSE, 12TH FLOOR, CHATER ROAD, OR TO THE SECRETARY FOR ECONOMIC SERVICES, AT THE CENTRAL GOVERNMENT OFFICES, LOWER ALBERT ROAD, HONG KONG,

COMMITTEES WILL HELP MONITOR VIEWS

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THE CHAIRMAN OF THE PROVISIONAL REGIONAL COUNCIL, MR CHEUNG YAN-LUNG, SAID THAT A NETWORK OF DISTRICT COMMITTEES TO BE SET UP BY THE COUNCIL WILL BE ABLE TO HELP IT MONITOR DIRECTLY THE LOCAL DEVELOPMENTS IN THE NON-URBAN AREAS AND ASSESS THE IR NEEDS AND RESPOND QUICKLY TO THEIR LEGITIMATE GRIEVANCES.

ADDRESSING A ROTARY CLUB MEETING, MR CHEUNG SAID THESE LOCALLY ORIENTATED COMMITTEES WILL HELP THE COUNCIL AND ITS EXECUTIVE ARM, THE REGIONAL SERVICES DEPARTMENT, FACE UP TO THE CHALLENGE PRESENTED BY THE ON-GOING URBANISATION AND WIDESPREAD NATURE OF THE NEW TERRITORIES TOWNSHIPS - OFTEN EACH WITH ITS DISTINCT CHARACTERISTICS, NEEDS AND PROBLEMS.

EACH DISTRICT COMMITTEE WILL BE MADE UP OF COUNCIL MEMBERS, DISTRICT BOARD REPRESENTATIVES AND MEMBERS OF LEADING LOCAL COMMUNITY ORGANISATIONS.

+MOST WILL AGREE THAT THE GEOGRAPHICALLY SCATTERED CONCENTRATIONS OF POPULATION MAKE IT EXTREMELY DESIRABLE THAT DECISIONS ON THE PROVISION OF MUNICIPAL SERVICES SHOULD BE TAKEN WITH STRONG LOCAL AND DISTRICT LEVEL INPUTS, + MR CHEUNG SAID.

MR CHEUNG SAID THAT THE COUNCIL COMPOSITION AND COMMITTEE STRUCTURE WILL ENSURE THAT THE PROVISIONAL REGIONAL COUNCIL AND THE FUTURE REGIONAL COUNCIL WILL BENEFIT FROM A MORE CONSTITUTIONAL ORGANISATIONAL AND FUNCTIONAL LINK WITH THE DISTRICT BOARDS, THE HEUNG YEE KUK AND OTHER LEADING LOCAL ORGANISATIONS.