WEDNESDAY, AUGUST 7, 1985
8
AS FAR AS SECURITIES WERE CONCERNED, HE HAD NO DOUBT THAT IN THE LONG TERM, HONG KONG WOULD BEST BE SERVED BY A WELL-ORDERED MARKET MANAGED WITH A CONSTANT REGARD FOR THE INTERESTS OF INVESTORS.
+WE CONTINUE TO BELIEVE IN SELF-REGULATION BUT IT MUST BE
AND THAT IS WHAT THE BILL WITHIN THE APPROPRIATE FRAMEWORK. IS ABOUT, HE SAID.
MR JACOBS THEN MOVED TWO MINOR AMENDMENTS AT THE COMMITTEE STAGE CONNECTED WITH THE NEW PROVISIONS IN THE BILL FOR THE REGISTRATION OF DEALING PARTNERSHIPS AND INVESTMENT ADVISERS' PARTNERSHIPS, DESIGNED TO REMOVE CERTAIN AMBIGUITIES OR INCONSISTENCIES IN THE PRINCIPAL ORDINANCE.
MEMBERSHIP CRITERIA CHANGE +TIMELY+
***
THE STOCK EXCHANGES UNIFICATION (AMENDMENT) BILL 1985 MARKS AN IMPORTANT STEP IN RESOLVING THE LONG CONTROVERSY ON THE CRITERIA FOR MEMBERSHIP OF THE STOCK EXCHANGES, THE HON PETER POON SAID TODAY (WEDNESDAY).
SPEAKING IN SUPPORT OF THE BILL IN THE LEGISLATIVE COUNCIL, HE SAID HE WAS HAPPY TO SEE THAT AGREEMENT HAD FINALLY BEEN REACHED WITH THE SECURITIES INDUSTRY ON THIS ISSUE.
HE SAID THAT REMOVAL OF THE PRESENT DISQUALIFICATION AGAINST CORPORATIONS, BANKS, DEPOSIT-TAKING COMPANIES, SOLICITORS AND PROFESSIONAL ACCOUNTANTS FROM BECOMING MEMBERS OF THE UNITED STOCK EXCHANGE HAD BEEN DEBATED AT LENGTH AND INTERESTED PARTIES HAD BEEN FULLY CONSULTED.
+IN LINE WITH MODERN TRENDS, BANKS AND DEPOSIT-TAKING COMPANIES ARE TO BE PERMITTED TO BECOME MEMBERS, BUT ONLY IF THEY DO SO UNDER COMPLETELY SEPARATE ARMS FOR THEIR STOCK BROK ING BUSINESS.
+OTHER SAFEGUARDS, NO DOUBT, WILL BE INTRODUCED BY THE UNITED STOCK EXCHANGE TO PREVENT ANY UNFAIR COMPETITION. HE SAID.
HE ADDED SO FAR AS SOLICITORS AND PROFESSIONAL ACCOUNTANTS WERE CONCERNED IT WAS THOUGHT BEST THAT ANY PROHIBITION SHOULD BE IMPOSED BY THE RESPECTIVE PROFESSIONAL BODIES UNDER THE IR OWN ETHICAL RULES IF THEY DEEMED IT NECESSARY.
/BE ALSO
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