XN000022-1987-03-12 — Page 9

THURSDAY, MARGH 12, 1917

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STOCK EXCHANGE ANNUAL FEE SET

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THE GOVERNOR-IN-COUNCIL HAS DECIDED THAT THE ANNUAL FEE TO BE PAID BY THE STOCK EXCHANGE OF HONG KONG LIMITED WILL BE SET AT $8 MILLION FOR 1987-88.

ANNOUNCING THIS TODAY (THURSDAY), A GOVERNMENT SPOKESMAN SAID THAT THE LEVEL OF THE FEE FOR SUBSEQUENT YEARS WOULD BE SUBJECT TO REVIEW.

HE EXPLAINED THAT THE FEE, CHARGED UNDER THE STOCK EXCHANGES UNIFICATION ORDINANCE, WAS DETERMINED IN ACCORDANCE WITH THE GENERAL PRINCIPLE OF RELATING IT TO COST AS APPLICABLE TO FEES SET UNDER A STATUTORY POWER.

+AS THE RELEVANT COSTS ARE THOSE INCURRED BY THE OFFICE OF THE COMMISSIONER FOR SECURITIES AND COMMODITIES TRADING IN REGULATING THE ACTIVITIES OF THE STOCK EXCHANGE, A DETAILED COSTING EXERCISE WAS CARRIED OUT AND THE AMOUNT SUBSEQUENTLY IDENTIFIED.

+WHILE ADHERING TO THE GOVERNMENT'S GENERAL POLICY OF FULL COST RECOVERY WHEREVER APPROPRIATE, DETERMINATION OF THE ANNUAL FEE FOR THE STOCK EXCHANGE ALSO TOOK INTO ACCOUNT THE FINANCIAL POSITION OF THE EXCHANGE COMPANY.

+ IT IS ANTICIPATED THAT THE CHARGING OF THE ANNUAL FEE WOULD NOT LEAD TO AN INCREASE IN THE RATE OF TRANSACTION LEVY PRESENTLY BORNE BY INVESTORS, THE SPOKESMAN NOTED.

MANAGEMENT CONTROL OF BANK RETURNED

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FOLLOWING THE ACQUISITION OF THE ENTIRE SHARE CAPITAL OF HONG NIN BANK LIMITED BY FIRST PACIFIC HOLDINGS LIMITED, AND THE APPOINTMENT BY FIRST PACIFIC HOLDINGS LIMITED OF NEW DIRECTORS TO THE BOARD OF HONG NIN BANK LIMITED, THE FINANCIAL SECRETARY HAS DECIDED THAT IT IS NO LONGER NECESSARY FOR THE COMMISSIONER OF BANKING TO REMAIN IN CONTROL OF AND CARRY ON THE BUSINESS OF HONG NIN BANK LIMITED.

ACCORDINGLY, THE FINANCIAL SECRETARY HAS, PURSUANT TO SECTION 57(1) OF THE BANKING ORDINANCE, RETURNED THE MANAGEMENT CONTROL OF HONG NIN BANK LIMITED TO ITS BOARD OF DIRECTORS WITH EFFECT FROM TODAY (THURSDAY).

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