XN000022-1987-07-17 — Page 4

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FRIDAY, JULY 17, 1987

DEVELOPMENT

"HE WAS INVOLVED, TO0, WITH THE WHITE PAPER ON THE OF THE REPRESENTATIVE COUNCIL OF HONG KONG IN 1984, AND ORGANISING THE FIRST ELECTIONS TO THAT COUNCIL IN 1985, HE SAID.

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DR SMYTH DESCRIBED SIR DAVID AS A PUBLIC SERVANT WITH AND RELIABILITY.

WITH

TENACITY

FOUND IN

DR SMYTH SAID: "WHAT MORE NECESSARY VIRTUES COULD BE ONE CALLED TO SERVE HIS PEOPLE, IN THESE MOST CRUCIAL YEARS OF THEIR HISTORY, AS HONG KONG APPROACHES A NEW PHASE IN ITS POLITICAL LIFE?"

RULES OF CONDUCT FOR INVESTMENT ADVISERS TO BE EXAMINED

*

RULES OF

HELD ITS

THE ACTING COMMISSIONER FOR SECURITIES AND COMMODITIES TRADING, MR DEREK MURPHY ANNOUNCED THAT A WORKING PARTY TO CONSIDER CONDUCT FOR INVESTMENT ADVISERS HAS BEEN ESTABLISHED AND FIRST MEETING TODAY (FRIDAY).

FROM THE

MEMBERS OF THE WORKING PARTY, COMPRISING INDIVIDUALS INVESTMENT ADVISORY INDUSTRY, THE UNIT TRUST INDUSTRY, A STOCKBROKER AND THE CHAIRMAN OF THE LIFE INSURANCE COUNCIL ARE AS FOLLOWS:

MR JOHN CHEUNG, WARDLEY INVESTMENT SERVICES LIMITED

MR RAYMOND CHEUNG, CONNAUGHT INVESTMENTS LIMITED MR DAVID DUNKERLEY, FINEXCO

CONSULTANTS

INTERNATIONAL

MR IAN GILL, MONITOR MONEY WORLDWIDE LIMITED

MR BILL GLOVER, PERSONAL FINANCIAL CONSULTANTS LIMITED MR HOWARD GORGES, SUN HUNG KAI SECURITIES LIMITED

FINANCIAL

MR TERRY JENKINS, NATIONAL MUTUAL INSURANCE COMPANY LIMITED MISS MARY RICHARDSON, PANURGY LIMITED

MR BOB SCRIVENER, MONEY PLAN (ASIA) LIMITED

MRS ANNE WEST, SCIMITAR ASSET MANAGEMENT ASIA LIMITED

THE

WHETHER

THE WORKING PARTY WILL EXAMINE THE CURRENT STATE OF INVESTMENT ADVISORY INDUSTRY IN HONG KONG, AND WILL CONSIDER THERE ARE SUFFICIENT SAFEGUARDS FOR THE PROTECTION OF INVESTORS SEEKING INVESTMENT ADVICE.

IT WILL SUGGEST POSSIBLE GUIDELINES AND PROPOSE DRAFT RULES OF CONDUCT FOR INVESTMENT ADVISERS, AND ALSO CONSIDER PROPOSALS FOR AMENDMENT TO THE LAW, IF NECESSARY, HAVING PARTICULAR REGARD TO THE DEFINITION OF WHAT CONSTITUTES AN INVESTMENT ADVISER.

AS A FIRST STEP, THE WORKING PARTY AGREED THAT A QUESTIONNAIRE BE DRAWN UP AND SENT TO ALL INVESTMENT ADVISERS IN ORDER TO GET A BETTER PROFILE OF THE WAY THE INDUSTRY PRESENTLY OPERATES.

IT IS EXPECTED THAT THE WORKING PARTY WILL HOLD A NUMBER OF MEETINGS BEFORE REPORTING ITS VIEWS TO THE COMMISSIONER.

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