XN000022-1987-10-28 — Page 4

N

WEDNESDAY, OCTOBER 28, 1987

"THE EXCHANGES ALSO HAVE RULE-MAKING POWERS, UNDER ALREADY CHARGE LEVIES.

WHICH

THEY

WHETHER THESE PROVISIONS PROVIDE

"BUT THERE IS SOME DOUBT CLEAR AUTHORITY FOR THE IMPOSITION OF THE NEW LEVIES.

IT

LEVIES SHOULD

BE

"HAVING REGARD TO THE VERY LARGE AMOUNTS OF THE FACILITIES, IS ESSENTIAL THAT THE LEGALITY OF THESE ADDITIONAL FREE FROM DOUBT.

PROPOSED "TO MEET THIS OBJECTIVE, IT IS

AND UNAMBIGUOUS ENACTED THAT WILL PROVIDE CLEAR IMPOSITION OF THE LEVIES."

THE BILL SOUGHT

THAT LEGISLATION BE

FOR AUTHORITY

THE

MR JACOBS SAID

ΤΟ IMPOSE ON THE FUTURES EXCHANGE AND THE STOCK EXCHANGE THE DUTY TO PAY THE LEVIES.

"IT IS INTENDED THAT THE EXCHANGES WOULD, IN TURN, IMPOSE

THESE LEVIES ON THEIR INDIVIDUAL MEMBERS BY RULES TO BE MADE AND APPROVED BY THE SECURITIES COMMISSION AND COMMODITIES COMMISSION LATER TODAY.

SHOULD BE

BY THEM TRADING

LEVIES "WE INTEND THAT THE ADDITIONAL RESPECT OF CONTRACTS AND TRANSACTIONS ENTERED INTO FROM TOMORROW,

THURSDAY, OCTOBER 29, 1987 TO ENABLE EARLY REPAYMENT

FACILITIES AS SOON AS POSSIBLE, MR JACOBS SAID.

PAYABLE

IN

OF THE

EXAMINATION OF EXCHANGE STRUCTURE WILL BE CARRIED OUT

*

TO

THE

THE GOVERNMENT INTENDS

EXAMINE CRITICALLY

EXISTING THAT MAY STRUCTURE OF THE STOCK EXCHANGE AND TO PROCURE ALL CHANGES

AS WELL BE NECESSARY TO ASSURE THE INTERNATIONAL FINANCIAL COMMUNITY

PROPERLY AS THE PEOPLE OF HONG KONG THAT THE MARKET INSTITUTIONS

SECRETARY, THE HON MANAGED AND PROPERLY ADMINISTERED, THE FINANCIAL PIERS JACOBS, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

ARE

BILL 1987, PROPOSALS AS HOPED IT WOULD BE

WINDING UP DEBATE ON THE EXCHANGES (SPECIAL LEVY) MR JACOBS SAID ALTHOUGH HE COULD NOT MAKE ANY DETAILED TO HOW THIS EXAMINATION WOULD BE CARRIED OUT, HE POSSIBLE TO ANNOUNCE THEM IN THE NEAR FUTURE.

BILL INDEED RESTORED

HE THANKED THOSE MEMBERS WHO HAD SPOKEN IN SUPPORT OF THE AND SAID THAT HE HAD NO DOUBT WHAT HAD BEEN DONE HAD STABILITY.

/"OUR TASK