XN000022-1987-11-17 — Page 2

TUESDAY, NOVEMBER 17, 1987

SECURITIES REVIEW COMMITTEE TO MEET ON MONDAY

MEETING

THE SECURITIES REVIEW COMMITTEE WILL HOLD ITS FIRST NEXT MONDAY (NOVEMBER 23), AFTER WHICH IT WILL CALL FOR THE PUBLIC AND INTERESTED PARTIES ΤΟ MAKE SUBMISSIONS AND EVIDENCE, MR LAN DAVISON, THE COMMITTEE'S CHAIRMAN, SAID TODAY (TUESDAY).

SPEAKING TO REPORTERS AT THE AIRPORT ON HIS ARRIVAL FROM LONDON, MR DAVISON SAID ANYBODY WHO HAD ANYTHING то SAY ABOUT THE BETTER REGULATIONS OF THE HONG KONG STOCK AND FUTURES EXCHANGES WAS WELCOME TO GIVE HIS VIEWS.

"OBVIOUSLY WE EXPECT THE COUNCIL OF EXCHANGE AND THE LEADING BODIES OF THAT SORT TO GIVE US THEIR VIEWS IN DETAIL. BUT WE CERTAINLY INVITE SUBMISSIONS FROM MEMBERS OF THE PUBLIC AS WELL. HE SAID.

**

MR DAVISON PLEDGED THAT THE COMMITTEE WOULD DO ITS BEST IN TRYING TO PREPARE A REPORT IN SIX MONTHS, ADDING THAT HE WOULD MEET MEMBERS OF HIS COMMITTEE INDIVIDUALLY IN THE NEXT DAY OR TWO.

ASKED TO COMMENT ON THE COMMITTEE'S PRIORITIES OF WORK, MR DAVISON SAID THE COMMITTER'S TERMS OF REFERENCE INDICATED THAT THE MAJOR THRUST OF ITS REPORT WAS LOOKING FORWARD.

HE SAID THE COMMITTEE WANTED TO TRY TO LAY A BLUEPRINT WHICH COULD BE FOLLOWED IN IMPROVING THE REGULATORY ARRANGEMENTS IN THE HONG KONG FINANCIAL MARKETS IN THE FUTURE.

IN REPLY TO A QUESTION ON THE SUSPENSION OF THE STOCK MARKET, MR DAVISON SAID THE COMMITTEE WOULD TRY AND DRAW CONCLUSIONS FROM WHAT HAD PASSED IN ORDER TO MAKE RECOMMENDATIONS FOR THE FUTURE.

AS

"OBVIOUSLY WE WILL HEAR WHAT HAS HAPPENED AND FORM OUR VIEWS. BUT AS I SAID AGAIN, WE'RE NOT HERE TO CRITICISE OR TO FORM A VIEW TO WHAT WAS DONE RIGHT OR WRONG IN THE PAST.

'IT'S NOT A BACKWARD LOOKING REPORT, HE ADDED.

COMMENTING ON THE RECENT PLUNGE IN THE HONG KONG STOCK MARKET. MR. DAVISON SAID THERE WAS NO DOUBT WHATSOEVER THAT ON OCTOBER 19 ALL STOCK MARKETS THROUGHOUT THE WORLD WERE BADLY HIT.

··

IT'S CLEAR THAT HONG KONG WAS

AS BADLY НГТ AS ANY OTHER

MARKET,

FF

HE SAID.

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