XN000022-1988-06-02 — Page 2

THURSDAY, JUNE 2, 1988

FS REAFFIRMS GOVT'S COMMITMENT TO MAINTAINING HK'S STATUS

THE FINANCIAL SECRETARY, MR PIERS JACOBS, TODAY (THURSDAY) REITERATED THE GOVERNMENT'S FIRM COMMITMENT TO MAINTAINING HONG KONG'S STATUS AS AN INTERNATIONAL FINANCIAL CENTRE.

IN HIS STATEMENT ISSUED AFTER THE PUBLICATION OF THE REPORT OF THE SECURITIES REVIEW COMMITTEE, MR JACOBS SAID THE GOVERNMENT VELCOMED THE REPORT AND WOULD PROCEED QUICKLY WITH THE EXAMINATION THE COMMITTEE'S RECOMMENDATIONS.

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HE ADDED THAT A SPECIAL TEAM, MADE UP OF OFFICERS FROM THE MONETARY AFFAIRS BRANCH AND THE LEGAL DEPARTMENT, HAD BEEN SET UP FOR THIS PURPOSE.

THE FOLLOWING IS THE FINANCIAL SECRETARY'S STATEMENT ON THE REPORT OF THE SECURITIES REVIEW COMMITTEE:

"THE REPORT OF THE SECURITIES REVIEW COMMITTEE HAS BEEN PUBLISHED TODAY. THE GOVERNMENT WELCOMES THIS REPORT.

THE COMMITTEE HAS IDENTIFIED VARIOUS WAYS IN WHICH THE MANAGEMENT AND OPERATION OF OUR SECURITIES INDUSTRY CAN BE IMPROVED. I BELIEVE THE REPORT WILL SERVE AS A VALUABLE AND ESSENTIAL BLUEPRINT FOR FUTURE DEVELOPMENTS. 1 WOULD LIKE TO TAKE THIS OPPORTUNITY TO THANK THE COMMITTEE AND ITS CHAIRMAN, MR IAN HAY DAVISON, FOR THEIR HARD WORK AND CONSTRUCTIVE RECOMMENDATIONS.

I WOULD ALSO LIKE то REITERATE THE GOVERNMENT'S FIRM COMMITMENT TO MAINTAINING HONG KONG'S STATUS АЯ AN INTERNATIONAL FINANCIAL CENTRE. WE WILL PROCEED QUICKLY WITH OUR EXAMINATION OF THE COMMITTEE'S RECOMMENDATIONS AND, AFTER WE HAVE CONSIDERED VIEWS EXPRESSED ON THE REPORT AND AFTER CONSULTATION WITH INTERESTED PARTIES, WE WILL SEEK THE APPROVAL OF THE EXECUTIVE COUNCIL ON SPECIFIC PROPOSALS AS SOON AS IS PRACTICABLE. FOR THIS PURPOSE, A SPECIAL TEAM, CONSISTING OF OFFICERS OF THE MONETARY AFFAIRS BRANCH

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LEGAL DEPARTMENT, HAS BEEN SET UP то DEAL WITH THE RECOMMENDATIONS OF THE COMMITTEE.

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REVIEW BEFORE GENERAL

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LASTLY, I WISH ΤΟ EMPHASISE THAT THE SECURITIES COMMITTEE CONSULTED WIDELY, BOTH LOCALLY AND OVERSEAS, FORMULATING THEIR PROPOSALS. INTERESTED PARTIES AND THE PUBLIC WILL NOW HAVE THE OPPORTUNITY TO EXPRESS FINDINGS AND RECOMMENDATIONS CONTAINED IN THE RERORT. ANY ONE WHO WISHES TO COMMENT ON THE FINDINGS OF THE REPORT SHOULD RECRETARY FOR MONETARY AFFAIRS BY JULY 4, 1988."

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