XN000022-1988-06-02 — Page 8

7

THURSDAY, JUNE 2, 1988

IN THE REST OF THE REPORT WE ADDRESS ISSUES ESPECIALLY

(1)

(2)

-

CERTAIN OTHER MAJOR

LISTING ARRANGEMENTS FOR NEW SHARES. CHAPTERS V AND XI. WE RECOMMEND THAT SOLE RESPONSIBILITY FOR APPROVING LISTING DOCUMENTS BE TRANSFERRED TO A REFORMED STOCK EXCHANGE LISTING DEPARTMENT.

LICENSING

-

RATHER THAN REGISTRATION

OF SECURITIES INTERMEDIARIES SO THAT ALL WILL HAVE TO SHOW THAT THEY ARE FIT AND PROPER PERSONS AND PASS TESTS OF HONESTY, COMPETENCE AND SOLVENCY. AS TO THE LATTER WE DO NOT' RECOMMEND A SIGNIFICANT INCREASE IN CAPITAL REQUIREMENTS. SEE CHAPTER X.

(3)

WE

(1)

DISCUSS THE PARTICULARLY WITH

IN CHAPTER XI.

OBLIGATIONS OF LISTED COMPANIES REGARD TO ACCOUNTING AND DISCLOSURE

FINALLY IN CHAPTER XIII

WE ADDRESS A NUMBER OF OTHER AREAS WHICH ALTHOUGH EXTREMELY IMPORTANT, WE WERE UNABLE TO RESOLVE IN THE LIMITED TIME AT OUR DISPOSAL. HERE WE MAKE RECOMMENDATIONS FOR FURTHER EXAMINATION AND STUDY.

BEARING IN MIND THAT MY COMMITTEE HAS NOW BEEN DISCHARGED ΚΕ THINK IT ESSENTIAL THAT WE PUT ALL OUR ARGUMENTS FORWARD. AFTER ALL WE ONLY HAVE ONE BITE AT THE CHERRY. THE REPORT IS THEREFORE LENGTHY AND I HOPK FULLY ARGUED. IT IS NOW UP TO THE AUTHORITIES AND THE

1 SECURITIES MARKETS TO IMPLEMENT OUR PLANS AND

AM SURE THAT THEY

WILL..

LET ME CLOSE ON A POSITIVE NOTE BY THANKING MY COMMITTEE, ITS

TASK STAFF AND THE HONG KONG SECURITIES INDUSTRY FOR MAKING MY

EASY. HARD WORK IS NEVER UNPLEASANT WHEN CARRIED OUT IN A SPIRIT OF HELPFUL CO-OPERATION.

"

PUBLIC SHOULD TAKE HEED OF SECURITIES COMMISSION'S ACHIEVEMENTS: FS

*

THE COMMUNITY SHOULD LOOK AT THE VERY SOLID ACHIEVEMENTS OF THE SECURITIES COMMISSION AND THE OFFICE OF THE COMMISSIONER, THE FINANCIAL SECRETARY, MR PIERS JACOBS, SAID) TODAY (THURSDAY).

ANSWERING QUESTIONS FROM THE MEDIA ᎪᎢ THE GOVERNMENT SECRETARIAT AFTER GIVING THE GOVERNMENT RESPONSE TO THE SECURITIES REVIEW COMMITTEE REPORT, MR JACOBS SAID HE THOUGHT ON THE WHOLE, THEY HAD PERFORMED VERY WELL. BUT "WE ARE NOW REACHING A POINT WHERE WE HAVE TO MOVE ON TO THE NEXT STAGE"

■

/"THEY WERE