XN000022-1988-06-22 — Page 29

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WEDNESDAY, JUNE 22, 1988

"IT IS THEREFORE PROPOSED THAT THE PROVISIONS ON EXCESSIVE INTEREST RATES SHOULD NOT APPLY TO ANY LOANS SPECIFIED IN THE FIRST SCHEDULE THAT ARE MADE TO A COMPANY WITH A PAID UP NOT LESS THAN $1 MILLION," MR NENDICK SAID.

SHARE

CAPITAL OF

"ADDITIONS HAVE ALSO BEEN MADE TO THE LIST OF EXEMPTIONS IN THE FIRST SCHEDULE TO INCLUDE A LOAN MADE TO $1 MILLION PAID UP SHARE CAPITAL, A LOAN FOR AND EXPORT FINANCING, A LOAN UPON TERMS SECURITIES WITH A PROSPECTUS, AND A LOAN MADE COMPANY ON THE STOCK EXCHANGE OF HONG KONG OR EXCHANGES."

FINALLY, THE BILL WOULD GENERAL AND SPECIFIC EXEMPTIONS.

A COMPANY WITH MORE THAN THE PURPOSE OF IMPORT INVOLVING THE ISSUE OF TO A PUBLICLY LISTED OTHER APPROVED STOCK

EMPOWER THE

REGISTRAR TO GRANT

MR NENDICK SAID THAT THE REGISTRAR MIGHT AFTER CONSULTATION

MONEY

OR WITH THE FINANCIAL SECRETARY, EXEMPT A CLASS OF

LENDER, FROM ALL OR LOAN, OR CLASS OF LOAN, BY A CLASS OF MONEY LENDER OF THE PROVISIONS OF THE ORDINANCE.

A

ANY

"THE REGISTRAR MAY ALSO, UPON APPLICATION BY A MONEY LENDER, EXEMPT HIM FROM SPECIFIED PROVISIONS OF THE ORDINANCE, HE ADDED.

|

DEBATE ON THE BILL WAS ADJOURNED.

SUBSTANTIAL CHANGES IN EXCHANGE BELIEVED NECESSARY

A FINAL VIEW ON REVIEW COMMITTER FOR THE FUTURES ACTING FINANCIAL COUNCIL TODAY

ALTHOUGH THE GOVERNMENT HAD NOT YET COME TO THE RECOMMENDATIONS CONTAINED IN THE SECURITIES REPORT, IT BELIEVED THAT IT WOULD BE NECESSARY EXCHANGE TO INTRODUCE SUBSTANTIAL CHANGES, THE SRCRETARY, THE HON DAVID NENDICK, TOLD THE LEGISLATIVE (WEDNESDAY).

MOVING THE SECOND READING OF THE HONG KONG FUTURES EXCHANGE (TEMPORARY PROVISIONS) BILL 1988, MR NENDICK SAID THE CHANGES WOULD INVOLVE BOTH THE INTERNAL STRUCTURE OF THE EXCHANGE AND THE WAY RISK WAS MANAGED.

'ALTHOUGH WE SHALL PROCEED WITH ALL

IMPLEMENTED THAT SUCH CHANGES CAN BE EXTREMELY REMOTE," HE SAID.

BY

DESPATCH, THE LIKELIHOOD THE END OF SEPTEMBER

IS

"IT IS