XN000022-1988-07-05 — Page 3

IN

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TUESDAY, JULY 5, 1988

CONSULTATION ON THE SECURITIES REVIEW COMMITTEE REPORT

A TOTAL OF TWELVE

GENERAL PUBLIC AND KEY

*

SUBMISSIONS

HAVE BEEN RECEIVED FROM THE ORGANISATIONS IN THE MARKETS ON VARIOUS RECOMMENDATIONS PUT FORWARD BY THE SECURITIES REVIEW COMMITTEE, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID TODAY

(TUESDAY).

PUBLIC CONSULTATION ON THE SECURITIES REVIEW COMMITTEE REPORT ENDED YESTERDAY (MONDAY).

MAJOR ORGANISATIONS IN THE MARKETS INCLUDING THE TWO EXCHANGES, THE SECURITIES COMMISSION, THE COMMODITIES TRADING COMMISSION AND THE HONG KONG STOCKBROKERS ASSOCIATION HAVE EXPRESSED THEIR VIEWS ON MAJOR RECOMMENDATIONS OF THE COMMITTEE.

"ALL RESPONDENTS BROADLY WELCOME THE REPORT AND WOULD LIKE TO THE EARLY IMPLEMENTATION OF ITS MAJOR RECOMMENDATIONS, MR NENDICK SAID,

SEE

"IN PARTICULAR, THEY FAVOUR THE ESTABLISHMENT OF

AN INDEPENDENT REGULATORY AUTHORITY TO BRING GREATER EFFECTIVENESS TO THE REGULATION OF THE SECURITIES AND FUTURES MARKETS, HE ADDED.

น

MR NENDICK REITERATED THE GOVERNMENT'S FIRM COMMITMENT TO MAINTAINING HONG KONG'S STATUS AS AN INTERNATIONAL FINANCIAL CENTRE AND TO PROCEED WITH THE SPEEDY IMPLEMENTATION OF THE SRC RECOMMENDATIONS.

"THE SPECIAL UNIT ESTABLISHED IN THE MONETARY AFFAIRS BRANCH FOR THE IMPLEMENTATION OF THE COMMITTEE'S RECOMMENDATIONS IS NOW AT FULL SWING," HE SAID.

"HAVING CONSIDERED

THE

SUBMISSIONS AND VIEWS EXPRESSED BY MARKET USERS, THE GOVERNMENT WILL BE SEEKING THE ADVICE OF THE EXECUTIVE COUNCIL ON MAJOR PROPOSALS IN THE SECURITIES REVIEW COMMITTEE REPORT AS SOON AS POSSIBLE, HE ADDED.

"WE WILL CONTINUE TO LIAISE WITH

RELEVANT PARTIES AND WILL CONSULT THEM AS AND WHEN WE FORMULATE DETAILED PROPOSALS BEFORE SUBMITTING THEM TO THE EXECUTIVE COUNCIL FOR CONSIDERATION," SAID

MR NENDICK.

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