XN000022-1988-07-13 — Page 21

WEDNESDAY, JULY 13, 1988

20

DISCLOSURE BILL WILL IMPROVE HK'S IMAGE

*****

AS

THE SECURITIES (DISCLOSURE OF INTEREST) BILL 1988 WILL GO A LONG WAY TOWARDS IMPROVING HONG KONG'S IMAGE

A FINANCIAL CENTRE AND WILL ASSIST THE OPERATION OF A FAIR SECURITIES MARKET.

THIS THE HON PETER POON SAID

WHEN SPEAKING IN THE RESUMED DEBATE ON THE BILL IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

H

WORLD, HONG INTERESTS

MR COMPANIES,

POON

"AS ONE OF THE IMPORTANT FINANCIAL CENTRES IN THE

OF REQUIREMENTS KONG LAGS A LONG WAY BEHIND IN DISCLOSURE OF DIRECTORS AND MAJOR SHAREHOLDERS SAID.

IN

LISTED

THE HE POINTED OUT THAT

UNITED KINGDOM HAD INTRODUCED THE THE COMPANIES

AND ACT 1948 RELEVANT REQUIREMENTS IN

THE U.S.A AUSTRALIA AND CANADA HAD ALSO HAD SUCH LEGISLATION FOR A LONG TIME.

■ +

BILL MR POON ALSO NOTED THAT THERE WAS SOME CRITICISM THAT THE

THE FIGURE FOR HAD NOT GONE FAR ENOUGH. ONE MAJOR ISSUE WAS WHETHER

"NOTIFIABLE INTERESTS" SHOULD BE 10 PER DISCLOSURE OF

CENT OR

FIVE PER CENT.

THREE YEARS AND, IN THE LIGHT OF

THE "THE ADMINISTRATION SHOULD REVIEW

PERCENTAGE IN TWO OR AND EXPERIENCE,

THE CIRCUMSTANCES ΤΟ FIVE PER CENT AS THEN, SHOULD CONSIDER REDUCING THE PERCENTAGE APPLICABLE IN MANY MAJOR FINANCIAL CENTRES," HE SUGGESTED.

ISSUE WAS

ANOTHER MAIN

WHETHER SECURITIES INTERESTS IN A "DISCRETIONARY TRUST" SHOULD BE COVERED, RATHER THAN EXEMPTED.

"I WOULD SUGGEST THAT THE SITUATION BE MONITORED BY THE PROMPT ADMINISTRATION AND IF THERE ARE BLATANT OR WIDESPREAD ABUSES,

SHOULD BE TAKEN то INTRODUCE THE NECESSARY

AND

PROPER ACTION AMENDMENT," HE SAID.

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