XN000022-1988-08-11 — Page 9

ARTICLES OF APPAREL

AND CLOTHING

ACCESSORIES

TELECOMMUNICATIONS AND

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THURSDAY, AUGUST 11, 1988

1,768

+ 26

10,455

+ 16

SOUND RECORDING AND

REPRODUCING APPARATUS

AND EQUIPMENT

1,462

+ 61

7,417

+ 54

PHOTOGRAPHIC APPARATUS,

EQUIPMENT AND SUPPLIES,

OPTICAL GOODS,

WATCHES AND CLOCKS

939

+ 33

4,621

+ 21

PROVISIONAL SECURITIES AND FUTURES COMMISSION LTD FORMED

A NEW COMPANY, CALLED THE PROVISIONAL SECURITIES AND FUTURES COMMISSION LTD, HAS BEEN FORMED TO FACILITATE THE EARLY ESTABLISHMENT OF THE SECURITIES AND FUTURES COMMISSION, A GOVERNMENT SPOKESMAN ANNOUNCED TODAY (THURSDAY).

THE SECURITIES REVIEW

COMMITTEE (SRC) RECOMMENDED THE ESTABLISHMENT OF AN INDEPENDENT STATUTORY BODY OUTSIDE THE CIVIL SERVICE TO REPLACE THE EXISTING SECURITIES COMMISSION, COMMODITIES TRADING COMMISSION AND THE OFFICE OF THE COMMISSIONER FOR SECURITIES AND COMMODITIES TRADING FOR THF REGULATION OF THF SECURITIES AND FUTURES INDUSTRY IN HONG KONG,

ON JULY 12, THE EXECUTIVE ESTABLISH THIS NEW BODY, TO BE COMMISSION (SFC)},

COUNCIL APPROVED THE PROPOSAL ΤΟ CALLED THE SECURITIES AND FUTURES

SINCE THEN, WORK HAS BEFN PROCEEDING ON THE PREPARATION OF THE NECESSARY LEGISLATION TO ESTABLISH THE SPC BY THE END OF THIS YEAR.

A GOVERNMENT SECURITIES CONSULTANT, MR ROBERT OWEN, WAS APPOINTED ON JULY 13 TO ADVISE THE GOVERNMENT

ON THE IMPLEMENTATION OF SRC RECOMMENDATIONS, IN PARTICULAR THE ESTABLISHMENT OF THE SFC.

HE HAS BEEN MEETING MARKET REGULATORS AND USERS, TALKING ΤΟ OFFICIALS OF THE TWO EXCHANGES AND FORMULATING PLANS TO STAFF THE NEW COMMISSION.

+

THE

"THE NEW COMPANY, INCORPORATED ON AUGUST 8 WILL ACT AS LEGAL ENTITY NECESSARY TO DEVELOP THE ORGANISATIONAL INFRASTRUCTURE OF THE SFC; TO RECRUIT STAFF, ESPECIALLY TO CERTAIN KEY POSITIONS WHICH SHOULD BE FILLED PRIOR TO THE FORMAL ESTABLISHMENT OF THE NEW REGULATORY BODY; AND TO ENTER INTO CONTRACTS FOR THE PROVISION OF SERVICES AND FACILITIES RELATING TO THE OPERATIONS OF THE SFC, THE GOVERNMENT SPOKESMAN SAID.

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