XN000022-1989-01-25 — Page 4

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WEDNESDAY, JANUARY 25, 1989

MR JACOBS STRESSED

THAT

WAS

то

THE GOVERNMENT'S INTENTION ENSURE THAT THE CUSTOMER PRIOR ΤΟ ENTERING INTO A TRANSACTION HAD ACCESS TO ACCURATE INFORMATION REGARDING THE TERMS THE MONEY CHANGER WAS PREPARED TO OFFER.

HE SAID THE

BROUGHT ABOUT A WELCOME REDUCTION IN THE NUMBER OF AGAINST MONEY CHANGERS.

ENACTMENT

OF THE PRINCIPAL

ORDINANCE IN 1985 FORMAL COMPLAINTS

TO

WITH THE PRESENT LEVEL OF A DISPROPORTIONATE AMOUNT OF ADVERSE

SATISFIED "BUT WE ARE STILL NOT M LFRACTICE, WHICH LEADS PUBLICITY FOR HONG KONG.

IN

FAR AS

"IT IS THEREFORE NECESSARY TO INTRODUCE ADDITIONAL MEASURES ORDER TO ENSURE THAT UNSCRUPULOUS PRACTICES ARE ERADICATED AS POSSIBLE," HE SAID.

MR EXPLAINING PROVISIONS OF THE BILL,

JACOBS SAID CLAUSE 5 NET REQUIRED A MONEY CHANGER TO COMPLETE A TRANSACTION NOTE USING THE RATES OF EXCHANGE BEFORE THE EXCHANGE TRANSACTION WAS FINALISED.

"THE NOTE IS TO BE BILINGUAL AND EASILY POINTED OUT.

UNDER CLAUSE 7, THE MONEY CHANGER WAS REQUIRED BOARD DISPLAYING CLEARLY THE NET RATES OF EXCHANGE.

[E]

UNDERSTOOD,

HE

то MAINTAIN A

STATEMENTS,

||

FALSE OR MR

DISPLAYING "CLAUSE 8 PROHIBITS A MONEY CHANGER FROM MISLEADING NOTICES OR MAKING FALSE OR MISLEADING JACOBS CONTINUED.

HE ADDED THAT CRIMINAL LIABILITY WAS EXTENDED то DIRECTORS, DID NOT MANAGERS AND SECRETARIES OF CORPORATE MONEY CHANGERS IF THEY TAKE APPROPRIATE STEPS TO AVOID MALPRACTICE BY EMPLOYEES.

SHOULD NOT

MR JACOBS SAID THESE CONTROLS

IMPOSE AN ONEROUS THE EXISTING BURDEN ON MONEY CHANGERS, AND THEY DEPARTED LITTLE FROM PRACTICES OF THE MORE REPUTABLE.

HOWEVER, THE

NEED FOR

SOME

CONFORMITY OF PRACTICE AMONG MONEY CHANGERS WOULD REQUIRE MANY TO ADJUST THEIR MODE OF OPERATION IN WAY, HE SAID.

"TO FACILITATE THIS, IT IS INTENDED THAT AT LEAST THREE WILL BE ALLOWED AFTER ENACTMENT OF THE BILL BEFORE IT IS BROUGHT EFFECT, HE SAID.

FI

MONTHS

INTO

DEBATE ON THE BILL WAS ADJOURNED.

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