FRIDAY, FEBRUARY 24, 1989
MEETING TOMORROW TO DISCUSS OUTCOME OF FUTURES EXCHANGE EGM
THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, WILL HAVE AN INITIAL MEETING WITH MR WILFRID NEWTON, EX-CHAIRMAN OF THE HONG KONG FUTURES EXCHANGE, AND MR DOUGLAS FORD, VICE-CHAIRMAN AND CHIEF EXECUTIVE OF THE FUTURES EXCHANGE TOMORROW (SATURDAY) TO DISCUSS THE IMPLICATIONS OF THE OUTCOME OF THE HONG KONG FUTURES EXCHANGE'S EXTRAORDINARY GENERAL MEETING HELD LAST (THURSDAY) NIGHT.
"THIS INITIAL MEETING WILL MAINLY BE A FACT-FINDING ONE, AIMED AT OBTAINING FROM THE FUTURES EXCHANGE FIRST HAND INFORMATION AND PERSONAL VIEWS ON THE EGM ITSELF AS WELL AS ON THE VARIOUS OPTIONS NOW OPEN TO THE EXCHANGE, A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY).
REFERRING TO A SUGGESTION THAT THE GOVERNMENT MIGHT NOW BE ASKED TO INTERVENE IN THE EXCHANGE'S RECONSTITUTION, THE SPOKESMAN SAID THAT THIS SITUATION HAD YET TO ARISE AND STRESSED THAT THE GOVERNMENT HAD STILL TO DETERMINE WHAT ITS STANCE WOULD BE WERE IT TO BE SO ASKED,
GIVEN THE INTENTION ANNOUNCED YESTERDAY BY THE FINANCIAL SECRETARY TO EXTEND THE PERIOD BY WHICH THE NEXT AGM NEEDED TO BE HELD, THERE WAS AMPLE OPPORTUNITY FOR ALL OPTIONS ΤΟ BE CAREFULLY THOUGHT THROUGH BEFORE COMING TO ANY FIRM CONCLUSION.
HK NOT TO PURSUE APPLICATION
IT HAS BEEN DECIDED NOT TO PURSUE HONG KONG'S APPLICATION DESIGNATED TERRITORY STATUS (DTS) UNDER THE UK FINANCIAL SERVICES FOR THE TIME BEING, A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY).
FOR
ACT
THIS DECISION HAS BEEN ARRIVED AT JOINTLY BY THE HONG KONG GOVERNMENT AND THE HONG KONG UNIT TRUST ASSOCIATION (UTA) AFTER CAREFUL CONSIDERATION.
DTS
WITH
THE SPOKESMAN EXPLAINED THAT A PRELIMINARY APPLICATION FOR UNDER SECTION 87 OF THE FINANCIAL SERVICES ACT 1986 WAS LODGED THE UK DEPARTMENT OF TRADE AND INDUSTRY IN MAY LAST YEAR BY THE HONG KONG GOVERNMENT BUT WILL NOT NOW BE PROCEEDED WITH.
"THE MAIN ADVANTAGE OF ATTAINING DESIGNATION IS THAT ENABLE UNIT TRUSTS AUTHORISED AND MANAGED IN HONG KONG TO BE TO THE INVESTING PUBLIC IN THE UNITED KINGDOM," HE SAID.
IT
WOULD MARKETED
/TO ENSURE
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