XN000022-1989-05-05 — Page 11

FRIDAY, MAY 5, 1989

NOMINEE SHAREHOLDINGS IN TELEVISION LICENSEE COMPANIES

* *

* *

GOVERNMENT

AN ORDER WILL BE PUBLISHED IN THE

GAZETTE SHORTLY

DATE THE IMPLEMENTATION WHICH WILL HAVE THE EFFECT OF DEFERRING SECTION 17B OF THE TELEVISION (AMENDMENT) ORDINANCE 1988.

AN HOLDING

OF

INTEREST

SECTION 17B PROHIBITS MOST NOMINEES FROM

OF A TELEVISION LICENSEE COMPANY, AND WAS IN THE VOTING SHARES SCHEDULED TO COME INTO OPERATION ON MAY 21.

SECRETARY FOR

TSAO, CONSULTED

SAID: PRIOR THE

THE DEFERMENT, THE EXPLAINING THE REASON FOR

MR SERVICES AND INFORMATION,

PETER ADMINISTRATIVE "ALTHOUGH THE TWO TELEVISION LICENSEE COMPANIES WERE TO THE PROMULGATION OF THE TELEVISION (AMENDMENT) ORDINANCE 1988,

RECEIVED REPRESENTATIONS FROM THE ADMINISTRATION EARLIER THIS YEAR

LTD. SEEKING TO EXTEND THE HONG KONG ASSOCIATION OF BANKS AND TVB

TELEVISION LICENSER CATEGORY OF NOMINEES ALLOWED TO HOLD SHARES IN A

PRACTICES ADOPTED BY COMPANY IN ORDER TO ACCOMMODATE CURRENT MARKET BANKS, DEPOSIT-TAKING COMPANIES AND STOCKBROKERS."

THESE PRACTICES INCLUDE THE PROVISION OF CUSTODIAL SERVICES

STOCKBROKERS BANKS, DEPOSIT-TAKING COMPANIES, INSURANCE COMPANIES AND AS NOMINEES FOR SHAREHOLDERS WHO DO NOT THEMSELVES AND THE SECURITY AGAINST LOANS.

ALSO THIS

OF ACCEPTANCE

BY

WISH ΤΟ MANAGE THE SHARES SHARES BY SUCH INSTITUTIONS AS

OF BANKS, DEPOSIT-TAKING

COVERS SUBSIDIARIES

COMPANIES, INSURERS OR STOCKBROKERS WHICH IN MOST THE SHARES ON BEHALF OF THOSE INSTITUTIONS.

CIRCUMSTANCES HOLD

RESTRICTING

"THE GOVERNMENT'S PRIMARY CONCERN IN SHAREHOLDING IS TO PREVENT PERSONS WHO WISH TO LICENSEE FROM HIDING THEIR IDENTITIES BEHIND NOMINEES,

OVER

THE PAST

NOMINEE

CONTROL A TELEVISION

H MR TSAO SAID.

REPRESENTATIVES OF BANKS, DEPOSIT-TAKING COMPANIES,

INSURERS WITH AND HAS CONSULTED

FEW

MONTHS, THE

HAS MET AND STOCKBROKERS

OF THE AIM

ACCOMMODATING MARKET THAT GOVERNMENT'S PRINCIPLE LICENSEES SHOULD BE KNOWN

ADMINISTRATION

то

THE

PRACTICES WHILE UPHOLDING THE

SHAREHOLDERS

OF TELEVISION

ADMINISTRATION.

"WE HAVE NOW WORKED OUT

AN

ARE

APPROPRIATE FRAMEWORK TO ENSURE THAT THE IDENTITY AND THE RESIDENTIAL STATUS OF BENEFICIAL OWNERS KNOWN.

"IT IS THE ADMINISTRATION'S INTENTION TO SUBMIT

THE EXECUTIVE TO AMEND THE TELEVISION ORDINANCE TO COUNCILS.

A DRAFT BILL

AND

LEGISLATIVE

|

"SECTION 17B WILL BE BROUGHT INTO FORCE UPON OF THE AMENDMENTS, MR TSAO SAID.

THE

PROMULGATION

/HOWEVER,