XN000022-1989-07-05 — Page 37

WEDNESDAY, JULY 5, 1989

35

DESIGNED 'THESE INSTRUMENTS ARE FOR THE MOST PART TRADED IN, THE WHOLESALE MARKETS AND THIS IS, I BELIEVE, A SAFEGUARD IF WE ARE TO ENSURE ADEQUATE INVESTOR PROTECTION.

FOR. NECESSARY

AND

"WHERE IN PARTICULAR CASES A SMALLER DENOMINATION IS CONSIDERED TO APPROACH THE IT APPROPRIATE

ALWAYS BE OPEN TO THE ISSUER WILL COMMISSION TO SEEK EXPRESS AUTHORISATION OF AN ADVERTISEMENT TO EFFECT," HE SAID.

"CLAUSE 4 OF THE BILL SETS OUT THE REPORTING REQUIREMENTS. EXEMPT ISSUES WILL NEED TO BE REPORTED TO THE COMMISSION WORKING DAYS OF THE DATE OF ISSUE.

THIS

ALL

WITHIN 10

"THIS IS TO ENABLE THE COMMISSION TO MONITOR THE DEVELOPMENT OF MR NENDICK THE MARKET. FAILURE TO REPORT AN ISSUE WILL BE AN OFFENCE, SAID.

AN

BILL

NOTING THAT THE OPPORTUNITY WAS ALSO BEING TAKEN TO REMOVE

CLAUSE 3(4) OF THE ANOMALY IN THE ORDINANCE, MR NENDICK SAID

TO PROFESSIONAL MADE IT CLEAR THAT THE EXEMPTION PRESENTLY AVAILABLE

IN UNIT THE PERSONS TO MARKET 'SECURITIES' DID NOT EXTEND TO ANY UNITS

NOT BEEN AUTHORISED BY TRUSTS OR SHARES IN MUTUAL FUNDS THAT HAD COMMISSION UNDER THE SECURITIES ORDINANCE.

DEBATE ON THE BILL WAS ADJOURNED.

FINAL SURPLUS FOR 1988-89 STANDS AT $16,828 MILLION

FINANCIAL SECRETARY,

YEAR

THE

STANDS HON

AT DAVID

1988-89 THE FINAL SURPLUS FOR THE

THE ACTING FINANCIAL $16,828 MILLION, NENDICK, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

AN ESTIMATED

OF SURPLUS

$16,630 DEBATE IN MAY, READING OF THE SUPPLEMENTARY

WITH THIS FIGURE COMPARED MILLION GIVEN IN THE CONCLUDING SPEECH IN THE BUDGET MR NENDICK SAID IN MOVING THE SECOND APPROPRIATION (1988-89) BILL 1989.

YEAR ACCOUNTS HAD BEEN SERVICES, HE SAID ACTUAL

EXPENDITURE TOTAL

AMOUNTED

REPORTING THAT THE 1988-89 FINANCIAL FINALISED BY THE DIRECTOR OF ACCOUNTING REVENUE AMOUNTED TO $65,781 MILLION, AND TO $48,953 MILLION.

ΤΟ THE

SAID MR NENDICK BILL, EXPLAINING THE BACKGROUND

"IF THAT

AT THE STATED ORDINANCE SECTION 9 OF THE PUBLIC FINANCE

THAT EXPENDITURE CLOSE OF ACCOUNT FOR ANY FINANCIAL YEAR IT IS FOUND

THE SUM APPROPRIATED FOR CHARGED TO ANY HEAD IS IN EXCESS OF HEAD BY AN APPROPRIATION ORDINANCE, THE EXCESS SHALL BE INCLUDED IN SUPPLEMENTARY APPROPRIATION BILL WHICH SHALL BE LEGISLATIVE COUNCIL AS SOON AS PRACTICABLE FINANCIAL YEAR TO WHICH THE EXCESS EXPENDITURE RELATES".

THAT

A

INTRODUCED INTO AFTER THE CLOSE OF

THE THE

/MR NENDICK