XN000022-1989-10-26 — Page 11

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THURSDAY, OCTOBER 26, 1989

IN THE WHITEHEAD DETENTION CENTRE, STAGE IIC WILL PROVIDE NEW SPACES FOR A FURTHER 400 VBP, HE ADDED.

UNDER TENTATIVE ARRANGEMENTS, THE FIRST TO GO WILL BE 1,517 VBF FROM SHEK KWU CHAU TO HIGH ISLAND STAGE 1 BETWEEN OCTOBER 31 AND NOVEMBER 3.

THIS WILL BE FOLLOWED BY 1,316 VBP MOVING FROM THE ERSKINE CAMP TO HIGH ISLAND STAGE 1 FROM NOVEMBER 4 TO 7.

ON NOVEMBER 7, 400 VBP FROM ONE OF THE FOUR FERRIES AT STONECUTTERS ISLAND WILL MOVE TO THE WHITEHEAD STAGE IIC. ANOTHER 1,200 VBP FROM THE REMAINING THREE FERRIES WILL BE TRANSFERRED ΤΟ HIGH ISLAND STAGE II BETWEEN NOVEMBER 15 AND 17.

SFC LEVY ON FUTURES CONTRACTS

* *

THE

OF A HONG

THE GOVERNOR IN COUNCIL HAS APPROVED THE INTRODUCTION $2.50 LEVY PER LEVIABLE TRANSACTION IN FUTURES CONTRACTS ON KONG FUTURES EXCHANGE (HKFE), PAYABLE TO THE SECURITIES AND FUTURES COMMISSION (SFC).

ANNOUNCING THIS TODAY THURSDAY), A GOVERNMENT THE LEVY WAS INTRODUCED UNDER SECTION 52 OF THE FUTURES COMMISSION ORDINANCE.

SPOKESMAN SECURITIES

SAID

AND

"THE LEVY WILL TAKE EFFECT ON OCTOBER 31, 1989, WITH A TO BE GRANTED TO TRANSACTIONS IN NEW FUTURES CONTRACTS IN THEIR SIX MONTHS OF TRADING, THE SPOKESMAN SAID.

"

WAIVER FIRST

IN

RECORDED

THE

IN MARCH THIS YEAR, THE EXECUTIVE COUNCIL ENDORSED PRINCIPLE THE IMPOSITION OF A STATUTORY LEVY ON TRANSACTIONS ON THE STOCK EXCHANGE OF HONG KONG (SEHK) AND THE HKFE AS PART OF MARKET CONTRIBUTION TOWARDS THE FUNDING FOR THE SFC.

THE LEVY ON THE SEHK WAS INTRODUCED ON MAY 1 THIS YEAR ESTABLISHMENT OF THE SFC; WHEREAS THAT ON THE HKFE WAS

UPON SCHEDULED FOR COMMENCEMENT IN OCTOBER THIS YEAR, SUBJECT TO A REVIEW OF THE MARKET SITUATION IN AUGUST.

THE SFC UNDERTOOK A REVIEW OF THE FUTURES MARKET IN AUGUST FOUND THAT THE MARKET SITUATION HAS NOT CHANGED SIGNIFICANTLY THE LEVY WAS FIRST ENDORSED IN PRINCIPLE BY THE EXECUTIVE MARCH.

AND SINCE COUNCIL IN

HAVING CONSULTED THE HKFE, THE SFC RECOMMENDED THAT THE LEVY BE INTRODUCED AS APPROVED BY THE EXECUTIVE COUNCIL. IN SUBJECT TO THE WAIVER FOR NEW FUTURES CONTRACTS.

BUT

MARCH.

1

/THE SFC