XN000022-1989-12-14 — Page 7

THURSDAY, DECEMBER 14, 1989

APPLICATIONS FOR APPOINTMENT AS RECOGNISED DEALER

NEARLY 70 APPLICATIONS FOR APPOINTMENT AS RECOGNISED DEALER IN EXCHANGE FUND BILLS HAVE ALREADY BEEN RECEIVED, THE SECRETARY POR MONETARY AFFAIRS, MR DAVID NENDICK, SAID TODAY (THURSDAY I .

"THIS IS A VERY ENCOURAGING RATE OF RESPONSE," HE SAID. "IT IS ONLY TWO WEEKS SINCE WE 15YUED THE INVITATIONS TO APPLY,"

ABOUT HALF OF THE APPLICATIONS SO FAR RECEIVED HAVE EXPRESSED INTEREST IN BEING INVITED TO ACCEPT APPOINTMENT AS MARKET MAKER AS WELL AS RECOGNISED DEALER, HE SAID.

THE FINANCIAL SECRETARY INDICATED IN A SPEECH TO THE HONG KONG CAPITAL MARKETS ASSOCIATION IN AUGUST THAT IT WAS UNLIKELY THAT MORE THAN ABOUT 20 MARKET MAKERS WOULD BE APPOINTED.

"IT IS PROBABLE, THEREFORE, THAT SOME WOULD-BE MARKET MAKERS WILL FACE DISAPPOINTMENT, MR NENDICK SAID.

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"THERE IS, HOWEVER, NO LIMIT ON THE NUMBER OF RECOGNISED DEALERS, HE ADDED.

MR NENDICK URGED ANY FURTHER INSTITUTIONS HAVING AN INTEREST IN BECOMING MARKET MAKERS ΤΟ SUBMIT APPLICATIONS FOR RECOGNISED DEALER AS SOON AS POSSIBLE.

"WHILST THERE IS NO DEADLINE FOR APPOINTMENT AS RECOGNISED DEALER THOSE INSTITUTIONS WHICH WOULD LIKE TO BE MARKET MAKERS SHOULD LODGE THEIR APPLICATIONS AT AN EARLY DATE AS WE WILL BE SELECTING MARKET MAKERS FROM THE INITIAL BATCH OF RECOGNISED DEALERS ΤΟ BE APPOINTED." HE SAID.

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ARRANGEMENT FOR TRANSFER OF SHIPS' FLAGS

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SPECIAL ARRANGEMENTS HAVE BEEN MADE TO ASSIST HONG KONG AND MANAGERS OF PANAMANIAN-FLAG SILIPS WISHING TO TRANSFER TO HONG KONG REGISTRY CONSEQUENT UPON THE FORTHCOMING CLOSURE OF UNITED STATES PORTS TO PANAMANIAN-FLAG SHIPS, A SPOKESMAN FOR THE MARINE DEPARTMENT SAID TODAY THURSDAY).

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"THESE ARRANGEMENTS ARE IN FULL COMPLIANCE REQUIREMENTS OF ALL INTERNATIONAL CONVENTIONS WHICH HAVE BEEN EXTENDED TO HONG KONG AND IN CONFORMITY WITH THE PRINCIPLES AGREED FOR THE AUTONOMOUS HONG KONG REGISTER OF SHIPPING WHICH WILL ENTER INTO FORCE IN LATE 1990.

"CARE HAS BEEN TAKEN IN MAKING THESE ARRANGEMENTS TO ENSURE THAT STANDARDS OF SAFETY ARE NOT COMPROMISED AND ΤΟ PROVIDE A FACILITY FOR HONG KONG SEAFARERS AT PRESENT SERVING ON PANAMANIAN-FLAG SHIPS TO CONTINUE IN EMPLOYMENT ON THOSE SHIPS UNDER HONG KONG REGISTRY, THE SPOKESMAN ADDED.

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