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ليا
TUESDAY, JULY 3, 1990
THE BILL WILL BE PUBLISHED IN THE GAZETTE ON FRIDAY (JULY 6).
FOLLOWING IS A LIST OF THE STATUTORY REQUIREMENTS TO WHICH THE PROPOSED POWER OF WAIVER AND MODIFICATION WILL APPLY:
REGISTRATION REQUIREMENTS
SECURITIES ORDINANCE (CAP. 333)
PRACTICAL DIFFICULTIES
S.48(1A) & 49(1A)
S.65B(8)
S.67
S.84
8.88
AT LEAST ONE DIRECTOR OF A CORPORATION HAS TO BE REGISTERED WITH THE SFC AND ACTIVELY INVOLVED IN THE CORPORATION'S BUSINESS.
S.65B SETS OUT THE CAPITAL REQUIREMENTS FOR REGISTRATION.
THESE ARE BEING REVISED BY THE SFC.
REGISTERED PERSONS TO MAINTAIN A REGISTER OF ALL SECURITIES THEY HAVE AN INTEREST.
IN WHICH
DEALERS TO DEPOSIT CLIENT MONEYS, WITHIN FOUR DAYS OF RECEIPT, INTO TRUST ACCOUNTS KEPT AT A HONG KONG LICENSED BANK.
DEALERS TO FURNISH THE SFC WITH FINANCIAL ACCOUNTS WITHIN FOUR MONTHS FROM THE END OF THEIR FINANCIAL YEAR.
THE DIRECTORS OF SOME FOREIGN CORPORATIONS MAY BE ENTIRELY NON- EXECUTIVE OR BASED OUTSIDE HONG KONG.
S.65B(8) EMPOWERS THE THE SFC TO WAIVE OR MODIFY THE CAPITAL REQUIREMENTS OF REGISTERED DEALING PARTNERSHIPS. THE
SAME FLEXIBILITY SHOULD BE EXTENDED TO ALL DEALERS.
CREATES UNNECESSARY BURDEN FOR FUND MANAGERS WITH DIVERSIFIED
PORTFOLIOS WHICH ARE ACTIVELY TRADED.
CREATES PROBLEMS FOR HONG KONG DEALERS WHO TRADE FOR HONG KONG CLIENTS IN OVERSEAS MARKETS.
S.88(2) EMPOWERS THE SFC TO EXTEND THE PERIOD, BUT ONLY BY ONE MONTH. THIS IS INSUFFICIENT IN SOME
CIRCUMSTANCES E.G. RESIGNATION OF THE AUDITOR.
/COMMODITIES TRADING
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