XN000022-1990-07-18 — Page 7

WEDNESDAY, JULY 18, 1990

THE EXCHANGES "BOTH THE SECURITIES AND FUTURES COMMISSION AND

OF DEVELOPMENT AND THIS REQUIRED THE WOULD HAVE RESPONSIBILITIES

EXCHANGES, CLOSE WORKING RELATIONSHIP BETWEEN THE COMMISSION AND THE HE SAID.

A

1

THE

ON EXCHANGES FUNCTIONING AND

1989, THE SECURITIES AND "SINCE ITS ESTABLISHMENT ON MAY 1,

WITH CLOSELY FUTURES COMMISSION HAS BEEN WORKING POLICY MATTERS RELATING TO TRADING PRACTICES AND THE DEVELOPMENT OF MARKETS, AS WELL AS IN REVIEWING RULES

AND MANAGEMENT WITH A VIEW TO ENSURING THAT RISK AND THAT SYSTEMS ARE EFFECTIVE, INTERESTS OF THE MARKET AS A WHOLE,

THE

ARE RULES SIR PIERS SAID.

AND PROCEDURES CLIENT PROTECTION IN THE DEVELOPED

IT

ANY

HE POINTED OUT THAT NOTWITHSTANDING THE PROPOSED AMENDMENTS

ITS EXAMINATION OF WAS THE COMMISSION'S INTENTION TO COMPLETE PROPOSED RULES AS QUICKLY AS POSSIBLE SO THAT A RULING MAY BE GIVEN.

"IT IS JUST THAT A LITTLE MORE LEEWAY NEEDS

**

THE EXCEPTIONAL CASES, HE SAID.

DEBATE ON THE BILL WAS ADJOURNED.

TO BE GIVEN FOR

STOCK EXCHANGES UNIFICATION (AMENDMENT) BILL 1990 EXPLAINED

*

TO

THE STOCK EXCHANGES UNIFICATION (AMENDMENT) BILL 1990 SEEKS

AND FUTURES COMMISSION TO EXTEND THE TIME LIMIT FOR THE SECURITIES APPROVE RULES RELATING TO THE STOCK EXCHANGE, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID TODAY (WEDNESDAY).

BILL, SIR PIERS SAID THIS MOVING THE SECOND READING OF THE PROVISION WAS SIMILAR TO THE ONE PROPOSED IN THE COMMODITIES TRADING (AMENDMENT) BILL AND THE REASONS FOR ITS INTRODUCTION WERE IDENTICAL.

"THE BILL ALSO PROVIDES

FOR THE

COMMISSION TO RECOGNISE CLEARING HOUSE AND TO APPROVE ITS RULES AND CONSTITUTION.

A

OF CENTRAL DEVELOPMENT

AND "THIS TIES IN WITH THE

SECURITIES TRANSACTIONS, SIR SETTLEMENT ARRANGEMENTS IN RESPECT OF PIERS SAID.

CLEARING

H

"THE PROVISIONS IN RESPECT OF THE TIME LIMITS FOR APPROVAL WILL BE IN LINE WITH THOSE WHICH ARE PROPOSED FOR THE CLEARING HOUSE OF THE FUTURES EXCHANGE IN THE COMMODITIES TRADING (AMENDMENT) BILL 1990.

ME

"IN ADDITION, WE PROPOSE THAT THE COMMISSION SHOULD CONSULT

HOUSE, AND THAT BEFORE EXERCISING ITS POWER TO RECOGNISE A CLEARING

AND THE NEED FOR ADEQUATE IT SHOULD TAKE BOTH THE PUBLIC INTEREST

DECISION, SIR PIERS MARKET REGULATION INTO ACCOUNT IN REACHING ITS SAID.

DEBATE ON THE BILL WAS ADJOURNED.

14

0

/6