XN000022-1991-01-07 — Page 8

MONDAY, JANUARY 7, 1991

THAT

7

"SUCH SANCTIONS MAY INCLUDE, AMONG OTHER THINGS, AN ORDER THE PERSON SHALL PAY TO THE GOVERNMENT THE AMOUNT OF ANY PROFIT GAINED OR LOSS AVOIDED AS A RESULT OF THE INSIDER DEALING, PLUS A FINE OF UP TO THREE TIMES THAT AMOUNT,' MR NENDICK SAID.

HE POINTED OUT THAT AMENDMENTS WERE ALSO MADE TO THE SECURITIES {DISCLOSURE OF INTERESTS) ORDINANCE IN JUNE LAST YEAR ΤΟ REQUIRE SUBSTANTIAL SHAREHOLDERS OF LISTED COMPANIES TO DISCLOSE THEIR SHAREHOLDINGS AND SHARE DEALINGS TO THE STOCK EXCHANGE.

PUBLISH

"THIS ENSURES THAT THE STOCK EXCHANGE IS IN A POSITION ΤΟ PRICE-SENSITIVE INFORMATION AS SOON AS IT IS AVAILABLE," MR

NENDICK SAID.

+

"STEPS ARE BEING TAKEN TO BRING BOTH THE * INSIDER DEALING' AND THE DISCLOSURE OF INTERESTS' ORDINANCES INTO OPERATION WITHIN THE NEXT FEW MONTHS," HE ADDED.

WAS

MARKET,

APART FROM MEASURES TO PROTECT INVESTORS, THE GOVERNMENT ALSO TAKING STEPS TO IMPROVE THE LIQUIDITY OF THE SECURITIES MR NENDICK SAID.

COMPANIES

"TO THIS END, PLANS ARE IN HAND то AMEND THE ORDINANCE TO ALLOW COMPANIES, BOTH LISTED AND UNLISTED, TO BUY BACK THEIR OWN SHARES.

"WE BELIEVE THAT THE POWER TO BUY BACK ITS OWN SHARES IS A USEFUL FINANCIAL TOOL WHICH SHOULD BE AVAILABLE TO EVERY COMPANY BUT THERE MUST BE SAFEGUARDS AGAINST ABUSE, HE SAID.

"THIS WE ARE WORKING IN CONJUNCTION WITH THE SECURITIES AND FUTURES COMMISSION AND THE STOCK EXCHANGE,' MR NENDICK SAID.

H

MR NENDICK SAID ANOTHER MEASURE BEING CONSIDERED WAS TO ALLOW STOCK LENDING AND BORROWING INVOLVING MARKET PARTICIPANTS FREE OF STAMP DUTY.

"THIS WILL HAVE THE EFFECT OF INCREASING MARKET LIQUIDITY,

||

HE ADDED.

JUDICIAL SERVICE COMMISSION (AMENDMENT) ORDINANCE

BRINGS ABOUT TWO MAJOR CHANGES

THE MOST NOTABLE EVENT IN 1990 CONCERNING THE JUDICIARY WAS THE ORDINANCE ENACTMENT OF

(AMENDMENT} THE JUDICIAL SERVICE COMMISSION

LIANG WHICH BRINGS ABOUT TWO MAJOR CHANGES, THE CHIEF JUSTICE, SIR TI YANG, SAID TODAY (MONDAY).

IN ADDRESSING THE OPENING CEREMONY OF THE 1991 LEGAL YEAR AT THE CITY HALL, SIR TI LIANG SAID THE FIRST CHANGE WAS MEMBERSHIP OF THE COMMISSION HAS BEEN ENLARGED PERSONS.

THAT

FROM

SIX TO

HELD

THE NINE

/THE ENLARGED