XN000022-1991-07-11 — Page 3

THURSDAY, JULY 11, 1991

+

2

PELOSI, WHICH

1992,

BE

MFN STATUS IN

WOULD HAVE TO

"ALTHOUGH THE BILL INTRODUCED BY REPRESENTATIVE WOULD IMPOSE CONDITIONS FOR RENEWAL OF CHINA'S WAS PASSED BY A MARGIN OF 313-112, A SIMILAR BILL CONSIDERED BY THE SENATE BEFORE ANY ACTION CAN BE TAKEN.

OF OCCASIONS THAT HE TO THE

"PRESIDENT BUSH HAS STATED ON A NUMBER WILL VETO ANY LEGISLATION WHICH PROPOSES TO ATTACH CONDITIONS EXTENSION OF CHINA'S MEN STATUS.

"WE UNDERSTAND THAT IN PURSUING THIS STRATEGY, U.S. ADMINISTRATION OFFICIALS ARE DIRECTING THEIR EFFORTS PARTICULARLY TOWARDS LOBBYING SENATORS IN ORDER ΤΟ ENSURE THAT THE PRESIDENT'S VETO WILL BE SUSTAINED BY THE SENATE, IF NOT THE HOUSE.

"THE ANTICIPATED VETO OVERRIDE FIGHT IS LIKELY ΤΟ TAKE PLACE IN SEPTEMBER.

"THE PRESIDENT'S VETO CAN ONLY BE OVERRIDEN BY A TWO-THIRD MAJORITY IN BOTH THE HOUSE AND THE SENATE. PRESIDENT BUSH WILL NERD ONLY 34 VOTES IN THE SENATE IN ORDER TO SUSTAIN HIS VETO. THE MARGIN OF MAJORITY IN THE HOUSE VOTE YESTERDAY IS THEREFORE IRRELEVANT.

"WE WILL CONTINUE OUR

"

RENEWAL OF CHINA'S MFN STATUS,

EFFORTS IN SUPPORT OF UNCONDITIONAL

MR CHAU SAID.

+

COMMENCEMENT NOTICES OF TWO SECURITIES ORDINANCES TO BE GAZETTED

THE

ON

SECURITIES (INSIDER DEALING) ORDINANCE AND THE SECURITIES

OF INTERESTS) (DISCLOSURE

ORDINANCE WILL

INTO COME

OPERATION SEPTEMBER 1 THIS YEAR, A GOVERNMENT SPOKESMAN SAID TODAY (THURSDAY),

THE SECURITIES (INSIDER DEALING) ORDINANCE (COMMENCEMENT) NOTICE 1991 AND THE SECURITIES (DISCLOSURE OF INTERESTS) ORDINANCE (COMMENCEMENT) NOTICE 1991 WILL BE PUBLISHED IN THE GAZETTE TOMORROW (FRIDAY).

'INVESTORS AND LISTED COMPANIES SHOULD NOW MAKE NECESSARY WHEN THEY PREPARATIONS TO MEET THE REQUIREMENTS OF THESE ORDINANCES COME INTO OPERATION," THE SPOKESMAN SAID.

THE SECURITIES (INSIDER DEALING) ORDINANCE WAS ENACTED IN JULY 1990.

AND IT PROVIDES A COMPREHENSIVE DEFINITION OF INSIDER DEALING AUTHORISES THE INSIDER DEALING TRIBUNAL TO IMPOSE SANCTIONS ON PERSONS OR COMPANIES IDENTIFIED AS INSIDER DEALERS.

SECTION 1(2) OF THE ORDINANCE PROVIDES THAT IT SHALL COME OPERATION ON A DAY TO BE APPOINTED BY THE GOVERNOR.

INTO

FEARS WERE

ON

"AT

THE TIME OF ENACTMENT OF THE ORDINANCE, EXPRESSED THAT THE NEW LEGISLATION WOULD HAVE AN ADVERSE EFFECT MARKET LIQUIDITY, THE SPOKESMAN SAID.

10

/"WE AGREED