XN000022-1992-03-24 — Page 6

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TUESDAY, MARCH 24, 1992

THE

AND THE

HE SAID IT WAS IMPORTANT TO MAINTAIN THE TUNNEL SERVICE IN INTEREST OF THE PUBLIC AND A DIALOGUE BETWEEN THE DEPARTMENT STAFF THROUGH PROPER CHANNELS.

TO ЧЕЕТ

OUR

STAFF

AT

ANY

TIME

AND

AS

"WE ARE PREPARED FREQUENTLY AS NECESSARY," MR LEE ADDED.

NEW CHAIRMAN OF SECURITIES AND FUTURES COMMISSION APPOINTED

THE GOVERNMENT ANNOUNCED TODAY (TUESDAY) THAT MR ROBERT OWEN, THE CHAIRMAN OF THE SECURITIES AND FUTURES COMMISSION, WILL RETIRE AT END OF APRIL ON COMPLETION OF HIS CURRENT CONTRACT.

CHAIRMAN

OF

MR ROBERT NOTTLE, CURRENTLY DEPUTY CHAIRMAN AND EXECUTIVE

OF THE DIRECTOR (INTERMEDIARIES AND INVESTMENT PRODUCTS)

SECURITIES AND FUTURES COMMISSION, WILL TAKE OVER THE DUTIES AS THE THE COMMISSION WITH EFFECT FROM MAY 1. HIS APPOINTMENT HAS BEEN APPROVED BY THE GOVERNOR.

THE

MR OWEN FIRST CAME ΤΟ WORK IN HONG KONG AS GOVERNMENT

CONSULTANT SECURITIES

IN JULY 1988. IN

OF PURSUANCE RECOMMENDATIONS OF THE SECURITIES REVIEW COMMITTEE, THE SECURITIES AND

HAS FUTURES COMMISSION WAS SET UP IN MAY 1989 AND MR. OWEN THE POST AS THE CHAIRMAN EVER SINCE.

HELD

FUTURES MARKETS

IN A TRIBUTE TO MR OWEN, THE FINANCIAL SECRETARY, MR HAMISH

IN MACLEOD, SAID: "MR OWEN HAS ABLY LED THE COMMISSION

DEVELOPING A COMPREHENSIVE REGULATORY FRAMEWORK FOR OUR STOCK AND WHICH HAS BROUGHT HONG KONG INTO LINE WITH INTERNATIONALLY ACCEPTED STANDARDS OF MARKET REGULATION AND PRACTICE.'

SUCCESS IN

"HONG KONG MUST BE GRATEFUL TO HIM FOR A JOB WELL DONE. ALTHOUGH WE ARE SORRY TO SEE HIM LEAVE, WE WISH HIM EVERY HIS FUTURE ENDEAVOURS," ME MACLEOD ADDED.

THE GOVERNOR HAS ALSO APPROVED THE APPOINTMENT OF MR ERMANNO AS AN PASCUTTO AS THE DEPUTY CHAIRMAN IN ADDITION TO HIS APPOINTMENT EXECUTIVE DIRECTOR AS FROM MAY

AND THE EXTENSION OF THE CONTRACT FOR MR ROBERT GILMORE AS AN EXECUTIVE DIRECTOR.

1,

1992

APPOINTMENTS OF MR

ΤΟ DIRECTORS

FILL ROBERT NOTTLE AND MR

ALSO INCLUDED IN THE ANNOUNCEMENT ARE THE

AS EXECUTIVE MICHAEL WU AND MR GERARD J MCMAHON

BY MR THE TWO POSITIONS PREVIOUSLY OCCUPIED GAVIN EDIE.

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