XN000022-1992-05-29 — Page 3

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FRIDAY, MAY 29, 1992

KWOLOON WALLED

FURTHERMORE, WITH THE

CITY SCHEDULED TO BE CLEARED OF RESIDENTS BY JUNE THIS YEAR, THE SPECIAL COMMITTEE HAS ALSO DECIDED THAT A DEADLINE SHOULD BE SET FOR APPEALS TO THE APPEALS TRIBUNAL FROM CLEAREES OF ALL PHASES OF THE KOWLOON WALLED CITY.

THE DEADLINE HAS ALSO BEEN SET FOR AUGUST 2. ANY APPEALS FROM CLEAREES TO THE APPEALS TRIBUNAL AFTER THAT DATE WILL NOT BE ENTERTAINED.

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REGULATION OF FRINGE FOREIGN EXCHANGE COMPANIES

REGULATING GOVERNMENT SPOKESMAN SAID.

SEEK LEGISLATIVE APPROVAL FOR THE GOVERNMENT IS PLANNING TO

ROLE OF THE SECURITIES AND FUTURES COMMISSION (SFC) TO UNDERTAKE THE

EXCHANGE COMPANIES

HONG KONG, FOREIGN FRINGE

IN

"THE HONG KONG FUTURES EXCHANGE

(HKFE) HAD EARLIER BROACHED ESTABLISHING UNDER

THIS CONCEPT

IN

DETAIL,

AN ALTERNATIVE APPROACH WHICH WOULD HAVE INVOLVED ITS AUSPICES A RETAIL CURRENCY MARKET.

"HOWEVER, AFTER CAREFULLY EXAMINING

ONLY CONSIDER PURSUING THE HKFE HAS COME TO THE VIEW THAT IT COULD

THE REGULATION OF SUCH A PROPOSAL AFTER A LEGISLATIVE FRAMEWORK FOR

HE SAID. FRINGE FOREX COMPANIES HAS BEEN PUT IN PLACE,

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BY THE MONETARY OUT THE ORIGINAL AUTHORITY FOR THE

AND COMPANIES

TAKE

"THE INTER-DEPARTMENTAL WORKING GROUP SET UP

CONTINUE TO FLESH AFFAIRS BRANCH WILL THEREFORE REGULATORY PROPOSAL WHICH WAS TO SEEK LEGISLATIVE

EXCHANGE SFC TO REGISTER AND SUPERVISE ENFORCEMENT ACTION AGAINST UNREGISTERED DEALERS.

FOREIGN

THE PROPOSED

WILL LEGISLATION "IT IS EXPECTED THAT

17 HE SAID. INTRODUCED IN THE COURSE OF THE NEXT LEGISLATIVE SESSION,

MEANWHILE, MEMBERS OF THE PUBLIC ARE REMINDED IN INVESTING RISKS INVOLVED

HIGH CONTRACTS.

WOULD

BE

THAT THERE ARE FOREIGN EXCHANGE

IN LEVERAGED

ΤΟ INVEST IN SUCH CONTRACTS SO

LONG THROUGH STANDING AND

SUCH AS

ESTABLISHED

AUTHORISED

THOSE WHO CHOOSE, NEVERTHELESS,

TO DO BE WELL ADVISED INTERMEDIARIES OF HIGH REPUTATION INSTITUTIONS UNDER THE BANKING ORDINANCE.

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