XN000022-1992-06-03 — Page 11

WEDNESDAY, JUNE 3, 1992

KONG,

REFORMS THE

"THE MOST IMPORTANT ISSUES INCLUDED THE CONSTITUTIONAL

HONG TO THE GOVERNING STRUCTURE OF THE STOCK EXCHANGE OF DEVELOPMENT OF THE NEW SECURITIES CLEARING AND SETTLEMENT SYSTEM, AND

THE TRANSFER OF FULL COMPLETION OF

то RESPONSIBILITY

THE STOCK EXCHANGE FOR ALL DAY-TO-DAY

AND REGULATORY MATTERS IN RELATION TO LISTINGS," HE SAID.

OPERATIONAL

TURNING TO MORE RECENT DEVELOPMENTS, MR MACLEOD SAID THE HONG KONG SECURITIES CLEARING COMPANY, HAVING RECEIVED THE NECESSARY RECOGNITION FROM THE SFC HAD OPENED ITS DEPOSITORY YESTERDAY.

THE COMPANY WOULD START OPERATING ON A TRADE-FOR-TRADE LATER THIS MONTH.

BASIS

"IT IS IMPORTANT FOR THE COMPANY TO PROCEED AS SOON AS THE POSSIBLE TO A CONTINUOUS NET SETTLEMENT BASIS IN WHICH IT ACTS AS COUNTER PARTY AND SETTLEMENT GUARANTOR OF TRANSACTIONS.

"SUCH A MOVE WILL ENABLE HONG KONG INVESTORS TO BENEFIT FROM THE SETTLEMENT OF TRANSACTIONS ON A FULLY NETTED AND GUARANTEED BASIS, MR MACLEOD SAID.

11

BE

THE AS THE ESSENTIAL PRE-CONDITION FOR THIS WAS

ENACTMENT OF HOPED THE SECURITIES (CLEARING HOUSES) BILL MR MACLEOD

IT WOULD POSSIBLE FOR THE BILL TO BE ENACTED BEFORE THE END OF THE SESSION.

MR MACLEOD ALSO MENTIONED OTHER IMPORTANT

MATTERS

DEALT WITH

BY SFC DURING THE YEAR.

TRUST

CODE AND A

SECURITIES

AND

THESE INCLUDED THE ISSUE OF A REVISED UNIT TAKEOVERS AND SHARE REPURCHASES CODE, AND THE ISSUE OF A CONSULTATIVE DOCUMENT ON FINANCIAL RESOURCE REQUIREMENTS FOR FUTURES DEALERS.

IN ADDITION TO THESE WERE THE APPROVAL OF NEW LISTING RULES TO

A PERMIT SECONDARY LISTINGS FOR COMPANIES WHICH HAD

PRIMARY LISTING ON A RECOGNISED OVERSEAS EXCHANGE, BUT WHERE THE MAJORITY REMAINED IN HONG KONG.

OF

TRADING

ABOLITION OF DEATH PENALTY KEPT UNDER REVIEW

THE GOVERNMENT WILL KEEP UNDER REVIEW THE ABOLITION OF DEATH PENALTY AND INTRODUCE THE NECESSARY LEGISLATION TO ABOLISH CAPITAL PUNISHMENT IN DUE COURSE.

THIS WAS STATED BY THE ACTING SECRETARY FOR SECURITY, MR IAN STRACHAN, IN A WRITTEN REPLY TO A QUESTION BY PROF THE HON FELICE LIEH MAK IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE GOVERNMENT BELIEVED THAT CAPITAL PUNISHMENT SHOULD BE ABOLISHED IN HONG KONG AT AN APPROPRIATE TIME, MR STRACHAN NOTED.

/HOWEVER, GIVEN