XN000022-1993-06-30 — Page 5

WEDNESDAY, JUNE 30, 1993

ACCORDING ΤΟ STANDARD PRACTICE, ALL

PASSPORTS,

WHETHER THIS OR BUTC, WILL BE VALID FROM THE DATE OF ISSUE.

RUN CONCURRENTLY BUT THE

BEFORE JUNE 30,

WILL

BN (0) MEANS THAT BOTH PASSPORTS BDTC PASSPORT WILL OF COURSE EXPIRE ON OR 1997.

BDTC PASSPORT YEAR AND

THOSE ALSO COVER THESE NEW ARRANGEMENTS WILL HOLDERS WHO APPLIED FOR A BN (0) PASSPORT BEFORE JULY 1 THIS WHO HAVE NOT YET COLLECTED THE NEW PASSPORTS.

BRITISH OVERSEAS

POSTS AND PASSPORT OFFICES HAVE BEEN

WITH ARRANGEMENTS

EFFECT FROM THE

INSTRUCTED TO IMPLEMENT THE NEW SAME DATE, THAT IS JULY 1 THIS YEAR.

AVOID

CONGESTION, IN

THE SPOKESMAN TAKES THIS OPPORTUNITIES TO URGE ELIGIBLE #KBDTCS

THEIR

то BN(0) PASSPORTS TO APPLY EARLY FOR PARTICULAR THOSE BORN BETWEEN 1967 - 1971.

FIRST GROUP

THEY BELONG TO THE

IN THE PHASED REGISTRATION THE HONG PROGRAMME AND THE CUT-OFF DATE FOR APPLICATIONS PROPOSED BY KONG GOVERNMENT IS THE END OF OCTOBER THIS YEAR.

0

LEVERAGED FOREIGN EXCHANGE TRADING BILL

*

THE GOVERNMENT IS INTRODUCING A BILL TO REGULATE THE LEVERAGED FOREIGN EXCHANGE TRADING BUSINESS IN HONG KONG, THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, SAID TODAY (WEDNESDAY).

THE LEVERAGED FOREIGN EXCHANGE TRADING BILL WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JULY 14.

**RETAIL INVESTORS HAVE COMPLAINED ABOUT MALPRACTICES BY COMPANIES OFFERING LEVERAGED FOREIGN EXCHANGE CONTRACTS, MR CARTLAND SAID.

AT PRESENT, SUCH COMPANIES FALL OUTSIDE THE SCOPE OF REGULATION BY THE MONETARY AUTHORITY AND THE SECURITIES AND FUTURES COMMISSION (SFC).

LEVERAGED FOREIGN EXCHANGE CONTRACTS INVOLVE A CUSTOMER LODGING A MARGIN DEPOSIT AT A PROPORTION OF THE FULL CONTRACT VALUE FOR THE FUTURE PURCHASE OR SALE OF A CURRENCY. DUE TO THEIR LEVERAGED NATURE, SUCH CONTRACTS CAN RESULT IN HIGH PROFIT AND LOSS.

MOST COMPLAINTS FROM CUSTOMERS INVOLVE THE DISCRETIONARY TRADING METHOD, UNDER WHICH A CUSTOMER WILL BE ASKED TO SIGN AN AUTHORISATION GIVING DISCRETION TO A NOMINATED EMPLOYEE OF THE COMPANY TO TRADE ON THAT CLIENT'S BEHALF.

/A COMMON