XN000022-1994-02-28 — Page 4

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MONDAY, FEBRUARY 28, 1994

EXECUTIVE DIRECTOR APPOINTED TO SECURITIES AND FUTURES COMMISSION

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AND FUTURES

THE GOVERNMENT ANNOUNCED TODAY (MONDAY) THAT MRS LAURA CHA TO BE APPOINTED AN EXECUTIVE DIRECTOR OF THE SECURITIES COMMISSION (SFC) WITH EFFECT FROM TOMORROW (MARCH 1).

THE APPOINTMENT HAS BEEN APPROVED BY THE FINANCIAL SECRETARY IN 5 EXERCISE OF HIS DELEGATED AUTHORITY FROM THE GOVERNOR UNDER SECTION OF THE SFC ORDINANCE.

MRS

WILL CHA

COMMISSION

TAKE OVER AS EXECUTIVE DIRECTOR (CORPORATE FINANCE) FROM MR ERMANNO PASCUTTO WHO WILL BE LEAVING THE SHORTLY ON COMPLETION OF HIS CONTRACT.

MRS

1991 AND IS CHA JOINED THE SFC ON JANUARY 1 SENIOR DIRECTOR OF THE CORPORATE FINANCE DIVISION.

CURRENTLY

A

POLICY

SHE PRACTISED

IN THE PAST THREE YEARS, SHE WAS PRIMARILY INVOLVED IN MATTERS CONNECTED WITH CORPORATE FINANCE ISSUES AND THE PROGRAMME FOR THE LISTING OF CHINESE STATE ENTERPRISES IN HONG KONG. LAW BEFORE JOINING THE SFC.

中甲

"WITH HER EXPENIENCE IN THE CORPORATE FINANCE DIVISION OF SFC,

I AM CONFIDENT THAT MRS CHA IS THE MOST SUITABLE PERSON TO THE DIVISION, SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL SAID.

THE

LEAD CARTLAND,

WORK

IN

ESTABLISHING

FOR HIS AND

NR CARTLAND ALSO PAID TRIBUTE TO MR ERMANNO PASCUTTO

THE ΤΟ CONTRIBUTION

OF THE COMMISSION MAINTAINING A REGULATORY FRAMEWORK IN HONG KONG.

MR PASCUTTO JOINED THE COMMISSION WHEN IT WAS FIRST SET UP MAY 1989 AND HAS HEADED THE CORPORATE FINANCE DIVISION EVER SINCE.

IN

SAW THE MR CARTLAND SAID: "IT WAS DURING THIS PERIOD THAT WE

FOR CORPORATE CRADUAL CONSOLIDATION OF A SOUND REGULATORY FRAMEWORK

TYPE OF GOVERNANCE IN HONG KONG AND RAPID GROWTH IN THE NUMBER AND COMPANIES LISTING ON OUR STOCK EXCHANGE.

"MR PASCUTTO'S EFFORT HAS CONTRIBUTED GREATLY TO ENHANCING HONG THE RAPIDLY GROWING KONG'S

AND CREDIBILITY IN HANDLING COMPETENCE CORPORATE FINANCE SECTOR. HIS EXPERTISE AND HARD WORK HAVE VALUABLE RESOURCE IN BUILDING UP HONG KONG'S REGULATORY CARTLAND SAID.

BEEN A SYSTEM, MR

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