XN000022-1996-04-16 — Page 5

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"Particular attention will be paid to the operation implications of the Sub- committee's recommendations.

"Once our study is completed, we will pass on our views to the Sub-committee as soon as possible."

The spokesman noted that a lot of time and effort had been put into the consultation paper by the Sub-committee, the deliberation of which had included looking at the position in various countries overseas.

"We are looking forward to the final report by the Commission and will take it from there to form a view on what changes to existing legislation will be necessary," he said.

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Government welcomes SFC consultative document

In response to media enquiries on a consultative document on a draft Bill which seeks to consolidate all securities and futures-related ordinances and introduce reforms to the regulatory framework, a Financial Services Branch spokesman said today (Tuesday):

"We welcome the publication by the Securities and Futures Commission (SFC) of the consultative document.

"We see this as a final and very important step to implementing the recommendations in the Report on the Securities Review Committee.

"As some of the proposals in the draft Bill involve major policy changes which would have far-reaching implications for investors and the securities and futures industry, we therefore welcome the SFC's move to consult widely and substantively on these proposals.

"The Government will carefully assess the views and comments expressed during the consultation period before formulating proposals for the consideration of the Executive Council.

"We hope to introduce the Bill into the Legislative Council in the next legislative session."

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