XN000022-1997-04-23 — Page 5

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Stamp duty on trading of regional derivatives warrants remitted

The Secretary for Financial Services, Mr Rafael Hui announced today (Wednesday) the remission of stamp duty on the trading of regional derivatives warrants and convertible bonds.

Speaking at the listing ceremony of the first regional derivatives warrants being launched in Asia at the Stock Exchange of Hong Kong, Mr Hui said that the two new products were initiated by the Working Group on New Market Development under the Stock Exchange.

He said the Government realised that the development of new products was an essential measure not only for maintaining Hong Kong's competitiveness, but also for enhancing Hong Kong's status as a regional and global financial centre.

He said it was also in line with the Government's objective to promote services industry as well as that of the helping business programme.

"The Financial Secretary has already mentioned in his 1997-98 Budget Speech that he welcomes the developing and marketing of new products and would be willing to consider favourably, on a case-by-case basis, some incentives new products might enjoy," he said.

"We are hopeful that remitting the stamp duty on the regional derivatives warrants and convertible bonds would facilitate the trading of these products which will further encourage more new products to be developed and launched to the market," he added.

End

Television regulations on programme services made

The following subsidiary legislation has been made by the Governor in Council and will be published in the Gazette in early May 1997:

(a)

Television (Advertising) Regulation;

(b)

Television (Programmes) Regulation; and

(c)

Television (Royalty and Licence Fees) (Amendment) Regulation 1997.

These regulations will be subject to vetting by the Legislative Council and when approved, will complete the legislative framework for the regulation of programme services.