TNAG-1604-FCO40-2211-Future-of-Hong-Kong-annual-reports-to-Parliament-on-Hong-Kon-1988 — Page 104

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MDLIAN 4325

HONG KONG AND SHANGHAI BANK, THE STANDARD CHARTERED BANK AND THE BANK OF CHINA), WAS LATER EXTENDED TO THE GUARANTEE CORPORATION. THESE

CREDIT FACILITIES ARE LOANS PAYABLE WITH INTEREST AT MARKET RATES. THE SUPPORT OPERATION HELPED THE FINANCIAL SYSTEM OF HONG KONG TO REMAIN INTACT AND THE STOCK AND FUTURES MARKETS TO RETURN TO ORDERLY TRADING.

36.

IN THE LIGHT OF THESE EVENTS IN THE STOCK AND FUTURES MARKETS, AND IN RECOGNITION OF THE NEED TO MAINTAIN HONG KONG AS A MAJOR INTERNATIONAL FINANCIAL CENTRE, THE HONG KONG GOVERNMENT SET UP A SECURITIES REVIEW COMMITTEE IN NOVEMBER 1987 TO REVIEW THE CONSTITUTION, POWERS, MANAGEMENT AND OPERATION OF THE HONG KONG STOCK AND FUTURES EXCHANGES AND THEIR SUPERVISORY BODIES. THE COMMITTEE HAS BEEN GIVEN SIX MONTHS TO CONDUCT THIS REVIEW AND TO RECOMMEND WHAT CHANGES ARE DESIRABLE TO ENSURE THE INTEGRITY

OF THE MARKETS AND TO PROTECT INVESTORS.

FORD

YYYY

DISTRIBUTION

24

ΜΑΙΝ

23

HONG KONG AGREEMENT RESTRICTED

LIMITED

HKD

HD/FED

RESEARCH (FE)

DEP HD/PUSD

PS/LORD GLENARTHUR

PS/MR EGGAR

MR MCLAREN

MR GILLMORE

HD/PUSD

ADDITIONAL

1

MR FIFOOT, LEGAL ADVISERS

NNNN

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