TNAG-2352-FCO40-3422-Visits-by-Lord-Caithness--Minister-of-State-for-Foreign-and--1991 — Page 122

CONFIDENTIAL

055331

MDHIAN 4857

AUTHORITIES HAVE CONFIRMED THAT THERE IS NO REALISTIC PROSPECT OF ANY MODIFICATION BEING MADE TO ANY ASPECT OF THE UK SECURITIES REGULATORY SYSTEM, IN PARTICULAR THE CITY CODE, TO REDUCE ANY REGULATORY GAPS IN RELATION TO TAKE-OVERS THAT MIGHT ARISE FROM THE HONG KONG SITUATION.

WILSON

YYYY

ΜΑΙΝ

LIMITED

HKD

FED

NNNN

21

DISTRIBUTION

21

PS/LORD CAITHNESS

MR BURNS

PAGE 2 CONFIDENTIAL