TNAG-2714-FCO40-3920-House-of-Commons-Select-Committee-on-Foreign-Affairs-enquiry-1993 — Page 111

the top 20 companies listed on the Hong Kong stock market have significant UK ownership or management, with a capitalisation of approximately £50 billion. Investment by Hong Kong companies in the UK is also rising.

Nationality

34. The Government share the concern of the Committee that key

personnel in Hong Kong should be given the confidence to remain

there up to and beyond 1997 and to play their part in ensuring the continued stability and prosperity of the territory (4.19).

The

introduction by the Government of a nationality scheme tailored for this special situation, at a time when confidence was at a low

ebb, undoubtedly had a stabilising effect in Hong Kong.

(spricing) x 35.

х

The British Nationality (Hong Kong/) Act 1990 entered into

force in July 1990. It empowers the Home Secretary to grant

principal registration as a British citizen to up to 50,000/beneficiaries

and to their dependants, without requiring them to leave Hong

Kong. The terms of operation of the selection scheme (the British

Nationality Scheme) are set out in an Order in Council, which was' approved in November 1990. The selection scheme operates in two

tranches. Applications for the first tranche, with the bulk of

the available places, closed on 28 February 1991. The remaining

places (10,500) will be allocated under the second tranche. This

will open early in 1994, enabling those who have moved into key

positions since 1991 to apply. The Home Secretary plans to

by June present to Parliament in May a further Order in Council which will

make slight adjustments to the scheme, principally to enable the transfer of unused places within and between the four different

classes,and thereby ensure that all 50,000 places are taken up:

36.

The first tranche was oversubscribed (66,500 applications

were submitted, of which some 39,500 are expected to be

successful). As at 6 March 1993, just under 24,000 principal

beneficiaries had been registered as British citizens; processing

select.cttee.PR.JRB