**********************************************
Following is the transcript (English portion) of remarks by the Secretary for Financial Services and the Treasury, Professor K C Chan, at a media stand-up at the Legislative Council Building (April 22):
Reporter: The issue of share-splitting, whether it is legal or not, is at the centre of the PCCW case, will the Government make share-splitting illegal once and for all?
Secretary for Financial Services and the Treasury: First of all, we have to wait for the judgment to be published by the court to know what the advice of the court is. Regarding the legislations on the Companies Ordinance, we have heard voices about looking into the review of the current provisions regarding this scheme of arrangement. We will look at it. We will consult the market and make reference to the existing legislation of other countries before we can come to a view, but we are looking at it.
Reporter: The court has mentioned the importance of investors' protection, do you think the current set of legislations provide enough protection for investors?
Secretary for Financial Services and the Treasury: I think the legislation that we have now does accord investors with very good protection. I believe this current judgment from the court and the action taken by the Securities and Futures Commission are also examples of how the investors' interests are protected. Of course, based on the judgment that we will receive, we will review legislations with the view of continuing improving our regulatory framework.
(Please also refer to the Chinese portion of the transcript.)
Ends/Wednesday, April 22, 2009
Issued at HKT 22:42
NNNN
