Legco date for levy bill

PUBLISHED : Thursday, 17 June, 1993, 12:00am
UPDATED : Thursday, 17 June, 1993, 12:00am

A BILL paving the way for an orderly winding down of the Securities and Futures Commission's lifeboat levy is scheduled to go before the Legislative Council on July 7, says Secretary for Financial Services Michael Cartland.

Under the bill, the levy may be reduced or suspended when the balance of the loan - created to repay the debt caused by defaults after the 1987 crash - meets the remaining obligation of the major defaulter and after making provisions for interest payments on the balance.

The levy is 0.03 per cent for both buyer and seller.

Any surplus may be rechannelled into compensation funds or other vehicles to protect investors under the bill.

The bill will be gazetted tomorrow.