COMPREHENSIVE REFORM OF
THE SECURITIES MARKET

-- FOR A RICH AND DIVERSE 21ST CENTURY --

THE SECURITIES AND EXCHANGE COUNSIL
13 June 1997

table of contents

FOREWORD

Schedule for Reforming the Securities Market

I. BACKGROUND AND OBJECTIVES

II. BASIC DIRECTION OF REFORM

1. From gradual deregulation to structural market reform

2. The Importance of Market Framework

III. A PLAN TO REFORM THE SECURITIES MARKET

1. The Scope and Schedule of the Reform

2. Phasing of the Reform

IV. DETAILS OF THE REFORM PLAN

1. Investment Vehicles (Attractive investment instruments)

2. Market (An efficient and trusted framework for transactions)

3. Financial Intermediaries (Diverse investment services to fulfill client needs)

V. CONCLUDING REMARKS

[Council Information]

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