3
(4)
the
in removal
excessive
and
of
what
seemed
an
clause 70 (1)
extraterritorial power to approve
both domestic and overseas shareholders of holding companies of local banks and DTC's; and finally,
(5)
on
the deletion of original clause 71 and clause 86
the
of grounds
and vagueness
perceived
difficulty in application.
issued in place of
a in place of clause 86, much Guidelines will be flexible and practical arrangement.
more
I
would hope
that in
all
those
where instances
an
for
I
appeal is allowed, the Commissioner will give full reasons his decisions so that the appeals procedure can be effective.
the am encouraged that the Administration will further explore
for appeals to possibility raised by the Honourable David LI - be heard by a judicial tribunal rather than by the Governor-in-
Council as
an overall review presently in now foreseen, after of the administrative appeals procedure is progress
is completed.
not this suggestion was Clearly this
fundamental in the overall
context of the Bill so as to risk delaying its passage.
So
obviously
resources of
For
of
the
implementation proper critical importance that
of
the
the
the Commissioner's Office be given full It is essential that there is on-going professional
to available
the Commissioner,
the given
of the width
new monitoring framework.
the
it Bill
and staffing
full attention
is
the
past
and support. expertise experience and would like to suggest in this context, and without casting any
I
aspersions
on
the
consideration
be
given
competence
to
of
the
the
secondment
present
staff,
Commissioner's
Office
of experienced and
bankers, especially in the two years prior to the provisions of
to the
active
that
Banking
commercial