Annex D
Major consequential and other amendments to existing ordinances
Amendments to the Securities Ordinance (Cap. 333)
(Part V
Securities Commission
Disciplinary Committee) The whole part will be deleted. The Board of Appeal will take over the appellate functions of the existing Disciplinary Committee. It is considered that the Committee's functions to discipline the stock exchange are no longer necessary, having in mind clauses 46 and 47 of the SFC Bill.
2.
appeal
(Sections 26, 29 and 59) There will be no more the Council or the High Court against decisions by the Disciplinary Committee, which is to be replaced by the Board of Appeal (paragraphs 23 to 26 of the memorandum). There will still
still be an appeal to the Governor-in-Council against the SFC's direction to close the Exchange, but the direction shall take effect
notwithstanding the fact that an appeal has been made.
(Section 146)
3.
The proposed transfer of powers from the Governor in Council to the SFC is mentioned in paragraph 11 of the memorandum. It is considered that the SFC, if it is to be truly independent, should have the power to make rules with regard to these administrative matters covered by this section.
Amendments to the Commodities Trading Ordinance (Cap. 250)
4.
the
(Section 21) The power of the Governor to order futures exchange to close is transferred to the SFC. This shall be used only after consultation with the Exchange Company. This will bring it into line with the provisions of Section 27 of the Securities Ordinance.
5.
(Section 39)
There will be no more appeal to the High Court against decisions by the Board of Appeal
(paragraph 26 of the memorandum).
6.
(Section 109)
Similarly the regulation-making power will be transferred from the Governor in Council to the SFC for reasons stated in paragraph 11 of the memorandum.