2012
5-
[..
M.
Legislation
Securities and Futures Commission
(SFC) Ordinance
Inland Revenue Ordinance
Nature of Problem
Under the existing provisions, tribunals of three individuals are formed from members of the SFC Appeal Panel to hear appeals against decisions of the SFC that affect registered persons.¡ The Panel must include at least 4 mon-executive directors of the SPC and each tribunal must include one of those directors. The presence of a director of the SFC on a tribunal may be inconsistent with Art. 10 of the BOR which provides for fair and public hearing by a competent, independent and impartial tribunal.
There is insufficient judicial input on the grant of stop orders to prevent persons from leaving HK without paying the tax or furnishing security to the satisfaction of the Cumissioner of Inland Revenue.
Relevant Action
A bill to amend s. 18 and 20 of the SFC Ordinance to replace non-executive directors on the Panel with up to four independent persons was passed by Legib on 16.12.92 and gazetted on 24.12.92. The (overnor has appointed 1.2.93 as the commencement date of the changes.
The Inland Revenue (Amendment) (No. 5) Bill 1992 was introduced into Legib on 25.11.92, seeking to amend the provision to empower CIR to issue stop orders subject to rights of review and appeal.
Target date for completion of
the review
completed
Target date for introduction of amending
legislation/subsidiary legislation (if necessary)
amended
completed
introduced
CONSTITUTIONAL AFFAIPS BP
858 840 1976
13:37
268T-4-H ET
N.
Summary Offences
Ordinance
S. 4(29): requirement for Rolice permit for use of loudhailers might infringe upon freedom of expression.
Consideration is being given to whether this provision should be repealed in the context of the Public Order (Amendment) Bill mentioned in Item A.
March 1993
May 1993
Page 15Page 16
13-APP-1993
25:21
CONSTITUTIONAL AFFHIPS "BR"
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