Insider Dealing
Tribunal
cabulshed.
(CA. 1)
Furd Schedule.
Inquiries Fraco
Insider Dealing Tribunal
141G. (1) There is bereby established a Tribunal to be known as the Insider Dealing Tribunal fin this Part referred to as "the Tribunal").
(2) The Tribunal shall consist of a chairman and 2 other members all of whom shall be appointed by the Governor.
(3) The chairman of the Tribunal shall be a judge of the Supreme Court and the other 2 members shall not be public officers (within the meaning of that term in section 3 of the Interpretation and General Clauses Ordicanec).
(4) A member of the Tribunal other than the chainman may be paid, as a fee for his services, such amount as the Financial Secretary thinks fit, and that amount may be paid out of the general revenue of Hong Kong without further appropriation than this subsection.
(5) The provisions in the Third Schedule shall have effect in relation to the appointment of joembers and tem- porary members of the Tribunal, and the procedural and other matters concerning the Tribunal and its sintings for which provision is made therein.
Inquirier by Tribunal
14EL (1) If it appears to the Financial Secretary, Insider death. whether following representations by the Commission or otherwise, that insider dealing in relation to the securities of a corporation has taken place or may have taken place, be may in accordance with this section require the Tribunal to inquire into the matter (in this Part referred to as “an inquiry")
Recort of
Tribal
follow
loqulity,
Thinl Schedule.
(2) An inquiry shall be instituted by notice in writing from the Financial Secretary to the chairman of the Tribunal containing such particulats as are sufficient to define the terms of reference of the inquiry.
(3) The object of an inquiry shall be to determine, within the Tribunal's terms of referende...
tab whether culpable insider dealing in relation to the securities of a corporation has taken place; and
(b) the identity of the persons involved therein and the
extent of their culpability.
(4) In making a determination under subsection (3X6). the Tribunal shall not be limited to the identity and cul- pability of an immediate party to an insider dealing but may, subject to section 141C-
(o) include any other person connected with the dealing. (6) in the case of a body corporale, include the individ- wals who exercised control in the management thereof.
141L (1) Upon receipt of a notice under section 141H(2) the Tribunal shall conduct an inquiry in accordance with the provisions of this Part and the Third Schedule, and prepare a written report thereon.
Applicados to Inigoal of Commission
t loquiry Ordinance.
(Cap. 86.)
7
(2) No person shall publish any material received by the Tribunal for the purposes of an inquiry and which comes to his knowledge by virtue of being so received.
(3) Any person who contravenes subsection (2) commits
an offence and is Lable on conviction on indictment to a fine of $10,000 and to imprisonment for year,
(4) The Tribunal shall issue its report in the following
manner-
(a) by first furnishing a copy to the Financial Secretary;
and
(6) thereafter, subject to subsection (5), by-
(D) Causing the report to be published in such manner that copies thereof are available to the public: und
(i) furnishing a copy, so far as is reasonably practicable, to any person whose conduct was directly in question in the inquiry-
(5) Where the Tribunal intends to cause a report to be published which contains a finding that a person is not culpable in respect of a dealing which has been the subject of an inquiry, the following provisions shall apply—–—
(a) if that person has supplied to the Tribunal an address for service for the purposes of this sub- section, the Tribunal shall cause
a copy of the proposed report, so far as it relates to the dealing in question, to be delivered to or left for him ot that addresa:
(8) it within 7 days after such delivery the Tribunal has recaived notice in writing that the person objects to being named in relation to the dealing in question, the Tribunal shall not game the person in the report in respect of that dealing:
(c) if the Tribunal has not, within the said 7 days. received notice in accordance with paragraph (b), or if the person has not supplied an address for service under paragraph (a), the Tribunal shall name the person in the report in respect of the said dealing. (6) No person shall be liable to any civil or criminal proceedings by reason of the publication" by him of a true and accurate account of a fair and accurate summary of any report of the Tribunal which has been published under subsection (413)
Powers of Tribunal
14LJ (1) Sections 401) (other than paragraphs ( 0 and (mu)) 5, 7, 8 (other than subsections (1)ca) (2)4). (2)e) and (3)) and 9 to 14 of the Commissions of Inquiry Ordinance shall, subject to this Ordinance, apply for the purposes of an inquiry as if
(a) the joquiry were an inquiry to which that Ordinance
applies:
(b) references therein to a Commission, the Chairman and a Commissioner were respectively references to the Tribunal, the chairman and a member thereof;