Wednesday, December 12, 1973
Claims paid from the fund would continue to be limited to a total
of $1 million per member, but such payments would have to be made good
by the individual stock exchange to whom the member incurring the liability
belonged.
The control of the investment policy of the actual compensation
fund itself would be vested in a Standing Committee of the Commission
on which the Foderation would have two representatives. The interest
earned on this invostnent would be repaid to the individual stock exchanges
annually.
The Financial Secretary also intends to introduce amendments to:
The powers of the Securities Commission to make rules under
clause 12.
Clause 25 so as to provide for prior consultations with the Federation of Stock Exchanges before the Commissioner exercises his powers to close the exchanges for five days
in case of emergency.
Part VII of the bill dealing with records, so that the Commissioner may be empowered to inspect only the register of securities when he believes an offence has been committed. Where he does inspect them he may only reveal the contents to the Attorney General and to no other person.
Clause 72 to spell out at greater length the provision dealing with hawking of shares.
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15.