WEDNESDAY, JANUARY 20, 1982
11
FURTHER ACTION PLANNED AGAINST FUTURES HAWKING
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THE GOVERNMENT IS CONSIDERING AMENDING THE ORDINANCE PROHIBITING HAWKING OF FUTURES CONTRACTS TO MAKE IT MORE EFFECTIVE, THE ATTORNEY GENERAL, MR JOHN GRIFFITHS, DISCLOSED TODAY (WEDNESDAY).
MR GRIFFITHS WAS SPEAKING AT THE LEGISLATIVE COUNCIL, IN RESPONSE TO A QUESTION FROM MR CHARLES YEUNG.
THE ATTORNEY GENERAL SAID THAT THERE HAD BEEN NO PROSECUTIONS UNDER THE SAID ORDINANCE SINCE IT WAS AMENDED DUE TO TWO REASONS:
+FIRST, COMPLAINTS OF ILLEGAL HAWKING ARE NEVER MADE ALONE BUT ARE INVARIABLY COMBINED WITH A MORE SERIOUS ALLEGATION AGAINST THE COMMODITIES TRADER NORMALLY THAT THE COMPLAINANT HAS BEEN DEFRAUDED.
+SECONDLY, BY THE TIME THE COMPLAINANT HAS LOST HIS MONEY AND MADE A REPORT TO THE POLICE, THE TIME LIMIT OF SIX MONTHS PRESCRIBED BY SECTION 26 OF THE MAGISTRATES' ORDINANCE FOR NON-INDICTABLE OFFENCES (WHICH CATEGORY INCLUDES ILLEGAL HAWKING OF COMMODITIES FUTURES CONTRACTS) HAS OFTEN ELAPSED,+
MR GRIFFITHS EXPLAINED.
+WHEREAS ILLEGAL HAWKING IS A COMPARATIVELY MINOR ASPECT OF COMMODITIES TRADING MALPRACTICE, IT WOULD, BUT FOR THE DIFFICULTIES I HAVE MENTIONED, BE A FAIRLY SIMPLE CHARGE TO PROVE IN COURT AND THUS DEAL EASILY AND QUICKLY WITH A CONSIDERABLE NUMBER OF PERSONS TRADING IMPROPERLY IN COMMODITIES FUTURES, BECAUSE ALMOST ALL THE COMPLAINTS RECEIVED BY THE POLICE HAVE INCLUDED AN ALLEGATION THAT THE FUTURE CONTRACTS WERE ORIGINALLY HAWKED, HE SAID,
THE GOVERNMENT WAS, HOWEVER, CONSIDERING AMENDING THE CONCERNED SECTION OF THE ORDINANCE IN TWO WAYS +FIRST, TO BROADEN THE DEFINITION OF HAWKING' AND SECONDLY TO CONSIDER TAKING THE OFFENCE OUTSIDE THE AMBIT OF SECTION 26 OF THE MAGISTRATES' ORDINANCE.+
MR GRIFFITHS SAID THE GOVERNMENT WAS ALSO NOT SATISFIED WITH THE PRESENT LEVEL OF PENALTIES FOR UNREGISTERED COMMODITIES TRADING, VOR WITH THE FACT THAT TRADING IN FUTURES CONTRACTS BETWEEN SROVER AND CLIENT WITHOUT PASSING THE TRANSACTION THROUGH: ECOGNISED EXCHANGE REMAINED LEGAL IN HONG KONG.