WHINESDAY, MAY 28, 1986
THIRD. HE SAID THERE HAD BEEN A LATE SUGGESTION ON THE QUESTION OF ACCEPTANCE OF GIFTS BY DIRECTORS AND EMPLOYEES OF BANKS AND DEPOSIT-TAKING COMPANIES. THE SUGGESTION WAS FOR A TOUGHER STANDARD TO BE ADOPTED IN VIEW OF THE NATURE OF BUSINESS OF THESE INSTITUTIONS AND THE EASE WITH WHICH ACCEPTANCE OF GIFTS COULD LEAD TO, OR DISGUISE, MALPRACTICES.
THE ADMINISTRATION WOULD ACTIVELY PURSUE THE SUGGESTION.
FOURTH, SIR JOHN SAID HE AND HIS SUCCESSOR SHARED THE VIEWS EXPRESSED ON THE NEED PROPERLY TO STAFF THE COMMISSIONER'S OFFICE. +THIS IS AN ISSUE OF THE UTMOST IMPORTANCE TO WHICH OUR ATTENTION HAS FOR SOME TIME BEEN DIRECTED. IT WILL CONTINUE TO BE.+
AMENDED BANKING BILL RESULT OF CONSENSUS
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THE EXTENSIVELY AMENDED BANKING BILL 1986 RECEIVED ITS THIRD READING IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
CONVENER
SPEAKING AT THE RESUMED DEBATE, THE HON JOHN SWAINE OF THE LEGISLATIVE COUNCIL AD HOC GROUP STUDYING THE BILL, NOTED THAT IT HAD COME BACK TO THE COUNCIL WITH NO LESS THAN 171 AMENDMENTS TO 78 CLAUSES.
+THESE AMENDMENTS REFLECT THE EXTENSIVE CONSULTATION THAT HAS TAKEN PLACE INVOLVING THE ADMINISTRATION, THE ADVISORY COMMITTEES, PROFESSIONAL BODIES AND OTHER INTERESTED PARTIES, AND THE AD HOC GROUP OF UNOFFICIAL MEMBERS FORMED TO STUDY THIS BILL.
+ IT WOULD BE FAIR TO SAY THAT THE FINAL FORM OF THIS BILL REPRESENTS A LARGE MEASURE OF CONSENSUS,+ HE SAID.
HE EMPHASISED THAT NO ONE COMPLAINED ABOUT THE NEED FOR THIS LEGISLATION ALTHOUGH IT HAD BEEN NECESSARY TO ENSURE THAT SUFFICIENT SAFEGUARDS WERE PROVIDED AGAINST SOME OF ITS MORE STRINGENT REQUIREMENTS.
IN THIS CONNECTION, HE SAID THE PENAL PROVISIONS WHICH PLACED THE DIRECTORS AND MANAGERS OF AUTHORISED INSTITUTIONS AT RISK FOR FAILING TO COMPLY WITH THE REQUIREMENTS OF THOSE CLAUSES WOULD BE AMELIORATED BY PROVIDING THE DEFENCE OF REASONABLE EXCUSE.
MR SWAINE POINTED OUT THAT THIS WOULD BE IN ADDITION TO THE OMNIBUS DEFENCE PROVIDED BY CLAUSE 130 WHERE THE OFFENCE WAS COMMITTED WITHOUT THE CONSENT OR CONNIVANCE OF THE PERSON PROSECUTED.
/HE THEN