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WEDNESDAY, MAY 28, 1986
HE THEN MENTIONED IMPORTANT AMENDMENTS UNDER CLAUSES 7(2),
82 AND 86 WHICH WOULD GIVE THE COMMISSIONER OF BANKING SPECIFIC
POWER TO ISSUE GUIDELINES FOR THE GUIDANCE OF AUTHORISED INSTITUTIONS INDICATING THE MANNER IN WHICH HE PROPOSED TO EXERCISE HIS STATUTORY FUNCTIONS.
+HE MAY IN PARTICULAR SPECIFY BUSINESS PRACTICES WHICH SHOULD NOT BE ENGAGED IN BY AUTHORISED INSTITUTIONS FOR FEAR OF CAUSING DEPENDENCE ON THE FINANCIAL SOUNDNESS OF A SINGLE PARTY.
+THIS REPLACES THE FORMER PROVISION BY WHICH THE COMMISSIONER WOULD HAVE ISSUED DIRECTIONS RATHER THAN GUIDELINES IN THIS RESPECT,+ HE EXPLAINED.
HE ADDED THAT CLAUSE 86 WHICH CONTAINED PROHIBITIONS ON AUTHORISED INSTITUTIONS ENGAGING IN CERTAIN TRADES WOULD BE DELETED AND THE INTENTION WAS THAT THESE WOULD INSTEAD BE COVERED BY GUIDELINES UNDER CLAUSE 7.
MR SWAINE ALSO LISTED SOME OTHER AMENDMENTS RESULTING FROM SPECIFIC RECOMMENDATIONS OF THE LEGCO AD HOC GROUP.
TURNING TO THE QUESTION OF APPEALS, HE SAID THE AD HOC GROUP HAD RAISED WITH THE ADMINISTRATION THE BASIC QUESTION OF APPEALS FROM DECISIONS OF THE COMMISSIONER AND THE FINANCIAL SECRETARY TO THE GOVERNOR IN COUNCIL, AND QUERIED WHETHER THE FORUM OF APPEAL MIGHT NOT MORE APPROPRIATELY BE A JUDICIAL OR QUASI-JUDICIAL TRIBUNAL.
+WE UNDERSTAND THAT A GENERAL REVIEW IS IN PROGRESS OVER THE QUESTION OF ADMINISTRATIVE APPEALS AND WE HAVE BEEN ASSURED BY THE ADMINISTRATION THAT THIS POINT WILL BE TAKEN INTO ACCOUNT IN THE LIGHT OF THIS REVIEW, HE SAID.
REFORMS HOWEVER HAD BEEN AGREED ON SOME SPECIFIC MEASURES TO PROVIDE FOR AN APPEAL TO LIE TO THE GOVERNOR IN COUNCIL FROM DECISIONS WHERE THERE HAD PREVIOUSLY BEEN NO RIGHT OF APPEAL, NAMELY:
* UNDER CLAUSES 21 (6) AND 22 (1A) FROM THE IMPOSITION OF
CONDITIONS BY THE COMMISSIONER ON OR AFFECTING THE REGISTRATION OF A DEPOSIT-TAKING COMPANY.
* UNDER CLAUSE 25 (5) FROM THE IMPOSITION OF CONDITIONS BY
THE FINANCIAL SECRETARY ON THE LICENSING OF A DEPOSIT- TAKING COMPANY.
/MR SWAINE