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THURSDAY, JANUARY 12, 1989
A STANDING AND FIVE AS
THE BOARD WILL HAVE 12 MEMBERS, COMPRISING CHAIRMAN AND DEPUTY CHAIRMAN, BOTH QUALIFIED IN LAW, OTHER INDEPENDENT PERSONS APPOINTED BY THE GOVERNOR AS WELL THE FIVE NON-EXECUTIVE DIRECTORS OF THE SFC.
BY A GROUP OF THREE ONE CHAIRMAN), DEPUTY
DIRECTOR
EACH APPEAL CASE WILL BE HEARD CONSISTING OF THE CHAIRMAN (OR INDEPENDENT MEMBER OF THE BOARD AND ONE NON-EXECUTIVE OF THE SFC, THUS ENSURING A MAJORITY OF INDEPENDENT MEMBERS.
THE INTERVENTION
UNDER THE PRESENT ORDINANCES, SUSPENSION REVOCATION OF REGISTRATION TAKES IMMEDIATE EFFECT, EVEN APPEAL IS LODGED. THE NEW APPEAL PROVISIONS WILL ALLOW
BUSINESS WHILE THE APPEAL IS CONCERNED TO REMAIN IN HEARD.
POWERS ARE,
HOWEVER,
EFFECTIVE.
OR
IF
AN
PERSONS BEING
IMMEDIATELY
REGISTRATION OF INTERMEDIARIES
BE
THE EXISTING ANNUAL REGISTRATION
WILL SYSTEM
REPLACED BY A CONTINUOUS
ANY PERSON SYSTEM. REGISTRATION REGISTERED BY
THE THE OFFICE OF
BEFORE THE COMMISSIONER ESTABLISHMENT OF THE SFC WILL CONTINUE TO BE REGISTERED.
AND
THE BILL ALSO PROPOSES A MORE DETAILED SET OF "FIT
OF INTERMEDIARIES PROPER" CRITERIA TO GOVERN THE REGISTRATION
NEW SFC TO DEVELOP
CAPITAL AND AND ALLOWS THE
RULES FOR
WILL OF REGISTERED PERSONS WHICH
HAVE LIQUIDITY REQUIREMENTS
ARE TO BE LAID BEFORE THE LEGISLATIVE COUNCIL. THESE PROPOSALS IN LINE WITH THE SRC RECOMMENDATIONS.
INSPECTION AND SUPERVISION
TO CLOSE SERIOUS GAPS
OF
IN EXISTING STATUTORY PROVISIONS, THE BILL PERMITS THE SFC TO CONDUCT SPOT CHECKS REGISTERED PERSONS' BUSINESSES IN ORDER TO ENSURE COMPLIANCE.
IT
FRAUDS,
DETAILED BREACHES MARKET
MORE OBTAIN INFORMATION TO FACILITATE INVESTIGATION INTO POSSIBLE OF THE
PERMITS ALSO
THE SFC ΤΟ
ORDINANCES, RELEVANT
INCLUDING
MANIPULATION, INSIDER TRADING AND OTHER MALPRACTICES.
OBLIGATION
REGISTERED PERSONS WILL
HAVE AN
ACCESS TO THEIR RECORDS TO AUTHORISED
WHO
HAVE WILL NOTIFIED TO THE SFC.
THE RIGHT TO
ENTER
PERSONNEL OF THE
THE BUSINESS
TO GIVE
SFC, PREMISES
/THIS RIGHT