27
WEDNESDAY, APRIL 12, 1989
"IT IS THEREFORE DESIRABLE TO LEAVE
AS
PROPOSED
THE
IN
THE
PROPOSED BILL AS IT
COMPOSITION
IS:
THE
"
OF THE APPEALS TRIBUNAL TRIBUNAL SHOULD COMPRISE OF THREE MEMBERS.
LEGALLY
CHAIRMAN
OR
DEPUTY
THE "ONE SHOULD BE
QUALIFIED
PERSON WITH RELEVANT CHAIRMAN OF THE APPEALS PANEL, ONE SHOULD BE A
THIRD ONE MARKET EXPERIENCE WHOLLY INDEPENDENT OF THE SFC WHILST THE SHOULD BE A NON-EXECUTIVE DIRECTOR OF THE SFC.
THAT THERE SHOULD BE MUCH DISCUSSIONS, BE MADE TO THE COURT OF
HE SAID THAT THE GROUP ALSO CONSIDERED PROVISIONS FOR APPEALS ON POINTS OF LAW AND, AFTER
COULD APPLICATIONS THE ADMINISTRATION AGREED THAT
LAW CLARIFIED BY THE TRIBUNAL TO HAVE POINTS OF THROUGH THE CASE STATED APPROACH.
THE
ADMINISTRATION
THAT
HAD ALSO AGREED
THERE ON THE GOVERNOR-IN-COUNCIL
A
APPEAL
SHOULD RESTRICTION
BE
PROVISIONS FOR APPEAL TO NOTICE SERVED ON THE EXCHANGE COMPANIES AND CLEARING HOUSE, AND FOR A EXCHANGE SEPARATE CHANNEL OF APPEAL IN RESPECT OF THE CLOSURE OF THE
AND COMPANIES
THE COMMISSION UNDER COMMODITIES TRADING ORDINANCE, HE SAID.
BY
THE
SECURITIES
ORDINANCE
RESOURCES RULES, MR CHRONG ON THE POWER OF MAKING FINANCIAL
RULES IN SAID THAT THE GROUP FELT THAT SINCE THE FINANCIAL RESOURCES RESPECT OF THE REGISTERED PERSON WOULD HAVE SIGNIFICANT BEARING ON THE MADE IN THE BUSINESS OF THE REGISTERED PERSON. SUCH RULES SHOULD BE
THE RELEVANT FORM OF SUBSIDIARY LEGISLATION, AFTER CONSULTATION WITH MARKET ORGANISATIONS. THIS HAD BEEN AGREED BY THE ADMINISTRTION.
GROUP HAD ALSO
THE SUGGESTED, AND MR CHEONG SAID THAT THE
THE ADMINISTRATION HAD AGREED, THAT A SPECIAL COMMITTEE LOOKING AFTER
BE ESTABLISHED SINCE THE REMUNERATION PACKAGES OF SFC STAFF SHOULD
PEOPLE LARGELY OF
WHO WERE WAS
ALSO SFC BOARD
TO BE EMPLOYEES OF THE COMMISSION.
COMPOSED
THE COMMIITEE WOULD BE CHAIRED BY A NON-EXECUTIVE
DIRECTOR OF
THE SFC.
OTHER
WOULD
WHICH POINTS
ORGANISATIONS,
BE
WITH DEALT
BY
MOVE INDUSTRIES'
FUTURE
SFC
TOWARDS
ADMINISTRATIVE MEASURES CONCERNED THE DUPLICATION OF ROLES OF THE
AND THE AND THE MARKET SELF-REGULATION, MR CHEONG SAID.
THE STOCK MARKET, HE SAID
OF LISTING DIVISION
THE STOCK
то VIEW
DETERMINING WHEN THE LISTING MATTERS
IN RESPECT OF LISTING MATTERS IN
THE AUDITS OR THAT A SIX-MONTHLY EXCHANGE WOULD BE CARRIED OUT WITH A EXCHANGE WAS READY TO TAKE UP THE ROLE OF OVERSEEING IN THE MARKET.
/FINALLY, ON