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28
WEDNESDAY, APRIL 12, 1989
ORDERS
FINALLY, ON PUBLICITY, MR CHEONG CONSIDERED THAT PUBLICATION IN THE GAZETTE OF NOTICES OR
SAID THAT THE GROUP UNDER THE BILL
NOT ADEQUATE, AND THE ACCORDINGLY AGREED THAT A PUBLIC NOTICE WAS REQUIRED.
WAS
PRESS RELEASE WOULD
MADE ADMINISTRATION HAD BE ISSUED WHENEVER
COMMENDING THE SFC BILL TO HIS LEGCO SAID THAT IT WAS THE RESULT OF 31 MEETINGS WITH REPRESENTATIVE
COLLEAGUES, MR CHEONG ORGANISATIONS AND PROFESSIONAL BODIES AND THE ADMINISTRATION OVER
MARKET LAST THREE MONTHS, AND
THE OF LENGTHY DELIBERATIONS FUNDING ARRANGEMENTS OF THE SFC AND ITS ORGANISATIONAL STRUCTURE.
ON THE PROPOSED
IN CONCLUDING, MR CHEONG EXPRESSED HIS DEEPEST MEMBERS OF THE LEGCO AD HOC GROUP FOR THEIR EFFORTS TO HELP THE
THANKS ΤΟ ALL IN DISCHARGING THEIR RESPONSIBILITY SMOOTHLY AND COMPLETELY.
GROUP
SFC BILL SIGNIFICANTLY IMPROVED
HAD
WITH THE EFFORTS OF ALL CONCERNED, SIGNIFICANT IMPROVEMENT BEEN MADE TO THE ORIGINAL SECURITIES AND FUTURES COMMISSION (SFC) BILL 1989 WHICH WAS GAZETTED IN JANUARY THIS YEAR, THE HON RONALD ARCULLI SAID TODAY (WEDNESDAY),
MR ARCULLI WAS THE DEPUTY CONVENER OF A LEGCO AD HOC GROUP SET UP TO STUDY THE BILL.
MR
SPEAKING IN SUPPORT OF THE BILL IN THE LEGISLATIVE COUNCIL, ARCULLI SAID A MOST CONSTRUCTIVE APPROACH BY THE ADMINISTRATION, THE PROVISIONAL SFC, MARKET PARTICIPANTS AND THE INDUSTRY HAD BROUGHT ABOUT A NUMBER OF COMMITTEE STAGE AMENDMENTS TO THE BILL.
SFC
WITH THESE AMENDMENTS, THE BILL WOULD BE ABLE ΤΟ PROVIDE THE WITH THE NECESSARY LEGISLATIVE FRAMEWORK TO PROPERLY AND EFFECTIVELY CARRY OUT ITS FUNCTIONS, HE SAID.
HIGHLIGHTING SOME OF THE IMPORTANT FEATURES OF THE BILL, MR ARCULLI NOTED THAT UNDER THE ORIGINAL BILL THE APPEAL TO THE APPEAL TRIBUNAL WAS FINAL AND NOT APPEALABLE.
HOWEVER, THE LEGCO AD HOC GROUP WAS ABLE то PERSUADE THE ADMINISTRATION AND THE PROVISIONAL SFC THAT IT WAS DESIRABLE
MAKE PROVISION FOR AN APPEAL BY WAY OF CASE STATED TO THE COURT ON A POINT OF LAW WHERE THE APPEAL TRIBUNAL DID SO ON ITS OWN VOLITION OR GRANTED AN APPLICATION MADE EITHER BY THE SFC OR APPELLANT AND THE DECISION OF THE APPEAL TRIBUNAL IN THIS RESPECT NOT APPEALABLE.
סיני
OF APPEAL
THE
WAS
/MR ARCULLI
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