FRIDAY, MAY 12, 1989
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APPOINTMENTS TO SECURITIES AND FUTURES APPEALS PANEL
NENDICK,
THE SECRETARY FOR MONETARY AFFAIRS. MR DAVID ANNOUNCED TODAY (FRIDAY) THAT THE GOVERNOR HAD APPOINTED MR WONG CHUNG-HIN AND MR LESLIE WRIGHT AS CHAIRMAN AND DEPUTY CHAIRMAN OF THE SECURITIES AND FUTURES APPEALS PANEL ISFAP).
MR LESTER KWOK CHI-HANG, MRS ALICE LAM LEE KIU-YUE, MR SELWIN MAR, MR FRANK PONG FAI AND MR YAO KANG HAVE BEEN APPOINTED AS INDEPENDENT MEMBERS OF THE PANEL, HE SAID.
SECTION 18 OF THE SECURITIES AND FUTURES COMMISSION (SFC) ORDINANCE PROVIDES FOR THE ESTABLISHMENT OF AN SFAP
ΤΟ HEAR APPEALS AGAINST DECISIONS BY THE SFC IN RELATION 'TO APPLICATION FOR, OR SUSPENSION OR REVOCATION OF REGISTRATION AND THE EXERCISE OF INTERVENTION POWERS BY THE COMMISSION.
THE SFAP WILL HAVE 12 MEMBERS, NAMELY THE CHAIRMAN CHAIRMAN, WHO ARE BOTH QUALIFIED IN LAW, THE FIVE DIRECTORS OF THE SFC, AND THE FIVE INDEPENDENT MEMBERS.
AND DEPUTY
NON-EXECUTIVE
EACH APPEAL WILL BE HEARD BY A GROUP OF THREE CONSISTING OF EITHER THE CHAIRMAN OR THE DEPUTY CHAIRMAN, ONE INDEPENDENT MEMBER AND ONE NON-EXECUTIVE DIRECTOR OF THE SFC.
"THIS APPEALS PROCEDURE CAN BE SEEN AS ONE OF THE IMPORTANT CHECKS AND BALANCES OVER THE WAY IN WHICH THE SFC EXERCISES ITS POWERS. MR NENDICK SAID.
HE WAS
MR WONG CHUNG-HIN, AGED 55, IS A LAWYER BY PROFESSION. THE CHAIRMAN OF THE NOW DISSOLVED SECURITIES COMMISSION AND COMMODITIES TRADING COMMISSION, AND SERVES ON THE STANDING COMMITTEE ON COMPANY LAW REFORM.
MR LESLIE WRIGHT, AGED 70, HAS BEEN PRACTISING AS A BARRISTER IN HONG KONG SINCE 1948. HE LED A WORKING GROUP OF THE HONG KONG BAR ASSOCIATION THAT EXAMINED THE SFC BILL.
AND
MR LESTER KWOK CHI-HANG, AGED 39, IS A QUALIFIED BARRISTER THE DEPUTY CHAIRMAN OF WING ON (HOLDINGS) LTD. HE IS A MEMBER OF THE INLAND REVENUE BOARD OF REVIEW AND THE WAN CHAI DISTRICT BOARD.
THE
MRS ALICE LAM LEE KIU-YUE, AGED 49, IS A QUALIFIED SOLICITOR AND THE DEPUTY GENERAL MANAGER OF
HANG SENG BANK. SHE WAS A MEMBER OF THE SECURITIES COMMISSION AND SERVES ON THE STANDING COMMISSION ON CIVIL SERVICE SALARIES AND CONDITIONS OF SERVICE.
HE SERVES AND THE DUKE
MR SELWYN MAR, AGED 53, IS A PRACTISING ACCOUNTANT. ON THE COUNCIL OF THE HONG KONG SOCIETY OF ACCOUNTANTS OF EDINBURGH'S AWARD COUNCIL.
/MR FRANK
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