WEDNESDAY, JULY 18, 1990
THE
STATUTORY REQUIREMENTS
REGISTRATION OF DIRECTORS, CAPITAL
IN
QUESTION RELATED ΤΟ THE REQUIREMENTS, MAINTENANCE OF A REGISTER OF SECURITIES, TRUST ACCOUNTS, FINANCIAL ACCOUNTS AND RECORD KEEPING.
"THESE ARE ALL ISSUES WHICH ARE UNDER REGULAR REVIEW BY THE
COMMISSION.
"THE PROPOSED DISCRETION IS REQUIRED 80 THAT THE COMMISSION CAN APPLY THE REQUIREMENTS FLEXIBLY," SIR PIERS SAID.
DEBATE ON THE BILL WAS ADJOURNED.
0
-
COMMODITIES TRADING (AMENDMENT) BILL EXPLAINED
AIMS ΤΟ REMOVE THE COMMODITIES TRADING (AMENDMENT) BILL 1990
THE IMPAIRED THE RIGIDITIES IN EXISTING LEGISLATION WHICH
EFFECTIVE FUTURES AND EFFICIENT EXERCISE OF THE FUNCTIONS OF THE SECURITIES AND
PIERS JACOBS, SAID COMMISSION, THE FINANCIAL SECRETARY, THE HON SIR TODAY (WEDNESDAY).
MOVING THE SECOND
SAID
READING OF THE BILL IN THE LEGISLATIVE THESE COUNCIL, SIR PIERS
RIGIDITIES WERE IDENTIFIED BY THE COMMISSION IN THE COURSE OF ITS PRACTICAL EXPERIENCE OVER THE PAST MONTHS.
14
SIR PIERS SAID AT PRESENT, THE TIME LIMIT FOR THE COMMISSION TO APPROVE RULES RELATING TO THE FUTURES EXCHANGE AND ITS CLEARING HOUSE WAS ONLY TWO WEEKS.
"THIS HAS BEEN FOUND TO BE INADEQUATE.
"WE THEREFORE PROPOSE TO EXTEND THIS TIME LIMIT TO AS IS ALREADY THE CASE FOR THE STOCK EXCHANGE, AND ADDITIONAL FLEXIBILITY BY ENABLING THE FINANCIAL SECRETARY THE PERIOD FURTHER IN PARTICULAR CIRCUMSTANCES, HE SAID.
11
HE SAID THERE WAS ALSO NO STATUTORY PROVISION EXTENSION OF TIME LIMITS BY MUTUAL AGREEMENT.
AGREEMENT
"WE PROPOSE THAT THE COMMISSION SHOULD BE
LIMITS SUBJECT ΤΟ EXTEND THE TIME CLEARING HOUSE CONCERNED,
*
HE SAID.
SIR PIERS SAID THE SECURITIES
PUBLISHED IN JUNE 1988
HAD POINTED OUT
REVIEW THAT
REGULATION LAY AT THE HEART OF ITS PROPOSALS.
SIX WEEKS, PROVIDE ΤΟ EXTEND
ΤΟ
ALLOWING
ALLOWED ΤΟ FURTHER BY THE EXCHANGE OR
COMMITTEE REPORT PROPER AND ADEQUATE
/"BOTH THE