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FRIDAY, JUNE 25, 1993
COMPLAINTS SHOULD BE REFERRED TO THE CONSUMER PROTECTION DIVISION OF THE TRADING STANDARDS INVESTIGATION BUREAU, CUSTOMS AND EXCISE DEPARTMENT, 16TH FLOOR, TRADE DEPARTMENT TOWER, 700 NATHAN ROAD, MONG KOK.
THE DIVISION MAY BE CONTACTED ON TEL 398 5158 AND 852 3185 RESPECTIVELY DURING AND AFTER OFFICE HOURS.
0
BY
POWER OF REGULATORS TO BE STREAMLINED
*
THE GOVERNMENT IS INTRODUCING TWO BILLS TO FACILITATE THE USE THE FINANCIAL SECRETARY AND THE SECURITIES AND FUTURES COMMISSION (SFC) OF THEIR RESPECTIVE INVESTIGATORY POWERS AND ANOTHER ONE TO PROVIDE IMMUNITY TO THE STOCK EXCHANGE OF HONG KONG (SEHK) IN CARRYING OUT ITS LISTING FUNCTIONS.
THIS WAS
STATED BY THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, TODAY (FRIDAY).
THE COMPANIES (AMENDMENT) (NO.4) BILL 1993, THE SECURITIES AND FUTURES COMMISSION (AMENDMENT} BILL 1993 AND THE STOCK EXCHANGES UNIFICATION { AMENDMENT) BILL 1993, ARE GAZETTED TODAY. THEY WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL, ON JULY 7.
THE COMPANIES (AMENDMENT) (NO.4) BILL 1993 MAINLY AIMS AT FACILITATING THE USE BY THE FINANCIAL SECRETARY OF THE POWER TO INVOKE PRELIMINARY INVESTIGATIONS ON COMPANIES.
AT PRESENT, WHERE THE FINANCIAL SECRETARY'S ATTENTION IS DRAWN TO CIRCUMSTANCES SUGGESTING FRAUD, MISFEASANCE OR OTHER MISCONDUCT IN THE MANAGEMENT OF THE AFFAIRS OF A COMPANY, HE MAY AUTHORISE A PUBLIC OFFICER UNDER THE COMPANIES ORDINANCE TO REQUIRE THE PRODUCTION OF THE COMPANY'S BOOKS OR PAPERS AND TO ASK ABOUT THEM.
"SUCH PRELIMINARY INSPECTIONS PROVIDE A DISCREET AND LESS COSTLY WAY TO ASSESS WHETHER FULL-SCALE INVESTIGATIONS ARE WARRANTED, MR CARTLAND SAID.
THIS POWER HAS NEVER BEEN INVOKED BEFORE, PARTLY BECAUSE THE GOVERNMENT DOES NOT HAVE STAFF WITH THE TIME AND RELEVANT SKILL FOR THIS TYPE OF WORK.
THE
MOREOVER, SINCE THE CONDITIONS FOR INVOKING PRELIMINARY INSPECTIONS ARE THE SAME AS THOSE FOR FULL SCALE INVESTIGATIONS, PROVISIONS FOR PRELIMINARY INSPECTIONS HAVE BEEN RENDERED REDUNDANT, HE SAID.
"TO FACILITATE THE USE BY THE FINANCIAL SECRETARY OF HIS POWER UNDER THE COMPANIES ORDINANCE, IT IS PROPOSED TO LOWER THE THRESHOLD FOR INITIATING PRELIMINARY INVESTIGATIONS AND TO RELAX THE EXISTING REQUIREMENT FOR APPOINTING A PUBLIC OFFICER AS AN
INSPECTOR, MR CARTLAND SAID.
/ON THE