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FRIDAY, JUNE 25, 1993.
MR
ON THE SECURITIES AND FUTURES COMMISSION (AMENDMENT) BILL 1993, CARTLAND SAID THE BILL SOUGHT TO PROVIDE THE SFC WITH PRELIMINARY INVESTIGATORY POWER IN RESPECT OF LISTED COMPANIES.
OR
HE SAID AT PRESENT THE SFC DID NOT HAVE AUTHORITY ΤΟ CONDUCT PRELIMINARY INVESTIGATIONS ON CASES SUGGESTING FRAUD, MISFEASANCE MISCONDUCT IN THE MANAGEMENT OF THE AFFAIRS OF LISTED COMPANIES FAILURE TO DISCLOSE INFORMATION TO MEMBERS OF THESE COMPANIES.
OR
"THE SECURITIES AND FUTURES COMMISSION (AMENDMENT) BILL 1993 EXTENDS SUCH POWERS TO THE SFC, MR CARTLAND SAID.
"IT IS ALSO PROPOSED THAT THE SFC BE ALLOWED TO APPLY FOR COURT ORDERS TO PROTECT THE INTERESTS OF SHAREHOLDERS SIMILAR TO THOSE UNDER 168A OF THE COMPANIES ORDINANCE, HE SAID.
++
IT IS NEVERTHELESS RECOGNISED THAT THE BANKING ORDINANCE PROVIDES EXTENSIVE POWER FOR THE MONETARY AUTHORITY TO REGULATE AUTHORISED INSTITUTIONS WHICH MAY BE LISTED.
THEREFORE, THE PROPOSED POWER OF THE SFC WILL NOT APPLY ΤΟ AUTHORISED INSTITUTIONS EXCEPT WHERE THE CASE RELATES SOLELY ΤΟ THE DISCLOSURE OF INFORMATION TO SHAREHOLDERS, HE SAID.
"FOR THE SAME REASON, THE POWER OF THE SFC TO APPLY FOR COURT ORDERS WILL NOT APPLY TO AUTHORISED INSTITUTIONS UNDER THE BANKING ORDINANCE, HE ADDED.
||
THERE WILL BE
THE SFC
BEFORE INVESTIGATING
REGULATORS.
COMPANIES.
"THE SFC WILL
CASES REQUIRING CO-OPERATION BETWEEN THE WILL NEED TO CONSULT THE MONETARY AUTHORITY AN AUTHORISED INSTITUTION OR ITS RELATED
ALSO BE REQUIRED ΤΟ CONSULT THE INSURANCE AUTHORITY BEFORE REQUIRING ANY AUTHORISED INSURERS UNDER THE INSURANCE ORDINANCE ΤΟ PRODUCE RECORDS AND DOCUMENTS FOR THE PURPOSE OF PRELIMINARY INSPECTIONS, MR CARTLAND SAID.
THE STOCK EXCHANGES UNIFICATION (AMENDMENT) BILL 1993 PROVIDES STATUTORY IMMUNITY TO THE SEHK IN CARRYING OUT ITS LISTING FUNCTIONS.
MR CARTLAND SAID THE BILL SOUGHT TO CLARIFY THE POWER OF THE SERK то MAKING LISTING RULES AND ENSURE THAT THE SEHK ENJOYED STATUTORY IMMUNITY IN CARRYING OUT ITS LISTING FUNCTIONS.
77
IT IS UNCLEAR WHETHER THE SEHK HAS ANY IMMUNITY AT PRESENT
OF LISTING MATTERS AND THE PROPOSED AMENDMENTS ARE ESSENTIAL SEHK TO ACT FIRMLY AND WITHOUT THE FEAR OF LIABILITY IN
TO DECISIONS SUCH AS SUSPENSION OF TRADING OF
IN
SHARES,
HE
RESPECT FOR THE RELATIONS SAID.
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