End
(c)
30 -
Any amendment to the Memorandum and Articles of Association, or to the Rules and Regulations of the SEHK proposed by the SEHK Council are subject to the approval of the SFC as set out in these documents and the Stock Exchanges Unification Ordinance.
The SFC in turn is subject to checks and balance stipulated in the law and under common law. For example, under the Securities and Futures Commission Ordinance (Cap. 24), the SFC is required to consult the Financial Secretary before exercising certain powers under the Ordinance, and under the same Ordinance, the Governor may give to the SFC such directions in writing as regards the performance of any of its functions as he considers appropriate, and the SFC must comply with any such direction. The SFC's disciplinary powers to suspend or revoke a registration is also subject to appeal to the SFC Appeals Tribunal, an independent body appointed by the Governor; and the common law requires due process and reasonable exercise of the SFC's authorities. Failure to do so would expose the SFC to a judicial review.
Directorate succession well planned
Following is a question by the Hon Cheung Man-kwong and a written reply by the Secretary for the Civil Service Mr W K Lam, in the Legislative Council today (Wednesday):
Question:
Will the Government inform this Council:
(a)
(b)
of the numbers of serving directorate staff in the civil service who have opted for the new Pension Scheme and the old Pension Scheme respectively, together with the names and ages of those directorate staff who have opted for the old Pension Scheme as well as the policy branches or departments in which they are now serving; and
how the authority concerned works out the succession plans in those departments with a relatively large number of directorate staff reaching the age at which they can opt to retire, so as to avoid a succession gap caused by staff wastage?