4
Estabaureol
of the
Colla
and appoldt-
Frent of
CommisakimEE.
(* 133.)
Itenbership of the
anupad skin. (Cap. 3313
Chulmen and deputy chair- man of the Commbadoo. (CBp. 191.)
Mus
od cine Commladoo.
Function pf the Commmbston.
PART II
COMMODITIES Trading CoMMISSION
3 (1) There is hereby established a Commodities Trading Commis- sion, which shall be a body corporate with perpetual succession and a common seal and in that name may sue and be sued.
(2) The Commissioner for Securities appointed under section 6 of the Securities Ordinance shall also be the Commissioner for Commodities Trading.
4.
The persons who are the members of the Securities Commission under section 10 of the Securities Ordinance shall also be the members of the Commodities Trading Commission.
5. (1) The member of the Securities Commission who is appointed to be the chairman of the Securities Commission under section 11 of the Securities Ordinance shall also be the chairman of the Commodities Trading Commission
(2) If the office of chairman is vacant, or the chairman is absent from any meeting of the Commission or is incapacitated by illness or other cause from performing the duties of his office, the remaining members of the Commission may elect one of their number to act as chairman during the vacancy, absence or incapacity, as the case may be.
(3) A member of the Commission elected under subsection (2) shall, for the period that he acts as chairman, bave and may exercise all the powers and functions of the chainman,
6.
(1) Meetings of the Commission shall be held at such times and places as the Commission or its chairman may appoint,
(2) At all meetings of the Commission 4 members shall form a quorum. (3) At any meeting of the Commission, the chairman shall have u deliberative vote, and, in the case of an equality of votes, shall also have a casting vote.
(4) All questions before any meeting of the Commission aball be decided by a majority of the valid votes recorded thereon. A question aball in the first instance be decided by a show of hands, but any member of the Commission may require a ballot to be held to detcrminc the question.
(5) Subject to subsections (1) to (4), the procedure at meetings of the Commission shall be determined by the Commission, and for that purpo the Commission may make standing orders.
7. The Commission shall have the following funstions---
(2) to advise the Financial Secretary on all matters relating to trading
in commodity futures contracts;
(b) to advise the Financial Secretary on all matters relating to the purchase or sale of commodities for spot delivery or for deferred shipment or delivery;
(c) without prejudice to any duties imposed or powers conferred on any other person in regard to the enforcement of the law relating to trading in commodity futurea contracts, to be responsible for enforcing the provisions of this Ordinance;
(d) to be responsible for supervising the activities of the Exchange
Company:
(d) to take all reasonable steps to safeguard the interests of persons
who trade in commodity futures contracts;
(f) to promote and encourage proper conduct amongst shareholders; (g) to suppress illegal and improper practices in relation to trading in commodity futures contracts and price manipulations in a com- modity market;
(A) to promote and maintain the integrity of dealers, dealers' repre- sentatives, commodity trading advisers and commodity trading advisors' representatives, and encourage the promulgation by dealers and commodity trading advisers of balanced and informed advice to their clicuts;
() to consider and suggest reforms of the law relating to trading in
commodity futures contracts.
鼈。 The Commission shall have all such powers as may be necessary Powers of pe to enable it to carry out in functions, and is particular may refer any Commalsion complaint relating to the activities of the Exchange Company to the
regarding
Disciplinary Committee and, if it considers necessary, hold preliminary complaints.
investigations into any such complaint.
9. (0) The Commission may establish standing or special committees Coombston and may refer to any such committee any matters for consideration or muy colabileh inquiry,
(2) The Commission may delegate any of its powers, functions and duties to any committee established under subsection (1)
(3) The Commission may appoint as a member of any committee established under subsection (1) any person, whether such person is a member of the Corumission or not.
committec9,
10. (1) The Governor may give such directions as he thinks fit (either Power of generally or in any particular case) with respect to the exercise or perform- Danemar ance by the Commission or the Commissioner of the powers, duties and direction. functions of the Commission or the Commissioner under this Ordinance.
(2) The Commission and the Commissioner shall, in the exercise or performance of any powers, duties or functions under this Ordinance, comply with any directions given by the Governor under subsection (1).
(3) The Commission shall, when required by the Financial Secretary, furnish to him reports with respect to the policy that it is pursuing or proposes to pursue in the exercise or performance of any of its powers, duties and functions under this Ordinance.
to ve
11. (1) Except as may be necessary for the exercise or performance codat of any duty or function under this Ordinance or for carrying into effect secr the provisions of this Ordinance, every person who has been appointed under or who is or has been employed in carrying out or to assisting any person to carry out the provisions of this Ordinance-
(a) shall preserve and aid in preserving secrecy with regard to all matters coming to his knowledge in the exercise or performance of any duty or function under this Ordinance;
(b) shall not communicate any such matter to any person; and
(c) shall not suffer or permit any person to have access to any records
in the possession, custody or control of any person to whom this subsection applies.
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