XN000022-1988-11-02 — Page 22

21

WEDNESDAY, NOVEMBER 2, 1988

EXISTING

OF

MR OWEN SAID ANOTHER SERIOUS FLAW IN THE

OF BOOKS AND RECORDS LAY IN THE AREA OF INSPECTION PERSONS.

LEGISLATION REGISTERED

OF REGISTERED

TI

"OBVIOUSLY IT IS FUNDAMENTAL THAT ANY REGULATOR PERSONS MUST HAVE ADEQUATE POWERS TO INSPECT THEIR BOOKS AND RECORDS, HE SAID.

ORDINANCE GAVE NO SECURITIES

HOWEVER, HE ADDED, THE COMMODITIES TRADING POWER TO THE COMMISSIONER IN THIS IMPORTANT AREA WHILE THE ORDINANCE GAVE CERTAIN LIMITED POWERS UNDER SECTIONS 122 AND 123, THESE PROVISIONS WERE SERIOUSLY INADEQUATE.

WHICH

BUT

ONE FURTHER EXAMPLE WAS SECTION 122 OF THE SECURITIES ORDINANCE GAVE THE COMMISSIONER

TO INSPECT DOCUMENTS OF A POWERS

AND TAKE EXTRACTS FROM THOSE REGISTERED PERSON AND TO MAKE COPIES

THE POWER DOCUMENTS, BUT

WAS

AUTHORISING THERE

NO SPECIFIC COMMISSIONER TO ENTER BUSINESS PREMISES FOR THAT PURPOSE, HE SAID.

CLOSE

THESE SERIOUS

GAPS IN THE THE NEW PROVISIONS AIM TO EXISTING STATUTORY POWERS WHICH HAD FRUSTRATED STAFF OF THE OFFICE

THEIR ATTEMPTS FOR SECURITIES COMMISSIONER

IN

ΤΟ

OF

UNDERTAKE

INVESTIGATIONS.

PREMISES WITHOUT

ON THE RIGHT

AND SEARCH ΤΟ ENTER MAGISTRATE'S WARRANT WHICH HAD ATTRACTED CONSIDERABLE RECENTLY, MR OWEN SAID IT HAD BEEN MADE QUITE BEING PROPOSED WAS THAT ENTRY TO THE PREMISES OF THOSE REGISTERED WITH THE SECURITIES

(SFC) WOULD REQUIRE A WARRANT.

A

MEDIA COMMENTS CLEAR THAT WHAT WAS PERSONS OTHER THAN COMMISSION

AND FUTURES

REGULATOR SHOULD

ALSO, THERE IS SIMPLY NO SUGGESTION THAT THE HAVE ACCESS TO RESIDENTIAL PREMISES WITHOUT A WARRANT, HE SAID.

ACCESS

QUARREL WITH THE "I DO NOT THINK ANY REASONABLE PERSON COULD REGULATOR'S HAVING AN EXPLICIT, AUTOMATIC RIGHT OF UNIMPEDED TO THE BUSINESS PREMISES OF REGISTERED PERSONS TO DEMAND OF AND INSPECT BOOKS AND RECORDS AND TO ASK QUESTIONS OF SUCH ABOUT MATTERS RELATED TO THEIR COMPLIANCE WITH ANY PROVISIONS RELEVANT ORDINANCES.

NORMAL

PRIVILEGE

OF

REGULATORS "THIS IS A WHOLLY JURISDICTIONS. INDEED, IT IS DIFFICULT TO SEE HOW THEY CAN JOB WITHOUT IT, HE STRESSED.

||

PRODUCTION PERSONS OF THE

IN

OTHER DO THEIR

MR OWEN SAID

THE

ΤΟ

DEBATE WAS ISSUE

IN WERE OBSTRUCTED

WHAT

WHEN HAPPENED THE COURSE OF AN OFFICERS OF THE COMMISSION

OFFENCE INVESTIGATION OR DISCOVERED PRIMA FACIE EVIDENCE OF A SERIOUS AND WISHED TO PRESERVE DOCUMENTS FROM DESTRUCTION OR REMOVE THEM THE PREMISES.

FROM

IT TAKES ΤΟ OBTAIN A

(USUALLY TWO

HE SAID.

TO

FOUR

**EXPERIENCE HAS SHOWN THAT IN THE TIME DOCUMENTS MAGISTRATE'S WARRANT TO SEIZE SUCH HOURS) THE EVIDENCE HAS A TENDENCY TO DISAPPEAR,'

"IN TH