XN000022-1990-01-17 — Page 5

WEDNESDAY, JANUARY 17, 1990

THE PROPOSED SECTION 72A(4) WAS MODELLED AFTER SECTION 6415) OF THE PRINCIPAL ORDINANCE AND WAS INTENDED TO COVER SITUATIONS WHERE OFFENCES WERE KNOWINGLY COMMITTED.

ACCORDINGLY, HE PROPOSED THAT CLAUSE 47A BE ADDED то EXCLUDE SECTION 72A14) FROM THE AMBIT OF SECTION 126(1), WHICH PROVIDED FOR A GENERAL DEFENCE IN CASES WHERE AN OFFENCE WAS COMMITTED WITHOUT THE CONSENT OR CONNIVANCE OF THE PERSONS CONCERNED.

PIERS

BEEN AND

IN MOVING AN AMENDMENT TO THE SCHEDULE TO THE BILL, SIR SAID THE TITLE OF THE MONEY CHANGERS LEGISLATION HAD RECENTLY CHANGED FROM "MONEY CHANGERS (DISCLOSURE OF RATES, CHARGES COMMISSIONS) ORDINANCE" TO "MONEY CHANGERS ORDINANCE". IT WAS THEREFORE NECESSARY TO REFLECT THAT CHANGE ACCORDINGLY.

EARLIER. IN WINDING UP THE SECOND READING DEBATE ON THE SIR PIERS SAID REPRESENTATIONS ON A NUMBER OF TECHNICAL POINTS BEEN RECEIVED FROM THE LEGAL PROFESSION AND THE BANKING SECTOR,

BILL, HAD

HE SAID THE AD HOC GROUP HAD EXPRESSED CONCERN IN RELATION TO THE EXTRA - TERRITORIAL APPLICATION OF THE COMMISSIONER OF BANKING'S INFORMATION GATHERING POWER UNDER THE ORDINANCE.

THE GROUP SUGGESTED THAT AN AMENDMENT TO SECTION 63 01 THE ORDINANCE MIGHT BE REQUIRED TO PROVIDE THAT FAILURE OF AN OVERSEAS SUBSIDIARY OF AN AUTHORISED INSTITUTION TO COMPLY WITH THE COMMISSIONER'S REQUIREMENT TO SUBMIT INFORMATION DUE TO BY THE LAW OF ITS HOME JURISDICT LON EXCUSE" UNDER SECTION 63(6) AS AMENDED BY CLAUSE 26(C) OF THE BILL.

SHALL CONSTITUTI

PROHIBITION

H

A

REASONABLE

"GIVEN THE CONCERN EXPRESSED.

THE DIRECTOR

OF PUBLIC

PROSECUTIONS HAS BEEN CONSULTED.

TO

"HE HAS ADVISED THAT FAILURE TO COMPLY WITH THE REQUIREMENT SUBMIT INFORMATION DUE TO PROHIBITION BY FOREIGN LAW WOULD CONSTITUTE A REASONABLE EXCUSE UNDER SECTION 63(6).

IN HIS OPINION, NO AMENDMENT TO SECTION 63 19 REQUIRED. AND I AM GLAD THAT THIS VIEW IS NOW SHARED BY THE. AD PIERS SAID.

HOC GROUP, SIR

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