WEDNESDAY, JANUARY 16, 1991
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FOUR BILLS SEEK TO EXTEND TIME LIMIT FOR PROCEEDINGS
THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, TODAY (WEDNESDAY} INTRODUCED INTO THE LEGISLATIVE COUNCIL FOUR BILLS SEEKING TO EXTEND THE PERIOD WITHIN WHICH PROCEEDINGS
OFFENCES UNDER THE ORDINANCES MAY BE BROUGHT.
FOR SUMMARY
1990, THE COMMODITIES
THE FOUR BILLS WERE THE SECURITIES (AMENDMENT) BILL PROTECTION OF INVESTORS (AMENDMENT) BILL 1990, THE EXCHANGES (PROHIBITION) (AMENDMENT ) BILL 1990 AND THE COMMODITIES TRADING (AMENDMENT) (NO. 2) BILL 1990.
IN MOVING THE SECOND READING OF THE SECURITIES (AMENDMENT) BILL 1990, SIR PIERS SAID THE BILL SOUGHT TO EXTEND THE TIME LIMIT FOR THE COMMENCEMENT OF PROCEEDINGS FOR SUMMARY OFFENCES AS CONTAINED IN THE SECURITIES ORDINANCE FROM SIX MONTHS TO THREE YEARS AFTER AN OFFENCE HAD BEEN COMMITTED OR 12 MONTHS AFTER THE FIRST DISCOVERY OF THE OFFENCE BY THE PROSECUTOR, WHICHEVER PERIOD EXPIRED FIRST.
HE SAID SUMMARY OFFENCES CONCERNING THE TRADING OF AND REGISTRATION OFDEALERS WERE OFTENCOMPLEX INNATURE, NUMEROUS WITNESSES AND VOLUMINOUS DOCUMENTARY EVIDENCE.
"
SECURITIES
INVOLVING
INDICATES
'EXPERIENCE OF THE SECURITIES AND FUTURES COMMISSION THAT THE EXISTING SIX-MONTH TIME LIMIT IS TOO RESTRICTIVE BECAUSE AN OFFENCE MAY NOT COME TO LIGHT UNTIL SOME TIME AFTER IT WAS COMMITTED.
"FURTHERMORE, IN MOST CASES CONSIDERABLE TIME IS PREPARE FOR THE PROSECUTION,"
SIR PIERS SAID.
REQUIRED TO
"THE EXTENSION OF THE TIME LIMIT WILL ASSIST IN FACILITATING THE EFFECTIVE ENFORCEMENT OF THE SECURITIES ORDINANCE, HE ADDED.
ΓΙ
IN MOVING THE SECOND READINGS OF THE REMAINING THREE BILLS, BIR PIERS SAID THEY HAD THE SAME PROVISIONS AS THOSE CONTAINED IN THE SECURITIES (AMENDMENT) BILL 1990.
HE SAID THE SUMMARY OFFENCES IN ORDINANCE WERE CONCERNED PRIMARILY UNREGISTERED INVESTMENT BUSINESS.
THE
PROTECTION OF INVESTORS WITH THE ADVERTISING OF
THE SUMMARY OFFENCES IN THE COMMODITIES EXCHANGES (PROHIBITION) ORDINANCE RELATED MAINLY TO THE ESTABLISHMENT COMMODITIES EXCHANGE; WHILE THOSE IN THE ORDINANCE RELATED MAINLY TO TRADING IN COMMODITIES AND THE REGISTRATION OF DEALERS, HE SAID.
DEBATES ON THE BILLS WERE ADJOURNED.
AND OPERATION OF A COMMODITIES TRADING FUTURES CONTRACTS
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