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WEDNESDAY, DECEMBER 4, 1991

то

ΤΟ

REGRETTABLY,

OF A

ASPECT

THIS PROPOSE TO

THE SAFEGUARD JUDGES OF FINAL FREE FROM

THE MOTION ALSO FOCUSSES NARROWLY, AND TO MY MIND ON THE NUMBER OF JUDGES FROM OTHER COMMON LAW JURISDICTIONS WHO MAY BE INVITED

SIT ON THE

BUT THAT IS ONLY ONE CFA. COMPREHENSIVE SET OF MEASURES WHICH WE INTEND TO COUNCIL.

MEASURES WILL INCLUDE PROVISIONS THESE INDEPENDENCE AND INTEGRITY OF THE COURT, SO THAT APPEAL WILL BE ABLE TO EXERCISE THEIR JUDICIAL FUNCTIONS EXECUTIVE INTERFERENCE. THEY WILL BE SET OUT VERY CLEARLY IN THE BILL AS I HAVE FOR

DRAFTING. PROVIDING

THE COURT WHICH WE ARE NOW MENTIONED IN AN EARLIER DEBATE IN THIS COUNCIL, WE WILL BE SHARING OUR WHEN WE INTRODUCE THE IDEAS WITH MEMBERS, AND THE LEGAL PROFESSION.

PASS YOUR BILL INTO THIS COUNCIL, THAT WOULD BE THE RIGHT MOMENT TO

ARE PROPOSE JUDGMENT ON

OR NOT THE ARRANGEMENTS WHICH WHETHER SATISFACTORY.

WB

THIS

MR DEPUTY PRESIDENT, MANY MEMBERS WILL NO DOUBT SPEAK IN DEBATE AND EXPRESS THEIR PREFERENCE FOR MORE FLEXIBILITY FOR THE COURT OF FINAL APPEAL. BUT I HOPE MEMBERS WILL CONSIDER VERY CAREFULLY WHAT IT IS NOT THEY THINK IS RIGHT IN THE LIGHT OF THE REAL SITUATION.

MEMBERS SHOULD ASK JUST A QUESTION OF MORE, OR LESS FLEXIBILITY.

WHETHER THEMSELVES

IT

THE IS RIGHT TO PUT AT RISK

KEY OBJECTIVE,

FINAL APPEAL SECURED BY THE JLG AGREEMENT, OF SETTING UP A COURT OF WELL BEFORE 1997 WHICH IS GUARANTEED TO CONTINUE UNALTERED BEYOND THAT DATE. OR WHETHER MEMBERS ARE WILLING TO SUSPEND THEIR THE TIME BEING UNTIL THEY HAVE A CHANCE TO EXAMINE WHOLE PACKAGE OF ARRANGEMENTS FOR THE ESTABLISHMENT OF THAT COURT. BELIEVE THE LATTER COURSE IS THE PRUDENT COURSE TO TAKE.

THANK YOU, MR DEPUTY PRESIDENT.

JUDGMENT THOROUGHLY

FOR THE

I

-

THREE BILLS TO FACILITATE AUDITORS TO REPORT FRAUD INTRODUCED

* * *

REPORTING OF FRAUD INTO THE LEGISLATIVE

DETECTED COUNCIL

THREE BILLS WHICH SEEK TO FACILITATE BY AUDITORS WERE INTRODUCED TODAY (WEDNESDAY).

THE

THEY ARE THE SECURITIES AND FUTURES COMMISSION (AMENDMENT) (NO. 2) BILL 1991, THE COMMODITIES TRADING (AMENDMENT) (NO. 2) BILL 1991 AND THE SECURITIES (AMENDMENT) (NO. 3) BILL 1991.

COMMISSION MONETARY AFFAIRS, SECURITIES AND

MR DAVID COMMODITIES

MOVING THE SECOND READING OF THE SECURITIES AND FUTURES (AMENDMENT) (NO. 2) BILL 1991, THE SECRETARY FOR

NENDICK, SAID AT

UNDER PRESENT,

THE

TRADING

THE ORDINANCES,

SCOPE OF THE REPORTING REQUIREMENTS FOR AUDITORS WAS VERY LIMITED AND DID NOT FRAUD OR ILLEGAL DEALINGS COVER, FOR INSTANCE, CIRCUMSTANCES WHERE HAD BEEN DETECTED.

HE SAID THE ADMINISTRATION

BELIEVED TOMMISSION (SFC)

ABLE TO REPORT TO THE SECURITIES AND FUTURES OF MATERIAL CONCERN SO AS TO PROTECT THE INTERESTS PRESERVE THE INTEGRITY OF THE MARKETS.

AUDITORS

OF INVESTORS

SHOULD BE MATTERS AND

/"IN RETURN