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But in view of the comments of the Bills Committee, we have reconsidered the proposed wording and concluded that we can accept deletion of the phrase "is about to contravene". I will therefore move, at the Committee Stage, amendments to this effect. With regard to the question of safeguards and checks and balances with reference to the powers of the SFC that was raised by Mr Chim, Mr Chim is in fact well aware of the existing channels of recourse and in fact he mentioned some of them. There is a formal Securities and Futures Commission appeals body appointed by the Governor which hears statutory appeals on specified matters against decisions of the SFC. The SFC is also subject to the purview of the ICAC and the Commissioner for Administrative Complaints. And there is also, as Mr Chim mentioned, the possibility of recourse to the courts the judicial review. The Administration's view is that there are adequate checks and balances, but that obviously in all circumstances one cannot expect to please all the customers all of the time, and it's an inevitable fact of life. And that there will be those who're dissatisfied with the decisions and it's up to them to decide whether to take the recourses that are available. The Administration does look into complaints and will consider in future the possibility of amending or improving those checks and balances. That said, Mr President, I believe that the question of how the powers are exercised by the SFC is not raised by this bill because as I have indicated, these bills do not seek to widen these powers.

Mr President, in the light of those comments, I commend the Securities and Futures Commission (Amendment) (No.2) Bill 1994 and the Leveraged Foreign Exchange Trading (Amendment) Bill 1994 to Members.

End/Wednesday, January 18, 1995

Traffic accidents involving buses

Following is a question by the Hon Roger Luk Koon-hoo and a reply by the Secretary for Transport, Mr Haider Barma, in the Legislative Council today (Wednesday):

Question:

Regarding the serious traffic accidents involving franchised buses in recent months, will the Administration inform this Council:

(a) whether such accidents have primarily been caused by human errors; and

(b)

what measures are being taken by the operators to improve safety standards?