44.
list Ranking
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DRAFT SPEECH BY HON J J SWAINE, OBE, QC, JP LEGISLATIVE COUNCIL 28.5.86
Banking Bill 1986
Sir,
The Banking Bill 1986 was introduced into this Council on 19th March, 1986 and the Financial Secretary then allowed two months for detailed examination and representation by interested bodies before resumption of the debate. In the event this Bill comes back to this Council just one week after the target date, with its principles intact but with no less
than 171 amendments to 78 clauses. These amendments reflect the extensive consultation that has taken place involving the Administration, the advisory committees, professional bodies and other interested parties, and the Ad Hoc Group of Unofficial Members formed to study this Bill. It would be fair to say that the final form of this Bill represents a large measure of consensus. No one, after all, complains with the need for this legislation, although it has been necessary to ensure that sufficient safeguards are provided against some of its more stringent requirements.
Thus the penal provisions of clauses 58(4) 60(8) 63 (6) 64 (4) and 95(2) which place the directors and managers of authorized institutions at risk for failing to comply with the requirements of those clauses will be ameliorated by providing the defence of reasonable excuse. This will be in addition to the omnibus defence provided by clause 130 where the offence is committed without the consent or connivance of
the person prosecuted. Amendments will accordingly be moved at the Committee Stage.
Among the more important amendments which are worthy of mention are those under clauses 7(2), 82 and 86. The
Commissioner is to have specific power to issue guidelines for
HKK102/1
RECEIVED IN REGISTRY
1 0 JUN 1986
DES OFFICER
INDEX
PA
OMETRY
-ion Taken
TAB:86
ABIE
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