TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 220

3

(4)

the

in removal

excessive

and

of

what

seemed

an

clause 70 (1)

extraterritorial power to approve

both domestic and overseas shareholders of holding companies of local banks and DTC's; and finally,

(5)

on

the deletion of original clause 71 and clause 86

the

of grounds

and vagueness

perceived

difficulty in application.

issued in place of

a in place of clause 86, much Guidelines will be flexible and practical arrangement.

more

I

would hope

that in

all

those

where instances

an

for

I

appeal is allowed, the Commissioner will give full reasons his decisions so that the appeals procedure can be effective.

the am encouraged that the Administration will further explore

for appeals to possibility raised by the Honourable David LI - be heard by a judicial tribunal rather than by the Governor-in-

Council as

an overall review presently in now foreseen, after of the administrative appeals procedure is progress

is completed.

not this suggestion was Clearly this

fundamental in the overall

context of the Bill so as to risk delaying its passage.

So

obviously

resources of

For

of

the

implementation proper critical importance that

of

the

the

the Commissioner's Office be given full It is essential that there is on-going professional

to available

the Commissioner,

the given

of the width

new monitoring framework.

the

it Bill

and staffing

full attention

is

the

past

and support. expertise experience and would like to suggest in this context, and without casting any

I

aspersions

on

the

consideration

be

given

competence

to

of

the

the

secondment

present

staff,

Commissioner's

Office

of experienced and

bankers, especially in the two years prior to the provisions of

to the

active

that

Banking

commercial