TNAG-1835-FCO40-2609-Hong-Kong-Securities-(Disclosure-of-Interests)-Ordinance-198-1988 — Page 161

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SECURITIES (DISCLOSURE OF INTERESTS) BILL 1988

PART VI

MISCELLANEOUS

46.

Clause 48 provides that where certain offences are committed by a corporation officers of that corporation shall also be guilty of the offence if it occurred with their consent or connivance or was due to their neglect.

47.

Clause 49 authorizes the Commissioner for Securities to prosecute offences under the Ordinance punishable on summary conviction.

48. Clause 50 extends the period within which proceedings for summary offences under the Ordinance may be brought from 6 months to 3 years or 1 year after discovery of the offence, whichever period expires first.

49. Clause 51 enables registers and indices to be recorded otherwise than in a legible form so long as the recording is capable of being reproduced in a legible form.

50. Clause 52 empowers the Governor in Council to make regulations for the purpose of the Ordinance.

51. Clause 53 empowers the Commissioner for Securities to specify forms.

52. It is expected that this Bill will necessitate an increase in staff for the office of the Commissioner for Securities and Commodities Trading resulting in an annual staff cost of $3.1 million plus additional expenditure for carrying out inspections.