HONG KONG LEGISLATIVE COUNCIL
19 July 1989
香港立法局
一九八九年七月十九日
74
In the light of these concerns, certain amendments are to be made to section 7A to clarify its operation and to remove an unintentional effect. First, sub- section (1) is amended to make it clear that the information to be submitted will relate to the advertisement and will be specified by the commission by notice in the Gazette. We do not intend that this obligation should be either unclear or onerous. Thus the information required will be known at the time of issue of the advertisement. We envisage that this information will only relate to the basic terms of the capital market issue as reflected in the advertisement and we will be arranging with the commission for early publication of the necessary Gazette notice.
Secondly, a new sub-section (5) is added to provide a revised definition of "authorized representative", presently in clause 2, to make it clear that it means any person in Hong Kong authorized by an overseas issuer in relation to the advertisement in question. We do not intend that the reporting obligation should fall upon a general agent or professional adviser who may not be authorized or able to supply the information required.
Thirdly, a new sub-section (4) is added to make it clear that section 7A does not apply to any advertisements which are already exempt by virtue of section 4(3) and (5). It is not our intention to affect existing exemptions enjoyed by professionals or supervised persons under these provisions.
Clause 5 inserts a new section 9 which grants an immunity to public officers and the commission and its employees in the bona fide performance of their functions under the Ordinance. In view of the similar immunity in section 56(1) of the Securities and Futures Commission Ordinance which covers any person acting in the bona fide performance of his functions under that Ordinance and other "relevant Ordinances" including the Protection of Investors Ordinance, this provision is unnecessary and is deleted.
Clause 5 also contains a new schedule to the Ordinance. Item 5 of Part III is amended to correct a typographical error.
Sir, I beg to move.
Proposed amendments
Clause 2
That clause 2(a) be amended, by deleting the definition of "authorized representative".
No comments yet.
Private notes are available after approval.