44. Clause 52 enables a person who has suffered loss as
result of a contravention of any financial resources rules (clause
26) or a notice under Part V to institute legal proceedings.
45. Clause 53 provides for immunity in relation to the
performance of statutory functions.
46. Clause 54 provides for evidential matters.
47. Clause 55 requires persons appointed or performing
functions under the Ordinance to preserve secrecy and provides for
offences.
48. Clause 56 provides for the service of notices.
49.
50.
Clause 57 provides for penalties for offences.
Clause 58 enables the Commission to prosecute offences
under the Bill.
51. Clause 59 dissolves the Provisional Securities and Futures
Commission Limited and transfers its property, obligations and
liabilities to the Commission.
52. Clause 60 contains transitional provisions.
53. Clause 61 provides for consequential and other amendments
including repeals.
54. The Schedule contains the amendments and repeals made by
clause 61.
55. It is estimated that a total expenditure of $243 million
(including an advance of $140 million) will be required to finance
the operations of the Commission in 1989-90. Annual grants
thereafter are estimated to be $49 million in 1990-91 and $54 million
in 1991-92. The Bill has no Public Service staffing implications
except that the Office of the Commission for Securities is to be
replaced.
No comments yet.
Private notes are available after approval.