PLC Paper No. LS 122
Paper for the House Committee meeting
of Provisional Legislative Council
on 13 March 1998
Legal Service Division Report on Subsidiary Legislation Gazetted on 6 March 1998
| Date of Tabling in Provisional LegCo | :
| 11 March 1998
|
| Amendment to be made by | :
| 8 April 1998
|
*Securities and Futures Commission Ordinance (Cap. 24)
Securities and Futures Commission (Fees) (Amendment) Rules 1998 (L.N. 166)
The objectives of these Rules are :
- to increase various fees payable to the Securities and Futures Commission (廍FC*) under the Securities and Futures Commission (Fees) Rules (Cap. 24 sub. leg.) so as to achieve full cost recovery, the fees being last revised in 1993 and 1994 (sections*2, 3, 4, 5(a) and 6);
- to consolidate the application fee, authorization fee and the first annual fee for mutual funds and unit trusts into one sum payable to SFC on the application for the first authorization (section 5(b) to (g)); and
- to introduce the following new items -
- fee payable to SFC on application for the purposes of the Financial Resources Rules (Cap. 24 sub. leg.) to approve the extension of the repayment date of a subordinated loan which has been excluded from computations of net tangible assets, ranking liabilities, or adjusted liabilities (section*5(h)); and
- fee payable to SFC on application under section 26A of the Securities and Futures Commission Ordinance (Cap. 24) for approval to a person being a substantial shareholder in a registered person that is a corporation (section 5(i)).
Members may refer to PLC Brief Reference: SU B3/1(96) IX dated 5 March 1998 issued by the Financial Services Bureau for background information, in particular Annex B thereof for a list of the existing and proposed fees.
For Members* information, the various increases and the new fees in these Rules have been set out in the Securities and Futures Commission (Fees) (Amendment) Rules 1997 (懀he 1997 Rules*) (L. N. 430 of 1997). The 1997 Rules were published in the Gazette on 5 September 1997 with a view to increasing the various fees and charging fees for new items with effect from 16䒷eptember 1997. However, the 1997 Rules were subsequently repealed by the Provisional Legislative Council at its meeting on 15 October 1997 (L.N. 471 of 1997 refers).
According to the PLC Brief, the proposed adjustments to the fees and charges (which are at the same rate as set out in the 1997 Rules) are necessary to recover costs for services provided by SFC relating to market intermediaries, investment products and corporate finance activities in line with the full cost recovery principle. Moreover, the proposed increase in fees and charges for financial intermediaries in conjunction with the reduction in stamp duty and transaction levy will together reduce the share of the investing public in financing SFC operations.
These Rules would come into operation on 20 April 1998.
Public Health and Municipal Services Ordinance (Cap. 132)
Food Business (Urban Council) (Amendment) Bylaw 1998 (L. N. 170)
Public Health and Municipal Services Ordinance (Cap. 132)
Food Business (Regional Council) (Amendment) Bylaw 1998 (L.N. 171)
The objectives of these two Bylaws are :
- to implement the policy of segregating the trading of live water birds (including ducks and geese) from other live poultry at a retail level and in the Western Wholesale Food Market in the Urban Council area (L.N. 170) and to implement the same policy at a retail level in the Regional Council area (L.N. 171); and
- to exercise control over the transportation of dressed poultry carcass and offal removed from a poultry by requiring the same to be transported in a goods vehicle approved in writing by the Urban Council or the Regional Council subject to such conditions as it thinks fit.
Any person who contravenes the segregation requirement commits an offence and is liable on summary conviction to a fine at level 5 ($50,000), imprisonment for 6 months and $900 for each day the offence continues. The maximum penalty for contravention of the transportation requirement is a fine at level 3 ($10,000), imprisonment for 3 months and $300 for each day the offence continues.
Members may refer to the PLC Brief on Segregation of Chickens and Water Birds (no reference number provided) issued by the Economic Services Bureau in February 1998 for background information.
The PLC Panel on Economic Services was briefed on the proposed segregation policy at its meeting on 9 March 1998. Members had no objection to the proposal.
Buildings (Amendment) Ordinance 1996
Buildings (Amendment) Ordinance 1996 (54 of 1996) (Commencement) Notice 1998 (L. N. 172)
This Notice appoints 27 March 1998 as the day on which section*2(e) (in relation to the addition of the definition of pecialized works*) of the Buildings (Amendment) Ordinance (54 of 1996) will come into operation and 1鼦pril 1998 as the day on which the remaining provisions of the Amendment Ordinance that have not come into operation will come into operation. Those provisions relate to the supervision plans system concerning specialist contractors and registration of specialist contractors.
Buildings (Amendment) Ordinance 1997
Buildings (Amendment) Ordinance 1997 (36 of 1997) (Commencement) Notice 1998 (L. N. 173)
This Notice appoints 1 April 1998 as the day on which the remaining provisions of the Buildings (Amendment) Ordinance 1997 (36 of 1997) that have not come into operation will come into operation. Those provisions relate to the composition of disciplinary boards appointed in respect of registered specialist contractors.
Building (Administration) (Amendment) (No. 2) Regulation 1997
Building (Administration) (Amendment) (No. 2) Regulation 1997 (L.N. 441 of 1997) (Commencement) Notice 1998(L. N. 174)
This Notice appoints 1 April 1998 as the day on which the remaining provisions of the Buildings (Administration) (Amendment) (No. 2) Regulation 1997 (L.N. 441 of 1997) that have not come into operation will come into operation. Those provisions relate to the fees payable for registration of specialist contractors and for inspection and testing of drainage works done by them.
Building (Administration) (Amendment) (No. 4) Regulation 1997
Building (Administration) (Amendment) (No. 4) Regulation 1997 (L.N. 514 of 1997) (Commencement) Notice 1998(L. N. 175)
This Notice appoints 1 April 1998 as the day on which the remaining provisions of the Building (Administration) (Amendment) (No. 4) Regulation 1997 (L.N. 514 of 1997) that have not come into operation will come into operation. Those provisions relate to the administrative framework for implementing the supervision plans system concerning registered specialist contractors.
Building (Demolition Works) (Amendment) Regulation 1997
Building (Demolition Works) (Amendment) Regulation 1997 (L.N. 515 of 1997) (Commencement) Notice 1998 (L. N. 176)
This Notice appoints 1 April 1998 as the day on which the remaining provisions of the Building (Demolition Works) (Amendment) Regulation 1997 (L.N. 515 of 1997) that have not come into operation will come into operation.
Those provisions relate to the appointment of a registered specialist contractor to carry out demolition works and the requirements with which he has to comply when carrying out those works; the required qualifications and experience of the operator of powered mechanical plant or equipment used in demolition works; and the additional requirements for carrying out demolition works in safety.
Building (Standards of Sanitary Fitments, Plumbing, Drainage Works and Latrines) (Amendment) (No. 2) Regulation 1997
Building (Standards of Sanitary Fitments, Plumbing, Drainage Works and Latrines) (Amendment) (No. 2) Regulation 1997 (L.N. 516 of 1997) (Commencement) Notice 1998 (L. N. 177)
This Notice appoints 1 April 1998 as the day on which sections 2(b) and 3(b) of the Building (Standards of Sanitary Fitments, Plumbing, Drainage Works and Latrines) (Amendment) (No. 2) Regulation 1997 (L.N. 516 of 1997) will come into operation.
The relevant sections provide for the appointment of a registered specialist contractor for testing of drainage works. The other sections of the Regulation, which relate to the change of terms from egistered contractors* to egistered general building contractors* have come into operation on 7賫ovember*1997.
Building (Ventilating Systems) (Amendment) Regulation 1997
Building (Ventilating Systems) (Amendment) Regulation 1997 (L.N. 517 of 1997) (Commencement) Notice 1998(L. N. 178)
This Notice appoints 1 April 1998 as the day on which the Building (Ventilating Systems) (Amendment) Regulation 1997 (L.N. 517 of 1997) will come into operation.
The Regulation, which amends the term entilation contractor* to pecialist contractor in the appropriate category*, is made as a result of the introduction of registered general building contractors and registered specialist contractors under the new registration system provided for by the Buildings (Amendment) Ordinance (54 of 1996).
Shipping and Port Control (Amendment) Regulation 1997
Shipping and Port Control (Amendment) Regulation 1997 (L.N. 228 of 1997) (Commencement) Notice 1998(L. N. 179)
This Notice appoints 4 May 1998 as the day on which sections 2 and 5(b) (insofar as it relates to the addition of new paragraphs 5 to 12 in the Fifth Schedule) of the Shipping and Port Control (Amendment) Regulation 1997 (L.N.*228 of 1997) will come into operation.
The relevant sections relate to the control of the movement of vessels in the Chap Lap Kok Airport Approach Areas. The other sections of the Regulation, which provide for the height limits of vessels entering certain water areas, have come into operation on 14 July 1997.
*Denotes fee increase
Prepared by
Fung Sau-kuen, Connie
Assistant Legal Adviser
Provisional Legislative Council Secretariat
9 March 1998
