Company Securities (Insider Dealing) (Bailiwick of Guernsey) (Amendment) Law, 2001

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PROJET DE LOI

ENTITLED

The Company Securities (Insider Dealing)

(Bailiwick of Guernsey) (Amendment) Law, 2001

THE STATES, in pursuance of their Resolution of the 25^th day of October, 2000[a], have approved the following provisions which, subject to the Sanction of Her Most Excellent Majesty in Council, shall have force of law in the Bailiwick of Guernsey.

Amendment of Law of 1996.

1. (1) After section 9(5) of the Company Securities (Insider Dealing) (Bailiwick of Guernsey) Law, 1996[b] insert the following subsection -

"(6) Any reference in this Law to an enactment, statutory instrument or rule of court is a reference thereto as from time to time amended, replaced or re-enacted (in either case, with or without modification), extended or applied.".

(2) In section 10(1) of the said Law after "one or more competent inspectors" insert "(who, without limitation, may be officers, servants or agents of the Commission)".

(3) In section 10(6) of the said Law after "a final report to him" insert "; and Her Majesty's Procureur may, subject to such conditions (if any) as he thinks fit, provide copies of any such interim or final report to the Commission".

(4) For section 12 of the said Law substitute the following section-

"Assistance for proceedings in other jurisdictions.

12. (1) Her Majesty's Procureur, if satisfied that any material produced or seized under this Law is likely to be of relevance to criminal proceedings or an investigation in a country or territory outside the Bailiwick in respect of a contravention or suspected contravention of the laws thereof relating to insider dealing, may, subject to such conditions (if any) as he thinks fit, transmit that material to the prosecuting authorities or supervisory authorities of that country or territory for the purposes of those proceedings or that investigation.

(2) Without prejudice to the generality of subsection (1), it may be a condition of the transmission of any material under that subsection that the material shall be returned to the Bailiwick authorities within such period as may be specified in the condition or, if no period is so specified, within a period of 7 days of any request in that behalf being made by Her Majesty's Procureur.

(3) In subsection (1) and in section 13(b) the expression "supervisory authority", in relation to a country or territory outside the Bailiwick, means -

(a) an authority discharging in that country or territory functions corresponding to any functions of the Commission; and

(b) an authority of any other class or description specified for the purposes of this section by order of the Committee.".

(5) For section 13(b) of the said Law substitute the following paragraph -

"(b) if proceedings to which the documents are relevant are instituted within that period, or if the documents are transmitted under section 12 to the prosecuting authorities or supervisory authorities of another country or territory for the purposes of criminal proceedings or an investigation there, until the conclusion of those proceedings or that investigation.".

Citation.

2. This Law may be cited as the Company Securities (Insider Dealing) (Bailiwick of Guernsey) (Amendment) Law, 2001.

[a]	Article IV of Billet d'État No. XXI of 2000.
[b]	Order in Council No. III of 1996.