Company Securities (Insider Dealing) (Bailiwick of Guernsey) (Amendment) Law, 2007

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PROJET DE LOI

ENTITLED

The Company Securities (Insider Dealing) (Bailiwick of Guernsey) (Amendment) Law, 2007

THE STATES, in pursuance of their Resolution of the 25^th day of July, 2007[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) The Companies Securities (Insider Dealing) (Bailiwick of Guernsey) Law, 1996[b] is further amended as follows.

(2) After section 18 insert the following section -

"Power to amend Law by Ordinance.

18A. (1) The States may by Ordinance amend this Law.

(2) Subsection (1) is without prejudice to any other provision of this Law conferring power to enact Ordinances or orders (and vice versa).".

(3) For section 19 substitute the following section -

"Ordinances and orders.

19. (1) An Ordinance or order under this Law -

(a) may be amended or repealed by a subsequent Ordinance or order, as the case may be, hereunder, and

(b) may contain such consequential, incidental, supplementary, transitional and savings provisions as may appear to be necessary or expedient.

(2) Any power conferred by this Law to make any Ordinance or order may be exercised -

(a) in relation to all cases to which the power extends, or in relation to all those cases subject to specified exceptions, or in relation to any specified cases or classes of cases,

(b) so as to make, as respects the cases in relation to which it is exercised -

(i) the full provision to which the power extends, or any lesser provision (whether by way of exception or otherwise),

(ii) the same provision for all cases, or different provision for different cases or classes of cases, or different provision for the same case or class of case for different purposes,

(iii) any such provision either unconditionally or subject to any prescribed conditions.

(3) An order under this Law shall be laid before a meeting of the States as soon as possible after being made and, if at that or the next meeting, the States resolve that the order be annulled, then it shall cease to have effect, but without prejudice to anything done under it or to the making of a new order.".

Interpretation.

2. The Interpretation (Guernsey) Law 1948[c] applies to the interpretation of this Law throughout the Bailiwick of Guernsey.

Citation.

3. This Law may be cited as the Company Securities (Insider Dealing) (Bailiwick of Guernsey) (Amendment) Law, 2007.

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[a]	Article V of Billet d'État No. XIX of 2007.
[b]	Order in Council No. III of 1996, amended by No. XVI of 2001 and by Ordinance XXXIII of 2003.
[c]	Ordres en Conseil Vol. XIII, p. 355.