Clause 57
Amendment of section 221
of Securities and Futures (Amendment) Bill
BillNot in forceProvision 57 of 120
Clause 57
Section 221 of the principal Act is amended by deleting subsection (2) and substituting the following subsection:“(2) No proceedings shall be instituted against a person for an offence in respect of a contravention of section 218 or 219 after —
(a)
a court has made an order against him for the payment of a civil penalty under section 232; or
(b)
the person has entered into an agreement with the Authority to pay, with or without admission of liability, a civil penalty under section 232(5),in respect of that contravention.”.