14. Securities Industry Council
Feedback & supportThe advisory body established by the Minister under section 3 of the repealed Act and known as the Securities Industry Council shall continue in existence as if established under this Act.
The function of the Securities Industry Council shall, in addition to the functions conferred upon it by this Division or by any other written law, be to advise the Minister on all matters relating to the securities industry.
Securities Industry Council
“Securities Industry Council” means the Securities Industry Council referred to in section 14;
The Securities Industry Council shall consist of such representatives of business, government and the Authority as the Minister may appoint and those representatives shall serve for such period or periods as the Minister may decide.
The Securities Industry Council shall have the power, in the exercise of its functions, to enquire into any matter or thing related to the securities industry and for this purpose may summon any person to give evidence on oath or affirmation or produce any document or material necessary for the purpose of the enquiry.
securities
“securities” means —(a)debentures, stocks or bonds issued or proposed to be issued by a government;(b)debentures, stocks, shares, bonds or notes issued or proposed to be issued by a body corporate or unincorporate;(c)any right or option in respect of any such debentures, stocks, shares, bonds or notes; or(d)any interest as defined in section 107 of the Companies Act, but does not include —(e)futures contracts that are governed by any written law regulating trading in futures contracts;(f)bills of exchange;(g)promissory notes; or(h)certificates of deposit issued by a bank;
Nothing in subsection (4) shall compel the production by an advocate and solicitor of a document containing a privileged communication made by or to him in that capacity or authorise the taking of possession of any such document which is in his possession but if the advocate and solicitor refuses to produce the document he shall nevertheless be obliged to give the name and address (if he knows them) of the person to whom or by or on behalf of whom the communication was made.
The Authority may from time to time consult the Securities Industry Council for the proper and effective implementation of this Act.