关键词：Securities

条： 235 条文标题： 第XII部的释义 版本日期： 01/04/2003



第XII部

对投资者的赔偿

在本部中，除文意另有所指外─
“期交所赔偿基金”(Futures Exchange Compensation Fund) 指根据已废除的《商品交易条例》第VIII部设立的赔偿基金；
“违责”(default) 指根据第244条订立的规则订明的违责；
“赔偿”(compensation) 指根据在第244条下订立的规则，须从赔偿基金拨款支付的赔偿；
“联交所赔偿基金”(Unified Exchange Compensation Fund) 指根据已废除的《证券条例》第X部设立的赔偿基金。

条： 236 条文标题： 赔偿基金的设立 版本日期： 01/04/2003



(1) 为按照在第244条下订立的规则以对因任何指明人士或任何该人士的相联者在与指明证券或期货合约有关连的情况下所犯的违责而蒙受损失的该人士的客户提供赔偿措施，证监会须设立及维持一个赔偿基金，其中文名称为“投资者赔偿基金”，而英文名称则为“Investor Compensation Fund”。
(2) 在本条中─
“指明人士”(specified person) 指─
(a) 就第1或2类受规管活动获发牌或获注册的中介人；
(b) 就第8类受规管活动获发牌的中介人；或
(c) 根据第244条订立的规则可予订明的其他人士；
“指明证券或期货合约”(specified securities or futures contracts) 指任何在或将会在下列市场上市或交易的证券或期货合约─
(a) 认可证券市场或认可期货市场；或
(b) 根据第244条订立的规则可予订明的其他市场；
“相联者”(associated person) 就任何指明人士而言，指─
(a) 受该人士雇用或以其他方式聘用的人；
(b) 根据第164条可收取或持有该人士的客户资产的人或该人的雇员；或
(c) 根据第244条订立的规则可予订明的其他人士。


条： 237 条文标题： 组成赔偿基金的款项 版本日期： 01/04/2003



(1) 赔偿基金由下列各项组成─
(a) 按照在本部下订立的规则付予证监会或认可投资者赔偿公司的所有款项；
(b) 证监会根据第(2)(b)款付予赔偿基金的所有款项；
(c) 根据附表10第74(2)或(9)(b)、75(2)或(9)(b)及76(11)条拨入赔偿基金的所有款项；
(d) 证监会或认可投资者赔偿公司行使第243或87条授予提出诉讼的权利而追讨所得的所有资产(不论是现金或其他资产)；
(e) 根据第(2)(a)款借入的所有款项；
(f) 根据第241条作出投资而获得的收益或利润；
(g) 合法地付予赔偿基金的所有其他款项。
(2) 证监会在获得财政司司长的书面同意下，可─
(a) 为赔偿基金的目的，按该会认为可接受的条款及利率，向任何认可财务机构借入款项，并将根据第241条取得的投资项目作为押记，用以担保该等借贷；
(b) 从该会的储备金拨出该会认为适当的款额付予赔偿基金。

条： 238 条文标题： 赔偿基金的管理 版本日期： 01/04/2003



(1) 在符合本部的规定下，证监会须负责赔偿基金的管理，包括赔偿申索的裁定。
(2) 证监会可在该会认为适当的时间将任何赔偿基金的非现金资产变现，而变现所得收益须成为赔偿基金一部分。

条： 239 条文标题： 款项须存于帐户 版本日期： 01/04/2003



证监会须于一间或多于一间认可财务机构开立一个或多于一个帐户，并须在组成赔偿基金的所有款项未按照本部运用前，将该等款项存入或转帐入该帐户或该等帐户。

条： 240 条文标题： 赔偿基金的帐目 版本日期： 23/06/2006



(1) 证监会须为赔偿基金备存妥当帐目。
(2) 证监会可在认为有需要时─
(a) 就根据附表10第74、75及76条分别拨入赔偿基金的款项，维持独立帐户；
(b) 为─
(i) (A) 不同的认可交易所；
(B) 认可交易所营办的不同的市场；
(C) 提供自动化交易服务的不同人士；或
(D) 不同类别的投资者；或
(ii) 更佳地及更有效地管理赔偿基金，
而就赔偿基金维持独立帐户；
(c) 以该会认为适当的方式，就(a)或(b)段提述的独立帐户维持分帐户。
(3) 证监会须就在本条生效前开始并于本条生效后终结的财政年度，及就随后的每个财政年度，拟备以下文件─
(a) 关于赔偿基金的帐目，且以该年度最后一日状况为准的财务报表；及
(b) 根据第(2)(a)或(b)款维持独立帐户或根据第(2)(c)款维持分帐户的情况下─
(i) 就该等独立帐户或分帐户(视属何情况而定)而拟备的以该年度最后一日状况为准的综合财务报表；及
(ii) 就每个独立帐户或分帐户(视属何情况而定)而拟备的以该年度最后一日状况为准的独立财务报表。
(4) 根据第(3)款拟备的财务报表须由证监会的主席及行政总裁签署。 (由2006年第15号第4条修订)
(5) 证监会须委任一名核数师，审计赔偿基金。
(6) 根据第(5)款委任的核数师须每年审计赔偿基金帐目，并须审计根据第(3)款拟备的每一份财务报表，以及就每份该等报表拟备有关的核数师报告，并将报告呈交证监会。
(7) 根据第(6)款拟备的核数师报告须载有该核数师所作的一项陈述，说明他是否认为财务报表能真实而中肯地反映它们所关乎的事宜。
(8) 根据本条委任的核数师为执行本条授予的职能，可按他所需要求提交及查阅证监会或任何认可投资者赔偿公司的簿册及纪录。
(9) 在每个财政年度终结后的4个月内，证监会须安排─
(a) 将以下文件文本提交财政司司长─
(i) 就该年度拟备并经审计的每份财务报表；及
(ii) 核数师就每份该等报表拟备的报告；及
(b) 在宪报刊登该等报表文本。
(10) 财政司司长须安排将任何根据第(9)(a)款提交予他的财务报表及报告提交立法会会议席上省览。
(11) 在本条中，“财务报表”(financial statement) 指载有以下所有文件的报表─
(a) 收支帐目；
(b) 资产负债表；及
(c) 现金流转表。


条： 241 条文标题： 款项的投资 版本日期： 01/04/2003



(1) 证监会可将组成赔偿基金而又不需即时用于本部所订其他用途的款项─
(a) 存放于认可财务机构作定期存款；或
(b) 投资于受托人获法律授权而可将其信托基金所投资于的证券。
(2) 证监会根据第(1)款将款项投资或存放而获得的收益或利润，须拨入赔偿基金内。
(3) 定期存款收据及证明款项已根据第(1)款投资的其他文件，可存放于证监会办事处，或交由认可财务机构保管。

条： 242 条文标题： 从赔偿基金拨款 版本日期： 01/04/2003



(1) 在符合本部的规定下，赔偿基金须不时按需要及按证监会决定的次序，拨出款项用以支付以下款项─
(a) (i) 因调查或抗辩根据在本部下订立的规则而提出的赔偿申索所招致的一切法律及其他开支；
(ii) 就赔偿基金所招致的一切法律及其他开支；
(iii) 证监会在行使本部或根据本部订立的规则就赔偿基金赋予该会的权利、权力及权限下所招致的一切法律及其他开支；
(iv) 认可投资者赔偿公司在执行根据第80条转移予它的职能或根据本部订立的规则所规定的职能所招致的一切法律及其他开支；
(b) 管理赔偿基金所招致的开支；
(c) 就根据在本部下订立的规则提出的赔偿申索而获取保险、担保、保证或其他保证物，或作出财务安排所招致的开支；
(d) 就根据第237(2)(a)条借入的款项而支付的利息；
(e) 根据本部订立的规则所容许的赔偿申索款额、提出及证明该等申索的费用及附带费用，以及就赔偿而支付的利息；
(f) 须按照在本部下订立的规则从赔偿基金拨付的一切其他款项。
(2) 如证监会认为联交所赔偿基金或期交所赔偿基金的贷方款额，不足以─
(a) 支付该会认为为应付针对该基金的申索或可能的申索所需的款额；及
(b) 付还根据已废除的《证券条例》第104条或已废除的《商品交易条例》第82条(视属何情况而定)以现金缴存该会的款额，
则在符合第(3)款的规定下，该会须从赔偿基金拨出该会认为适当的款额，并将之拨入联交所赔偿基金或期交所赔偿基金(视属何情况而定)。
(3) 根据第(2)款拨入联交所赔偿基金或期交所赔偿基金的总款额，不得超逾根据附表10第74(2)或75(2)条拨入赔偿基金的各别总款额(视属何情况而定)。


条： 243 条文标题： 从赔偿基金拨款支付后证监会在申索人权利等方面的代位权 版本日期： 25/09/2006



(1) 凡任何人根据在本部下订立的规则，就导致他蒙受某项损失的某项违责提出赔偿申索，在证监会应该申索而从赔偿基金拨款作出支付后─
(a) 除第(1A)款另有规定外，申索人就该项损失而享有的一切权利及补救，须在上述支付的款额在该项损失(在不考虑任何为该项损失而从或须从赔偿基金拨款支付的赔偿的情况下)所占的份额的范围内，由证监会藉代位而享有；及 (由2004年第7号第55条修订)
(b) 申索人及证监会各别享有在破产或清盘的情况下，或藉法律程序或其他方法，就该项损失而─
(i) 从犯该项违责的有关的人的资产中收取任何款项的权利；或
(ii) 收取任何由该有关的人以信托方式为申索人持有的财产的权利，
为顺序摊还次序相同的权利。
(1A) 证监会不得藉代位而具有申索人所享有的从《存款保障计划条例》(第581章)第14条所设立的存款保障计划基金取得补偿的权利及补救。 (由2004年第7号第55条增补)
(2) 证监会根据第(1)款追讨所得的一切资产(不论是现金或其他资产)，须成为赔偿基金一部分。

条： 244 条文标题： 由行政长官会同行政会议及证监会订立规则 版本日期： 01/04/2003



(1) 行政长官会同行政会议可就以下事宜订立规则─
(a) 为赔偿基金提供经费的方法；
(b) 提出赔偿申索的人可获得的最高赔偿金额；
(c) 根据第240(2)(c)条维持分帐户，从该等分帐户支付款项，以及就赔偿基金所招致的开支及基金所赚得的利息在不同的分帐户之间的分配；
(d) 对更佳地实现本部的宗旨及目的作出规定。
(2) 在不损害第398(7)及(8)条的原则及在符合第(3)款的规定下，证监会可就以下事宜，订立不抵触根据第(1)款订立的规则的规则─
(a) 在何种情况下有权提出赔偿申索，包括任何第235或236(2)条提述的根据本条订立的规则可予订明的事情；
(b) 提出赔偿申索的方式；
(c) 提出及证明赔偿申索的费用及附带费用的支付；
(d) 赔偿款额的利息的支付；
(e) 为使证监会可决定是否批准申请而须向该会提交的资料或文件；
(f) 何人或属何类别的人无权提出赔偿申索；
(g) 证监会可于何种情况下及以何种方式吁请提出赔偿申索；
(h) 赔偿申索的裁定及支付以及处理赔偿申索的程序；
(i) 赋权证监会作出以下事宜─
(i) 在清盘或破产的法律程序中提出一项赔偿申索，作为债权证明；
(ii) 以证券作为支付赔偿的形式，并为此目的而购买证券；及
(iii) 要求将申索人的诉讼权转让，以作为支付赔偿的先决条件；
(j) 认可投资者赔偿公司在管理赔偿基金方面的职能；
(k) 就认可投资者赔偿公司根据第80条获转移职能时可能须负责的赔偿基金的管理，制订妥善的会计及审计制度；
(l) 须在认可投资者赔偿公司清盘时作出的安排；
(m) 为更佳地实现本部的宗旨及目的而需要或适宜获取的保险、担保、保证或其他保证物，或需要或适宜作出的财务安排；
(n) 对更佳地实现本部的宗旨及目的作出规定。
(3) 证监会在根据第(2)款就该款(a)及(f)段指明的事宜订立规则前，须谘询财政司司长。
(4) 在根据第(1)(a)款订立规则时，行政长官会同行政会议须确保赔偿基金的资金在合理地切实可行的范围内由证券期货市场的参与者或某个别类别的参与者承担。

Section: 245 Heading: Interpretation of Part XIII Version Date: 01/04/2003
Expanded Cross Reference:
246, 247, 248, 249


PART XIII

MARKET MISCONDUCT TRIBUNAL

Division 1-Interpretation


(1) In this Part, unless the context otherwise requires-
"associate" (有联系者), in relation to a person, means-
(a) the person's spouse or reputed spouse, any person cohabiting with the person as a spouse, the person's brother, sister, parent, step-parent, child (natural or adopted) or step-child;
(b) any corporation of which the person is a director;
(c) any employee or partner of the person;
(d) where the person is a corporation, each of its directors and its related corporations and each director or employee of any of its related corporations;
(e) without limiting the circumstances in which paragraphs (a) to (d) apply, in circumstances concerning the securities of or other interest in a corporation, or rights arising out of the holding of such securities or such interest, any other person with whom the person has an agreement or arrangement-
(i) with respect to the acquisition, holding or disposal of such securities or such interest; or
(ii) under which they undertake to act together in exercising their voting power at general meetings of the corporation;
"controller" (控制人), in relation to a corporation, means any person-
(a) in accordance with whose directions or instructions the directors of the corporation or of another corporation of which it is a subsidiary are accustomed or obliged to act; or
(b) who, either alone or with any of his associates, is entitled to exercise or control the exercise of more than 33% of the voting power at general meetings of the corporation or of another corporation of which it is a subsidiary;
"insider dealing" (内幕交易) means insider dealing within the meaning of section 270;
"judge" (法官) means-
(a) a judge or a deputy judge of the Court of First Instance;
(b) a former Justice of Appeal of the Court of Appeal;
(c) a former judge or a former deputy judge of the Court of First Instance;
"market misconduct" (市场失当行为) means-
(a) insider dealing;
(b) false trading within the meaning of section 274;
(c) price rigging within the meaning of section 275;
(d) disclosure of information about prohibited transactions within the meaning of section 276;
(e) disclosure of false or misleading information inducing transactions within the meaning of section 277; or
(f) stock market manipulation within the meaning of section 278,
and includes attempting to engage in, or assisting, counselling or procuring another person to engage in, any of the conduct referred to in paragraphs (a) to (f);
"Presenting Officer" (提控官), in relation to any proceedings instituted under section 252, means the person appointed under section 251(4) to conduct the proceedings;
"relevant overseas market" (有关境外市场)-
(a) in relation to securities, means a stock market outside Hong Kong; or
(b) in relation to futures contracts, means a futures market outside Hong Kong;
"relevant recognized market" (有关认可市场)-
(a) in relation to securities, means a recognized stock market; or
(b) in relation to futures contracts, means a recognized futures market;
"Tribunal" (审裁处) means the Market Misconduct Tribunal established by section 251.
(2) In this subsection and sections 246 to 249 and Division 4, unless the context otherwise requires- <* Note - Exp. X-Ref.: Sections 246, 247, 248, 249 *>
"derivatives" (衍生工具), in relation to listed securities, means-
(a) rights, options or interests (whether described as units or otherwise) in, or in respect of, the listed securities;
(b) contracts, the purpose or pretended purpose of which is to secure or increase a profit or avoid or reduce a loss, wholly or partly by reference to the price or value, or a change in the price or value, of-
(i) the listed securities; or
(ii) any rights, options or interests referred to in paragraph (a);
(c) rights, options or interests (whether described as units or otherwise) in, or in respect of-
(i) any rights, options or interests referred to in paragraph (a); or
(ii) any contracts referred to in paragraph (b);
(d) instruments or other documents creating, acknowledging or evidencing any rights, options or interests or any contracts referred to in paragraph (a), (b) or (c), including certificates of interest or participation in, temporary or interim certificates for, receipts (including depositary receipts) in respect of, or warrants to subscribe for or purchase-
(i) the listed securities; or
(ii) the rights, options or interests or the contracts,
whether or not the derivatives are listed and regardless of who issued or made them;
"listed" (上市) means listed on a recognized stock market, and for the purposes of this definition, securities shall continue to be regarded as listed during a period of suspension of dealings in those securities on the recognized stock market;
"listed corporation" (上市法团) means a corporation which has issued securities that are, at the time of any insider dealing in relation to the corporation, listed;
"listed securities" (上市证券) means-
(a) securities which, at the time of any insider dealing in relation to a corporation, have been issued by the corporation and are listed;
(b) securities which, at the time of any insider dealing in relation to a corporation, have been issued by the corporation and are not listed, but which, at that time, it is reasonably foreseeable will be and which, in fact, are subsequently listed;
(c) securities which, at the time of any insider dealing in relation to a corporation, have not been issued by the corporation and are not listed, but which, at that time, it is reasonably foreseeable will be and which, in fact, are subsequently so issued and listed;
"relevant information" (有关消息), in relation to a corporation, means specific information about-
(a) the corporation;
(b) a shareholder or officer of the corporation; or
(c) the listed securities of the corporation or their derivatives,
which is not generally known to the persons who are accustomed or would be likely to deal in the listed securities of the corporation but which would if it were generally known to them be likely to materially affect the price of the listed securities;
"securities" (证券) means-
(a) shares, stocks, debentures, loan stocks, funds, bonds or notes of, or issued by, or which it is reasonably foreseeable will be issued by, a body, whether incorporated or unincorporated, or a government or municipal government authority;
(b) rights, options or interests (whether described as units or otherwise) in, or in respect of, such shares, stocks, debentures, loan stocks, funds, bonds or notes;
(c) certificates of interest or participation in, temporary or interim certificates for, receipts for, or warrants to subscribe for or purchase, such shares, stocks, debentures, loan stocks, funds, bonds or notes;
(d) interests, rights or property, whether in the form of an instrument or otherwise, commonly known as securities;
(e) interests, rights or property, whether in the form of an instrument or otherwise, prescribed by notice under section 392 as being regarded as securities in accordance with the terms of the notice.
(3) For the purposes of the definition of "controller" in subsection (1), where a person is entitled to exercise or control the exercise of more than 33% of the voting power at general meetings of a corporation and the corporation is entitled to exercise or control the exercise of any of the voting power at general meetings of another corporation ("the effective voting power"), then the effective voting power at general meetings of the other corporation shall be regarded as exercisable by the person.
(4) For the purposes of this Part, a person shall not be regarded as a person in accordance with whose directions or instructions the directors of a corporation are accustomed or obliged to act by reason only that the directors of the corporation act on advice given by him in a professional capacity.

Section: 246 Heading: Interest in securities (insider dealing) Version Date: 01/04/2003
Expanded Cross Reference:
246, 247, 248, 249


For the purposes of sections 245(2) and 247 to 249 and Division 4, a reference to an interest in securities shall be construed as including an interest of any kind whatsoever in the securities, and for that purpose any restraint or restriction to which the exercise of a right attached to the interest may be subject shall be disregarded. <* Note - Exp. X-Ref.: Sections 246, 247, 248, 249 *>

Section: 247 Heading: Connected with a corporation (insider dealing) Version Date: 01/04/2003



(1) For the purposes of Division 4, a person shall be regarded as connected with a corporation if, being an individual-
(a) he is a director or employee of the corporation or a related corporation of the corporation;
(b) he is a substantial shareholder of the corporation or a related corporation of the corporation;
(c) he occupies a position which may reasonably be expected to give him access to relevant information in relation to the corporation by reason of-
(i) a professional or business relationship existing between-
(A) himself, or his employer, or a corporation of which he is a director, or a firm of which he is a partner; and
(B) the corporation, a related corporation of the corporation, or an officer or substantial shareholder of either corporation; or
(ii) his being a director, employee or partner of a substantial shareholder of the corporation or a related corporation of the corporation;
(d) he has access to relevant information in relation to the corporation and-
(i) he has such access by reason of his being in such a position that he would be regarded as connected with another corporation by virtue of paragraph (a), (b) or (c); and
(ii) the relevant information relates to a transaction (actual or contemplated) involving both those corporations or involving one of them and the listed securities of the other or their derivatives, or to the fact that the transaction is no longer contemplated; or
(e) he was, at any time within the 6 months preceding any insider dealing in relation to the corporation, a person who would be regarded as connected with the corporation by virtue of paragraph (a), (b), (c) or (d).
(2) For the purposes of Division 4, a corporation shall be regarded as a person connected with another corporation so long as any of its directors or employees is a person who would be regarded as connected with that other corporation by virtue of subsection (1).
(3) In subsection (1), notwithstanding any other provisions of this Ordinance, "substantial shareholder" (大股东), in relation to a corporation, means a person who has an interest in the relevant share capital of the corporation, the nominal value of which is equal to or more than 5% of the nominal value of the relevant share capital of the corporation.

Section: 248 Heading: Connected with a corporation-possession of relevant information obtained in privileged capacity (insider dealing) Version Date: 01/04/2003



(1) For the purposes of Division 4, where a public officer or a specified person in that capacity receives relevant information in relation to a corporation, he shall be regarded as a person connected with the corporation.
(2) In subsection (1), a reference to a specified person means a person who is-
(a) a member of the Executive Council;
(b) a member of the Legislative Council;
(c) a member of a board, commission, committee or other body appointed by or on behalf of the Chief Executive or the Chief Executive in Council under an Ordinance;
(d) an officer or employee of a recognized exchange company, a recognized clearing house or a recognized exchange controller;
(e) an exchange participant;
(f) an officer or employee of an exchange participant;
(g) an officer or employee of a body corporate incorporated by an Ordinance; or
(h) an officer or employee of a body corporate specified by the Financial Secretary under subsection (3),
whether, in the case of paragraph (a), (b), (c), (d), (f), (g) or (h), the person is such a member, officer or employee (as the case may be) on a temporary or permanent basis, and whether he is paid or unpaid.
(3) The Financial Secretary may, by notice published in the Gazette, specify any body corporate for the purposes of subsection (2)(h).

Section: 249 Heading: Dealing in listed securities or their derivatives (insider dealing) Version Date: 01/04/2003



For the purposes of section 245(2) and Division 4, a person shall be regarded as dealing in listed securities or their derivatives if, whether as principal or agent, he sells, purchases, exchanges or subscribes for, or agrees to sell, purchase, exchange or subscribe for, any listed securities or their derivatives or acquires or disposes of, or agrees to acquire or dispose of, the right to sell, purchase, exchange or subscribe for, any listed securities or their derivatives.

Section: 250 Heading: Interest in securities and beneficial ownership, etc. (market misconduct other than insider dealing) Version Date: 01/04/2003



(1) For the purposes of Division 5, a person shall be regarded as having an interest in securities if he has authority, whether formal or informal and whether express or implied, to dispose of or to exercise control over the disposal of the securities or, in the case of options in respect of the securities, to exercise the options.
(2) It is immaterial that the authority of a person referred to in subsection (1)-
(a) is, or is capable of being made, subject to restraint or restriction; or
(b) is exercisable jointly with another person.
(3) A person shall be regarded as having the authority referred to in subsection (1) where a corporation has the authority referred to in that subsection and-
(a) the corporation is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions or instructions of the person in relation to the securities in question; or
(b) the person, or an associate of the person, is a controller of the corporation.
(4) Where a person-
(a) has entered into a contract to purchase securities;
(b) has a right to have securities transferred to him or to his order whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; or
(c) has the right to acquire securities, or an interest in securities, under an option, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not,
the person shall, to the extent to which he could do so on completing the contract, enforcing the right or exercising the option, be regarded as having the authority referred to in subsection (1).
(5) Where securities are subject to a trust, and a person who is not a trustee in those securities has an interest in those securities by virtue of subsection (4)(b), the interest of a trustee in those securities shall be disregarded for the purpose of determining whether the person has an interest in securities for the purposes of Division 5.
(6) The Commission may make rules to prescribe that an interest, being an interest of a person or of the persons included in a class of persons, shall be disregarded for the purpose of determining whether the person or the persons has or have an interest in securities for the purposes of Division 5.
(7) For the purposes of Division 5, a sale or purchase of securities does not involve a change in their beneficial ownership if a person who had an interest in the securities before the sale or purchase, or an associate of the person, has an interest in the securities after the sale or purchase.

Section: 251 Heading: Market Misconduct Tribunal Version Date: 01/04/2003



Division 2-Market Misconduct Tribunal

(1) There is established a Tribunal to be known as the Market Misconduct Tribunal which shall have jurisdiction to hear and determine in accordance with this Part and Schedule 9 any question or issue arising out of or in connection with the proceedings instituted under section 252.
(2) Except as otherwise provided in this Part or in Schedule 9, the Tribunal-
(a) shall consist of a chairman and 2 other members; and
(b) shall be presided over by the chairman who shall sit with the 2 other members.
(3) The chairman of the Tribunal shall be a judge and the 2 other members of the Tribunal shall not be public officers.
(4) The Secretary for Justice shall, in respect of any proceedings instituted under section 252, appoint a person as the Presenting Officer to conduct the proceedings, and may appoint one or more persons to assist the Presenting Officer.
(5) A Presenting Officer shall be a legal officer, counsel or solicitor.
(6) Schedule 9 shall have effect in relation to the appointment of members of the Tribunal, the appointment and the role of Presenting Officers and of persons appointed to assist Presenting Officers, and to the proceedings and sittings of, and procedural and other matters concerning, the Tribunal.
(7) Where the Chief Executive considers appropriate, additional Tribunals may be established for the purposes of any proceedings instituted under section 252, whereupon the provisions of this or any other Ordinance shall apply, subject to necessary modifications, to each of such additional Tribunals (including appointment of the chairman and other members of, and all matters concerning, each of such additional Tribunals) as they apply to the Tribunal.
(8) There may be paid to-
(a) a member of the Tribunal (other than the chairman of the Tribunal who is a judge within the meaning of paragraph (a) of the definition of "judge" in section 245(1));
(b) a Presenting Officer (other than a Presenting Officer who is a legal officer);
(c) any person appointed to assist a Presenting Officer (other than any such person who is a legal officer or a public officer),
such amount, as a fee for his services, as the Financial Secretary considers appropriate, and that amount shall be a charge on the general revenue.
(9) Where a person who is a judge within the meaning of paragraph (a) of the definition of "judge" in section 245(1) is appointed as the chairman of the Tribunal, neither the appointment nor the service or removal of the person as the chairman affects-
(a) the tenure of office of, and the exercise of powers by, the person as a judge within the meaning of that paragraph;
(b) the person's rank, title, status, precedence, salary or other rights or privileges as a holder of that office;
(c) the terms and conditions to which the person is subject as a holder of that office.


Section: 252 Heading: Market misconduct proceedings Version Date: 01/04/2003



(1) If it appears to the Financial Secretary, whether or not following any report by the Commission under subsection (8) or any notification by the Secretary for Justice under subsection (9), that market misconduct has or may have taken place, he may institute proceedings before the Tribunal concerning the matter.
(2) The Financial Secretary shall institute proceedings before the Tribunal by giving the Tribunal a notice in writing which shall contain a statement specifying such matters as are prescribed in Schedule 9.
(3) Without limiting the generality of section 251(1), the object of the proceedings instituted under subsection (1) is for the Tribunal to determine-
(a) whether any market misconduct has taken place;
(b) the identity of any person who has engaged in the market misconduct; and
(c) the amount of any profit gained or loss avoided as a result of the market misconduct.
(4) Subject to subsections (5) and (6), the Tribunal may identify a person as having engaged in market misconduct pursuant to subsection (3)(b) if-
(a) he has perpetrated any conduct which constitutes the market misconduct;
(b) notwithstanding that he has not perpetrated any conduct which constitutes the market misconduct-
(i) the Tribunal identifies another person which is a corporation as having engaged in market misconduct pursuant to subsection (3)(b); and
(ii) the market misconduct occurred with his consent or connivance as an officer of the corporation; or
(c) notwithstanding that he has not perpetrated any conduct which constitutes the market misconduct-
(i) the Tribunal identifies any other person as having engaged in market misconduct pursuant to subsection (3)(b); and
(ii) he assisted or connived with that other person in the perpetration of any conduct which constitutes the market misconduct, with the knowledge that such conduct constitutes or might constitute market misconduct.
(5) The Tribunal shall not identify a person as having engaged in market misconduct pursuant to subsection (3)(b) if it is provided under any provision of this Part that the person shall not by reason of that market misconduct be regarded as having engaged in market misconduct.
(6) The Tribunal shall not identify a person as having engaged in market misconduct pursuant to subsection (3)(b) without first giving the person a reasonable opportunity of being heard.
(7) Subject to section 261(3), the standard of proof required to determine any question or issue before the Tribunal shall be the standard of proof applicable to civil proceedings in a court of law.
(8) The Commission may report to the Financial Secretary the occurrence of any event which the Commission reasonably believes or suspects constitutes market misconduct.
(9) The Secretary for Justice may notify the Financial Secretary of the occurrence of any event which the Secretary for Justice reasonably believes or suspects constitutes market misconduct.
(10) Nothing in subsection (1) prevents the Financial Secretary from referring any matter to the Secretary for Justice, if it appears to the Financial Secretary, whether or not following any report by the Commission under subsection (8) or any notification by the Secretary for Justice under subsection (9), that an offence under Part XIV has or may have been committed.

Section: 253 Heading: Powers of Tribunal Version Date: 01/04/2003



(1) Subject to the provisions of Schedule 9 and any rules made by the Chief Justice under section 269, the Tribunal, for the purposes of any proceedings instituted under section 252, may, on its own motion or on the application of any party before it-
(a) receive and consider any material by way of oral evidence, written statements or documents, even if the material would not be admissible in evidence in civil or criminal proceedings in a court of law;
(b) by notice in writing signed by the chairman of the Tribunal require a person to attend before it at any sitting and to give evidence and produce any article, record or document in his possession relating to the subject matter of the proceedings;
(c) administer oaths;
(d) examine or cause to be examined on oath or otherwise a person attending before it and require the person to answer truthfully any question which the Tribunal considers appropriate for the purposes of the proceedings;
(e) order a witness to provide evidence in a truthful manner for the purposes of the proceedings by affidavit;
(f) order a person not to publish or otherwise disclose any material the Tribunal receives;
(g) prohibit the publication or disclosure of any material the Tribunal receives at any sitting, or any part of a sitting, which is held in private;
(h) determine the manner in which any material referred to in paragraph (a) is received;
(i) stay any of the proceedings on such grounds and on such terms and conditions as it considers appropriate having regard to the interests of justice;
(j) determine the procedure to be followed in the proceedings;
(k) exercise such other powers or make such other orders as may be necessary for or ancillary to the conduct of the proceedings or the carrying out of its functions.
(2) A person commits an offence if he, without reasonable excuse-
(a) fails to comply with an order, notice, prohibition or requirement of the Tribunal made or given under or pursuant to subsection (1);
(b) disrupts or otherwise misbehaves during any sitting of the Tribunal;
(c) having been required by the Tribunal under subsection (1) to attend before the Tribunal, leaves the place where his attendance is so required without the permission of the Tribunal;
(d) hinders or deters any person from attending before the Tribunal, giving evidence or producing any article, record or document, for the purposes of any proceedings instituted under section 252;
(e) threatens, insults or causes any loss to be suffered by any person who has attended before the Tribunal, on account of such attendance; or
(f) threatens, insults or causes any loss to be suffered by any member of the Tribunal, any Presenting Officer or any person assisting a Presenting Officer at any time on account of the performance of his functions in that capacity.
(3) A person who commits an offence under subsection (2) is liable-
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.
(4) A person is not excused from complying with an order, notice, prohibition or requirement of the Tribunal made or given under or pursuant to subsection (1) only on the ground that to do so might tend to incriminate the person.

Section: 254 Heading: Further powers of Tribunal concerning evidence Version Date: 01/04/2003



(1) For the purposes of any proceedings instituted under section 252, the Tribunal may, on its own motion or on the application of the Presenting Officer appointed for the proceedings, authorize the Commission in writing to exercise any of the powers specified in subsection (2) and to provide the Tribunal with any of the records, documents and information obtained as a result of the exercise of the powers.
(2) The powers specified for the purposes of subsection (1) are the powers-
(a) to inspect any record or document of any person where the Tribunal has reasonable grounds to believe or suspect that the record or document may contain information relevant to the proceedings;
(b) to make copies or otherwise record details of any record or document referred to in paragraph (a) and, subject to subsection (3), to take possession of the record or document for the period (not exceeding 2 days) necessary to do so;
(c) to require any person to give, within a specified time, any explanation or particulars in respect of any record or document referred to in paragraph (a) (including, in so far as applicable, a description of the circumstances under which it was prepared or created, details of all instructions given or received in connection with it, and an explanation of the reasons for the making of entries contained in it or the omission of entries from it);
(d) to require any person to give, within a specified time, information as to whether or not there is on any premises any record or document which may contain information relevant to the proceedings, and particulars as to the premises or the record or document;
(e) to require that any information, explanation or particulars given pursuant to this section be verified by statutory declaration and to take the declaration;
(f) to take a statement from a person whom the Tribunal has reasonable grounds to believe or suspect is able to provide information which is relevant for the purposes of the proceedings.
(3) The Commission shall, subject to any reasonable conditions it imposes as to security or otherwise, permit a person who would be entitled to inspect any record or document had the Commission not taken possession of it under subsection (2)(b), to inspect it and to make copies or otherwise record details of it at all reasonable times.
(4) A person shall produce a record or document in his possession to the Commission if the Commission seeks to inspect it, or exercise any other powers in respect of it, under this section.
(5) A person who is required under this section to give or provide any information, explanation or particulars shall comply with the requirement so far as it lies within his power to do so and shall, if requested, verify the information, explanation or particulars (as the case may be) by statutory declaration.
(6) A person commits an offence if-
(a) he, without reasonable excuse, contravenes subsection (4) or (5);
(b) he-
(i) in purported compliance with subsection (4) or (5), makes any statement which is false or misleading in a material particular; and
(ii) knows that, or is reckless as to whether, the statement is false or misleading in a material particular;
(c) he obstructs the Commission in the exercise of any of its powers under this section; or
(d) he, with intent to conceal, from the Tribunal, facts or matters capable of being disclosed by any record or document which is relevant to any proceedings instituted under section 252, destroys, falsifies, conceals or otherwise disposes of, or causes or permits the destruction, falsification, concealment or disposal of, such record or document.
(7) A person who commits an offence under subsection (6) is liable-
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.
(8) A person is not excused from complying with subsection (4) or (5) only on the ground that to do so might tend to incriminate him.

Section: 255 Heading: Use of evidence received for purposes of market misconduct proceedings Version Date: 01/04/2003



(1) Notwithstanding any other provisions of this Ordinance, evidence given by any person at or for the purposes of any proceedings instituted under section 252 (including any material, record or document received by the Tribunal from the person or produced to the Tribunal by the person under section 253, and any record or document or information given, provided, produced or disclosed to the Tribunal by the person under section 254) shall be admissible in evidence for all the purposes of this Part (including any proceedings (civil or criminal) instituted under or pursuant to this Part) but, subject to subsection (2), shall not be admissible in evidence against that person for any other purposes in any proceedings (civil or criminal) in a court of law brought by or against him.
(2) The evidence given by any person at or for the purposes of any proceedings instituted under section 252 as referred to in subsection (1) shall be admissible in evidence against that person-
(a) in civil proceedings instituted under or pursuant to Part XI;
(b) in proceedings instituted under section 305;
(c) in civil proceedings in a court of law arising out of the giving of evidence at or for the purposes of the proceedings instituted under section 252;
(d) in criminal proceedings where the person is charged with an offence under section 219(2)(a), or under Part V of the Crimes Ordinance (Cap 200), or for perjury, in respect of answers given by that person to questions put to him at or for the purposes of the proceedings instituted under section 252.


Section: 256 Heading: Privileged information Version Date: 01/04/2003



Nothing in this Part and Schedule 9 requires an authorized financial institution, acting as the banker or financial adviser of a person whose conduct is the subject, whether wholly or in part, of any proceedings instituted under section 252, to disclose information as to the affairs of any of its customers other than that person.

Section: 257 Heading: Orders, etc. of Tribunal Version Date: 16/07/2007



(1) Subject to subsection (3), the Tribunal may at the conclusion of any proceedings instituted under section 252 make one or more of the following orders in respect of a person identified as having engaged in market misconduct pursuant to section 252(3)(b)-
(a) an order that the person shall not, without the leave of the Court of First Instance, be or continue to be a director, liquidator, or receiver or manager of the property or business, of a listed corporation or any other specified corporation or in any way, whether directly or indirectly, be concerned or take part in the management of a listed corporation or any other specified corporation for the period (not exceeding 5 years) specified in the order;
(b) an order that the person shall not, without the leave of the Court of First Instance, in Hong Kong, directly or indirectly, in any way acquire, dispose of or otherwise deal in any securities, futures contract or leveraged foreign exchange contract, or an interest in any securities, futures contract, leveraged foreign exchange contract or collective investment scheme for the period (not exceeding 5 years) specified in the order;
(c) an order that the person shall not again perpetrate any conduct which constitutes such market misconduct as is specified in the order (whether the same as the market misconduct in question or not);
(d) an order that the person pay to the Government an amount not exceeding the amount of any profit gained or loss avoided by the person as a result of the market misconduct in question;
(e) without prejudice to any power of the Tribunal under section 260, an order that the person pay to the Government the sum the Tribunal considers appropriate for the costs and expenses reasonably incurred by the Government, whether in relation or incidental to the proceedings or in relation or incidental to any investigation of his conduct or affairs carried out for the purposes of the proceedings;
(f) without prejudice to any power of the Tribunal under section 260, an order that the person pay to the Commission the sum the Tribunal considers appropriate for the costs and expenses reasonably incurred by the Commission, whether in relation or incidental to any investigation of his conduct or affairs carried out before the matter was referred to the Tribunal by the Financial Secretary or in relation or incidental to the proceedings;
(fa) where the proceedings were instituted as a result of an investigation under the Financial Reporting Council Ordinance (Cap 588), an order that the person pay to the Financial Reporting Council established by section 6(1) of that Ordinance the sum the Tribunal considers appropriate for the costs and expenses in relation or incidental to the investigation reasonably incurred by the Council; (Added 18 of 2006 s. 85)
(g) an order that any body which may take disciplinary action against the person as one of its members be recommended to take disciplinary action against him.
(2) When making any order in respect of a person under subsection (1), the Tribunal may take into account any conduct by the person which-
(a) previously resulted in the person being convicted of an offence in Hong Kong;
(b) previously resulted in the person being identified by the Tribunal as having engaged in any market misconduct pursuant to section 252(3)(b); or
(c) at any time before the commencement of this Part resulted in the person being identified as an insider dealer in a determination under section 16(3), or in a written report prepared and issued under section 22(1), of the repealed Securities (Insider Dealing) Ordinance.
(3) The Tribunal shall not make an order in respect of a person under subsection (1) without first giving the person a reasonable opportunity of being heard.
(4) Where the Tribunal makes an order under subsection (1)(a), the Tribunal may specify a corporation by name or by reference to a relationship with any other corporation.
(5) The Tribunal may, in relation to any person, specify any market misconduct in an order under subsection (1)(c), whether or not there is, at the time when the order is made, likelihood that the person would perpetrate any conduct which constitutes the market misconduct.
(6) Where the Tribunal makes an order under subsection (1)(e) or (f) requiring the payment of costs as costs reasonably incurred in relation or incidental to any proceedings instituted under section 252, subject to any rules made by the Chief Justice under section 269, Order 62 of the Rules of the High Court (Cap 4 sub. leg. A) applies to the taxation of the costs.
(7) The Tribunal shall by notice in writing notify a person of an order made in respect of him under subsection (1).
(8) An order made in respect of a person under subsection (1) takes effect at the time when it is notified to the person or at the time specified in the notice, whichever is the later.
(9) Where the Tribunal makes an order under subsection (1)(b), the Commission may notify any licensed person or registered institution of the order in such manner as it considers appropriate.
(10) A person commits an offence if he fails to comply with an order made under subsection (1)(a), (b) or (c) and is liable-
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.


Section: 258 Heading: Further orders in respect of officers of corporation Version Date: 01/04/2003



(1) Subject to subsection (3), where a corporation has been identified as having engaged in market misconduct pursuant to section 252(3)(b) and the market misconduct is directly or indirectly attributable to a breach by any person as an officer of the corporation of the duty imposed on him by section 279, the Tribunal may make one or more of the orders referred to in section 257(1)(a) to (g) in respect of the person even if the person has not been identified as having engaged in market misconduct pursuant to section 252(3)(b).
(2) When making any order in respect of a person under subsection (1), the Tribunal may take into account any conduct by the person which-
(a) previously resulted in the person being convicted of an offence in Hong Kong;
(b) previously resulted in the person being identified by the Tribunal as having engaged in any market misconduct pursuant to section 252(3)(b); or
(c) at any time before the commencement of this Part resulted in the person being identified as an insider dealer in a determination under section 16(3), or in a written report prepared and issued under section 22(1), of the repealed Securities (Insider Dealing) Ordinance.
(3) The Tribunal shall not make an order in respect of a person under subsection (1) without first giving the person a reasonable opportunity of being heard.
(4) Where the Tribunal makes under subsection (1) an order referred to in section 257(1)(a), the Tribunal may specify a corporation by name or by reference to a relationship with any other corporation.
(5) Where the Tribunal, in relation to any person, makes under subsection (1) an order referred to in section 257(1)(c), the Tribunal may specify any market misconduct in the order, whether or not there is, at the time when the order is made, likelihood that the person would perpetrate any conduct which constitutes the market misconduct.
(6) Where the Tribunal makes under subsection (1) an order referred to in section 257(1)(e) or (f) requiring the payment of costs as costs reasonably incurred in relation or incidental to any proceedings instituted under section 252, subject to any rules made by the Chief Justice under section 269, Order 62 of the Rules of the High Court (Cap 4 sub. leg. A) applies to the taxation of the costs.
(7) The Tribunal shall by notice in writing notify a person of an order made in respect of him under subsection (1).
(8) An order made in respect of a person under subsection (1) takes effect at the time when it is notified to the person or at the time specified in the notice, whichever is the later.
(9) Where the Tribunal makes under subsection (1) an order referred to in section 257(1)(b), the Commission may notify any licensed person or registered institution of the order in such manner as it considers appropriate.
(10) Where an order referred to in section 257(1)(a), (b) or (c) is made in respect of a person under subsection (1), the person commits an offence if he fails to comply with the order and is liable-
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.


Section: 259 Heading: Interest on moneys payable under order referred to in section 257(1)(d) Version Date: 01/04/2003



Where the Tribunal makes an order referred to in section 257(1)(d), whether under section 257(1) or 258(1), requiring the payment of money by a person, the Tribunal may also order that the payment shall carry compound interest calculated-
(a) from the date of occurrence of the market misconduct in question; and
(b) at the rate from time to time applicable to judgment debts under section 49 of the High Court Ordinance (Cap 4) and with such rests and in such manner as the Tribunal considers appropriate.


Section: 260 Heading: Costs Version Date: 01/04/2003



(1) Subject to subsection (4), at the conclusion of any proceedings instituted under section 252 or as soon as reasonably practicable after the conclusion of the proceedings, the Tribunal may by order award to-
(a) any person whose attendance, whether as a witness or otherwise, has been necessary or required for the purposes of the proceedings;
(b) any person whose conduct is the subject, whether wholly or in part, of the proceedings,
such sum as it considers appropriate in respect of the costs reasonably incurred by the person in relation to the proceedings.
(2) Any costs awarded under this section are a charge on the general revenue.
(3) Subject to any rules made by the Chief Justice under section 269, Order 62 of the Rules of the High Court (Cap 4 sub. leg. A) applies to the award of costs, and to the taxation of any costs awarded, by the Tribunal under this section.
(4) Subsection (1)(a) and (b) does not apply to-
(a) a person who has by virtue of section 252(4)(a), (b) or (c) been identified as having engaged in market misconduct pursuant to section 252(3)(b);
(b) a person whose conduct the Tribunal considers has caused, whether wholly or in part, the Tribunal to investigate or consider his conduct during the course of the proceedings in question;
(c) a person whom the Tribunal considers has by his conduct caused, whether wholly or in part, the institution of the proceedings.


Section: 261 Heading: Contempt dealt with by Tribunal Version Date: 01/04/2003



(1) The Tribunal shall have the same powers as the Court of First Instance to punish for contempt.
(2) Without limiting the generality of the powers of the Tribunal under subsection (1), the Tribunal shall have the same powers as the Court of First Instance to punish for contempt, as if it were contempt of court, a person who-
(a) without reasonable excuse, commits any conduct falling within the description of section 253(2)(a), (b), (c), (d), (e) or (f);
(b) commits any conduct falling within the description of section 254(6)(a), (b), (c) or (d); or
(c) fails to comply with an order of the Tribunal referred to in section 257(10) or 258(10).
(3) The Tribunal shall, in the exercise of its powers to punish for contempt under this section, adopt the same standard of proof as the Court of First Instance in the exercise of the same powers to punish for contempt.
(4) Notwithstanding anything in this section and any other provisions of this Ordinance-
(a) no power may be exercised under or pursuant to this section to determine whether to punish any person for contempt in respect of any conduct if-
(i) criminal proceedings have previously been instituted against the person under section 253(2), 254(6), 257(10) or 258(10) in respect of the same conduct; and
(ii) (A) those criminal proceedings remain pending; or
(B) by reason of the previous institution of those criminal proceedings, no criminal proceedings may again be lawfully instituted against that person under such section in respect of the same conduct;
(b) no criminal proceedings may be instituted against any person under section 253(2), 254(6), 257(10) or 258(10) in respect of any conduct if-
(i) any power has previously been exercised under or pursuant to this section to determine whether to punish the person for contempt in respect of the same conduct; and
(ii) (A) proceedings arising from the exercise of such power remain pending; or
(B) by reason of the previous exercise of such power, no power may again be lawfully exercised under or pursuant to this section to determine whether to punish the person for contempt in respect of the same conduct.

Section: 262 Heading: Report of Tribunal Version Date: 01/04/2003



(1) The Tribunal shall, after the conduct of any proceedings instituted under section 252, prepare a written report in respect of the proceedings, which shall contain-
(a) any of its determinations made pursuant to section 252(3) and any order made under section 257 or 258, and the reasons for making such determinations and order; and
(b) any order made under section 259 or 260, and the reasons for making such order.
(2) The Tribunal shall issue the report prepared under subsection (1)-
(a) first, by giving a copy of the report to the Financial Secretary; and
(b) then, except where the Tribunal sat in private for the whole or any part of its proceedings, by-
(i) publishing the report so that copies of the report are available to the public;
(ii) giving a copy of the report, so far as reasonably practicable, to any person whose conduct was directly in question in the proceedings;
(iii) giving a copy of the report to the Secretary for Justice;
(iv) giving a copy of the report to the Commission; and
(v) where the Tribunal considers appropriate, giving a copy of the report to any body which may take disciplinary action against the person identified as having engaged in market misconduct pursuant to section 252(3)(b), as one of its members.
(3) Where the Tribunal sat in private for the whole or any part of its proceedings, the Financial Secretary may, where he is of the opinion that it is in the public interest to do so, cause the whole or any part of the report to be made available to the public or to a particular person or body in the manner he directs.
(4) A person is not liable to civil or criminal proceedings for publishing a true and accurate account or a fair and accurate summary of a report of the Tribunal issued or made available under subsection (2)(b) or (3).

Section: 263 Heading: Form and proof of orders of Tribunal Version Date: 01/04/2003



(1) An order made by the Tribunal shall be recorded in writing and signed by the chairman of the Tribunal.
(2) A document purporting to be an order of the Tribunal and to be signed by the chairman of the Tribunal shall, in the absence of proof to the contrary, be regarded as an order of the Tribunal duly made, without proof of its making, or proof of signature, or proof that the person signing the order was in fact the chairman.

Section: 264 Heading: Orders of Tribunal may be registered in Court of First Instance Version Date: 01/04/2003



(1) The Court of First Instance may, on notice in writing given by the Tribunal in the manner prescribed by rules made by the Chief Justice under section 269, register an order of the Tribunal in the Court of First Instance and the order shall, on registration, become for all purposes an order of the Court of First Instance made within the jurisdiction of the Court of First Instance.
(2) Where an order is made under section 257(1)(a), or an order referred to in section 257(1)(a) is made under section 258(1), the order shall be filed by the Tribunal with the Registrar of Companies, as soon as reasonably practicable after it is made.

Section: 265 Heading: Applications for stay of execution of orders of Tribunal under section 257,
258, 259 or 260 Version Date: 01/04/2003



Any person in respect of whom an order has been made under section 257, 258, 259 or 260 may apply to the Tribunal for a stay of execution of the order, whereupon the Tribunal may, where it considers appropriate, by order grant the stay, subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Tribunal considers appropriate.

： 245 条文标题： 第XIII部的释义 版本日期： 01/04/2003
详列交互参照：
246，247，248，249


第XIII部

市场失当行为审裁处

第1分部─释义

(1) 在本部中，除文意另有所指外─
“内幕交易”(insider dealing) 指第270条所指的内幕交易；
“市场失当行为”(market misconduct) 指─
(a) 内幕交易；
(b) 第274条所指的虚假交易；
(c) 第275条所指的操控价格的行为；
(d) 第276条所指的披露关于受禁交易的资料的行为；
(e) 第277条所指的披露虚假或具误导性的资料以诱使进行交易的行为；或
(f) 第278条所指的操纵证券市场的行为，
并包括企图从事，或辅助、怂使或促致另一人从事(a)至(f)段提述的任何行为；
“有联系者”(associate) 就某人而言─
(a) 指该人的配偶或公认配偶、与该人同居俨如配偶的人，或该人的兄弟、姊妹、父母、继父母、亲生子女、领养子女或继子女；
(b) 指该人担任董事的法团；
(c) 指该人的雇员或合伙人；
(d) 在该人是法团的情况下，指该法团各董事、该法团各有连系法团，以及该等有连系法团各董事或雇员；
(e) 在不局限(a)至(d)段适用的情况的原则下，如有关情况涉及法团的证券或其他权益，或因持有该等证券或权益而产生的权利，则指─
(i) 与该人订有关于取得、持有或处置该等证券或权益的协议或安排的另一人；或
(ii) 与该人订有某项协议或安排的人，而根据该项协议或安排，他们承诺在该法团的成员大会上行使投票权时行动一致；
“有关境外市场”(relevant overseas market)─
(a) 就证券而言，指香港以外地方的证券市场；或
(b) 就期货合约而言，指香港以外地方的期货市场；
“有关认可市场”(relevant recognized market)─
(a) 就证券而言，指认可证券市场；或
(b) 就期货合约而言，指认可期货市场；
“法官”(judge) 指─
(a) 原讼法庭的法官或暂委法官；
(b) 上诉法庭的前任上诉法庭法官；
(c) 原讼法庭的前任法官或前任暂委法官；
“控制人”(controller) 就某法团而言，指符合以下情况的人─
(a) 该法团的董事是惯于或有义务按照该人的指示或指令行事的；如该法团是另一法团的附属公司，则该另一法团的董事是惯于或有义务按照该人的指示或指令行事的；或
(b) 该人(不论单独或联同其任何有联系者)有权在该法团的成员大会上行使33%以上的投票权或控制该数量的投票权的行使；如该法团是另一法团的附属公司，则该人(不论单独或联同其任何有联系者)有权在该另一法团的成员大会上行使33%以上的投票权或控制该数量的投票权的行使；
“提控官”(Presenting Officer) 就根据第252条提起的研讯程序而言，指根据第251(4)条委任以进行该程序的人；
“审裁处”(Tribunal) 指第251条设立的市场失当行为审裁处。
(2) 在本款及第246至249条及第4分部中，除文意另有所指外─ 〈* 注─详列交互参照：第246，247，248，249条 *〉
“上市”(listed) 指在认可证券市场上市，而就本定义而言，证券在认可证券市场暂停交易期间，须持续视为上市证券；
“上市法团”(listed corporation) 指有发行证券的法团，而在与该法团有关的内幕交易发生时，该等证券是上市证券；
“上市证券”(listed securities) 指─
(a) 在与某法团有关的内幕交易发生时，已由该法团发行并且是上市的证券；
(b) 在与某法团有关的内幕交易发生时，已由该法团发行而没有上市，但当时可合理预见会上市，而其后确实上市的证券；
(c) 在与某法团有关的内幕交易发生时并未由该法团发行，亦没有上市，但当时可合理预见会如此发行及上市，而其后确实如此发行及上市的证券；
“有关消息”(relevant information) 就某法团而言，指关于─
(a) 该法团的；
(b) 该法团的股东或高级人员的；或
(c) 该法团的上市证券的或该等证券的衍生工具的，
而并非普遍为惯常(或相当可能会)进行该法团上市证券交易的人所知的具体消息或资料，但该等消息或资料如普遍为他们所知，则相当可能会对该等证券的价格造成重大影响；
“衍生工具”(derivatives) 就上市证券而言，指─
(a) 在该等证券中的或关乎该等证券的权利、期权或权益(不论以单位或其他方式描述)；
(b) 任何合约，而该等合约的目的或佯称目的是藉完全或部分参照以下项目的价格或价值，或该价格或价值的变动，以获得或增加利润或避免或减少损失─
(i) 该等证券；或
(ii) (a)段提述的任何权利、期权或权益；
(c) 在以下项目中的或关乎以下项目的权利、期权或权益(不论以单位或其他方式描述)─
(i) (a)段提述的任何权利、期权或权益；或
(ii) (b)段提述的任何合约；
(d) 任何产生、确认或证明(a)、(b)或(c)段提述的任何权利、期权、权益或合约的文书或其他文件，包括以下项目的权益证明书、参与证明书、临时证明书、中期证明书，关乎以下项目的收据(包括寄存单据)，以及认购或购买以下项目的权证─
(i) 该等证券；或
(ii) 该等权利、期权、权益或合约，
不论该等衍生工具是否上市的，亦不论是由何人发行或订立的；
“证券”(securities) 指─
(a) 任何团体(不论是否属法团)或政府或市政府当局的或由它发行的或可合理预见会由它发行的股份、股额、债权证、债权股额、基金、债券或票据；
(b) 在该等股份、股额、债权证、债权股额、基金、债券或票据中的或关乎该等股份、股额、债权证、债权股额、基金、债券或票据的权利、期权或权益(不论以单位或其他方式描述)；
(c) 该等股份、股额、债权证、债权股额、基金、债券或票据的权益证明书、参与证明书、临时证明书、中期证明书、收据，或认购或购买该等项目的权证；
(d) 通常称为证券的权益、权利或财产，不论属文书或其他形式；
(e) 第392条所指的公告订明为按照该公告的条款视为证券的权益、权利或财产，不论属文书或其他形式。
(3) 就第(1)款中“控制人”的定义而言，凡任何人有权在某法团的成员大会上行使33%以上的投票权或控制该数量的投票权的行使，而该法团有权在另一法团的成员大会上行使投票权或控制投票权的行使(“有效投票权”)，则在该另一法团的成员大会上的有效投票权视为可由该人行使。
(4) 就本部而言，如法团董事按照某人以专业身分所提供的意见而行事，则不得仅以此为理由而视该法团的董事为惯常或有义务按照该人的指示或指令行事。

条： 246 条文标题： 证券权益(内幕交易) 版本日期： 01/04/2003
详列交互参照：
247，248，249


就第245(2)及247至249条及第4分部而言，凡提述证券权益，须解释为包括该等证券中任何种类的权益，而就此而言，于行使依附于该权益的权利时可能受到的限制或约束，均无须理会。 〈* 注─详列交互参照：第247，248，249条 *〉

条： 247 条文标题： 与法团有关连(内幕交易) 版本日期： 01/04/2003



(1) 就第4分部而言，任何个人如符合以下说明，即属与某法团有关连的人─
(a) 他是该法团或其有连系法团的董事或雇员；
(b) 他是该法团或其有连系法团的大股东；
(c) 他身居某职位，而因以下理由可合理预期该职位给予他接触关于该法团的有关消息的途径─
(i) 在─
(A) 他本人、他的雇主、他担任董事的法团，或他属合伙人的商号；与
(B) 该法团、该法团的有连系法团，或该法团或有连系法团的任何高级人员或大股东，
之间存在专业或业务关系；或
(ii) 他是该法团或其有连系法团的大股东的董事、雇员或合伙人；
(d) 他有途径接触关于该法团的有关消息，而─
(i) 他有该途径是因他身居某职位，而凭借(a)、(b)或(c)段，该职位令他会被视为与另一法团有关连；及
(ii) 该有关消息关乎涉及上述两个法团的交易(实际进行的或意图进行的)，或涉及该两个法团的其中一个与其余一个的上市证券或其衍生工具的交易(实际进行的或意图进行的)，或关乎已打消进行上述交易的意图；或
(e) 在与该法团有关的内幕交易发生之前6个月内的任何时间，凭借(a)、(b)、(c)或(d)段他会被视为与该法团有关连的人。
(2) 只要某法团的任何董事或雇员是凭借第(1)款会被视为与另一法团有关连的人，则就第4分部而言，该法团视为与该另一法团有关连的人。
(3) 不论本条例其他条文有任何规定，在第(1)款中，法团的“大股东”(substantial shareholder) 指拥有该法团的有关股本的权益的人，而他拥有的权益的面值不少于该法团的有关股本的面值的5%。

条： 248 条文标题： 与法团有关连─掌握以享有特权的身分获得的有关消息(内幕交易) 版本日期： 01/04/2003



(1) 就第4分部而言，任何公职人员或指明人士如以该身分接获关于某法团的有关消息，则视为与该法团有关连的人。
(2) 在第(1)款中，提述指明人士之处，指─
(a) 行政会议成员；
(b) 立法会议员；
(c) 由行政长官或行政长官会同行政会议或由他人代行政长官或行政长官会同行政会议根据任何条例委出的各类委员会或其他团体的成员；
(d) 认可交易所、认可结算所或认可控制人的高级人员或雇员；
(e) 交易所参与者；
(f) 交易所参与者的高级人员或雇员；
(g) 任何条例成立的法人团体的高级人员或雇员；或
(h) 财政司司长根据第(3)款指明的法人团体的高级人员或雇员，
不论(就(a)、(b)、(c)、(d)、(f)、(g)或(h)段而言)该成员、议员、高级人员或雇员(视属何情况而定)是临时的或常任的，亦不论是否获付酬金的。
(3) 财政司司长可为施行第(2)(h)款藉宪报公告指明任何法人团体。

条： 249 条文标题： 上市证券或其衍生工具的交易(内幕交易) 版本日期： 01/04/2003



就第245(2)条及第4分部而言，凡任何人(不论以主事人或代理人身分)售卖、购买、交换或认购任何上市证券或其衍生工具，或与别人协议售卖、购买、交换或认购任何上市证券或其衍生工具，或取得或处置任何上市证券或其衍生工具的售卖、购买、交换或认购的权利，或与别人协议取得或处置该等权利，则他视为进行上市证券或其衍生工具的交易。

条： 250 条文标题： 证券权益及实益拥有权等(内幕交易以外的市场失当行为) 版本日期： 01/04/2003



(1) 任何人如具有处置某证券或行使处置某证券的控制权的权限(不论是正式或非正式的，亦不论是明示或隐含的)，或就关乎某证券的期权而言，具有行使该期权的权限，则就第5分部而言，他视为拥有该证券的权益。
(2) 第(1)款提述的人的权限即使─
(a) 受到限制或约束，或可受到限制或约束；或
(b) 须联同另一人方可行使，
此事实无关重要。
(3) 凡任何法团就某证券具有第(1)款提述的权限，而─
(a) 该法团或其董事惯于或有义务(不论是正式或非正式的)按照某人的指示或指令就该证券而行事；或
(b) 某人或其有联系者是该法团的控制人，
则该人视为就该证券具有第(1)款提述的权限。
(4) 凡任何人─
(a) 已订立合约以购买某证券，则在他若履行合约便能如此购买的范围内；
(b) 具有使某证券转移予他或按他的命令转移的权利，不论该权利是现在或将来可行使的，亦不论是否在某条件符合后方可行使的，则在他若强制执行该权利便能令该证券如此转移的范围内；或
(c) 具有根据一项期权取得某证券或证券权益的权利，不论该权利是现在或将来可行使的，亦不论是否在某条件符合后方可行使的，则在他若行使该权利便能取得该证券或权益的范围内，
他视为就该证券具有第(1)款提述的权限。
(5) 凡任何证券受信托所规限，而任何不是该证券的受托人的人如凭借第(4)(b)款拥有该证券的权益，则在断定某人是否就第5分部而言拥有证券权益时，受托人在该证券中的权益须不予理会。
(6) 证监会可订立规则，订明某人的权益或某些属于某类别的人的权益，在断定他或他们是否就第5分部而言拥有证券权益时须不予理会。
(7) 如任何人在买卖某证券前拥有该证券的权益，而该人或其有联系者在买卖该证券后拥有该证券的权益，则就第5分部而言，买卖该证券不涉及其实益拥有权的改变。

条： 251 条文标题： 市场失当行为审裁处 版本日期： 01/04/2003



第2分部─市场失当行为审裁处

(1) 现设立一个名为“市场失当行为审裁处”的审裁处，审裁处具有司法管辖权按照本部及附表9聆听和裁定根据第252条提起的研讯程序所引起或与该程序有关连的任何问题或争议点。
(2) 除本部或附表9另有规定外，审裁处─
(a) 由一名主席及2名其他成员组成；及
(b) 由主席主持，他须与该2名其他成员一起聆讯。
(3) 审裁处主席须由法官出任，上述2名其他成员须不是公职人员。
(4) 律政司司长须就根据第252条提起的研讯程序委任一人为提控官，以进行该程序，律政司司长并可委任一人或多于一人协助提控官。
(5) 提控官须为律政人员、大律师或律师。
(6) 附表9适用于审裁处成员的委任、提控官及获委任协助提控官的人的委任及角色，以及审裁处的研讯程序和聆讯及与审裁处有关的在程序及其他方面的事宜。
(7) 如行政长官认为适当，可为根据第252条提起的任何研讯程序的目的而增设审裁处，在此情况下，本条例或其他条例的条文在作出必要的变通后适用于每个如此增设的审裁处(包括每个如此增设的审裁处的主席及其他成员的委任，以及与每个如此增设的审裁处有关的一切事宜)，一如该等条文适用于审裁处。
(8) 以下的人各可获付一笔财政司司长认为数额适当的款项，作为服务酬金─
(a) 审裁处成员(身为第245(1)条中“法官”的定义的(a)段所指的法官的主席除外)；
(b) 提控官(身为律政人员的提控官除外)；
(c) 获委任协助提控官的人(身为律政人员或公职人员的人除外)，
该笔款项由政府一般收入支付。
(9) 凡任何属第245(1)条中“法官”的定义的(a)段所指的法官的人获委任为审裁处主席，该项委任及他担任或免任主席之事，均不影响─
(a) 他作为该段所指的法官的任期，亦不影响他作为该段所指的法官而行使权力；
(b) 他担任该职位而具有的职级、称衔、地位、排名、薪金或其他权利或特权；
(c) 他担任该职位须遵守的条款及条件。

条： 252 条文标题： 关于市场失当行为的研讯程序 版本日期： 01/04/2003



(1) 财政司司长在考虑证监会根据第(8)款作出的报告或律政司司长根据第(9)款作出的通知之后或在其他情况下，如觉得曾发生或可能曾发生市场失当行为，则可就该事宜提起在审裁处席前进行的研讯程序。
(2) 财政司司长可藉向审裁处发出书面通知而提起在审裁处席前进行的研讯程序，通知须载有陈述，指明附表9订明的事宜。
(3) 在不局限第251(1)条的一般性的原则下，根据第(1)款提起的研讯程序的目的是由审裁处裁定─
(a) 是否曾发生市场失当行为；
(b) 任何曾从事该失当行为的人的身分；及
(c) 因该失当行为而获取的利润或避免的损失的金额。
(4) 除第(5)及(6)款另有规定外，在以下情况下，审裁处可依据第(3)(b)款识辨某人曾从事市场失当行为─
(a) 该人曾作出构成市场失当行为的行为；
(b) 虽然该人没有作出构成市场失当行为的行为，但─
(i) 审裁处依据第(3)(b)款识辨某属法团的另一人曾从事市场失当行为；及
(ii) 该人是该法团的高级人员，而该失当行为是在获该人同意或纵容的情况下发生的；或
(c) 虽然该人没有作出构成市场失当行为的行为，但─
(i) 审裁处依据第(3)(b)款识辨另一人曾从事市场失当行为；及
(ii) 该人协助或纵容该另一人作出构成该失当行为的行为，而该人是知道该行为构成或可能构成市场失当行为的。
(5) 如本部任何条文规定不得以某市场失当行为为理由而视某人为曾从事市场失当行为，则审裁处不得依据第(3)(b)款识辨他曾从事市场失当行为。
(6) 审裁处在依据第(3)(b)款识辨任何人曾从事市场失当行为前，须给予该人合理的陈词机会。
(7) 除第261(3)条另有规定外，在裁定任何有待审裁处裁定的问题或争议点时所要求的举证准则，是适用于在法院进行的民事法律程序的举证准则。
(8) 凡证监会合理地相信或怀疑已发生构成市场失当行为的事件，可向财政司司长报告该事件。
(9) 凡律政司司长合理地相信或怀疑已发生构成市场失当行为的事件，可将该事件通知财政司司长。
(10) 财政司司长在考虑证监会根据第(8)款作出的报告或律政司司长根据第(9)款作出的通知之后或在其他情况下，如觉得有人已犯或可能已犯第XIV部所订任何罪行，第(1)款并不阻止他将该事宜交予律政司司长。
条： 253 条文标题： 审裁处的权力 版本日期： 01/04/2003



(1) 在符合附表9及终审法院首席法官根据第269条订立的规则的规定下，审裁处为根据第252条提起的研讯程序的目的，可主动或应研讯程序任何一方的申请─
(a) 收取及考虑以口述证供、书面陈述或文件提供的材料；即使该等材料在法院民事或刑事法律程序中会属不可接纳为证据，审裁处亦可收取及考虑；
(b) 藉审裁处主席签署的书面通知，要求某人出席聆讯、提供证据及交出由他管有并与该研讯程序的标的有关的任何物品、纪录或文件；
(c) 监誓；
(d) 讯问或安排讯问任何在其席前已宣誓或未经宣誓的人，并要求该人据实回答审裁处认为就该研讯程序而言属适当的问题；
(e) 命令证人为研讯程序的目的以誓章据实提供证据；
(f) 命令任何人不得发表或以其他方式披露已为审裁处收取的材料；
(g) 禁止发表或披露审裁处在闭门进行的任何聆讯(或聆讯中闭门进行的任何部分)中所收取的材料；
(h) 决定收取(a)段提述的材料的方式；
(i) 在顾及公正原则后，基于审裁处认为适当的理由及按审裁处认为适当的条款及条件，而搁置该研讯程序的任何部分；
(j) 决定在该研讯程序中须依循的程序；
(k) 为进行该研讯程序或执行其职能，而行使所需或所附带的其他权力，或作出所需或所附带的其他命令。
(2) 任何人无合理辩解而有以下行为，即属犯罪─
(a) 没有遵从审裁处根据或依据第(1)款作出的命令、通知、禁令或要求；
(b) 令审裁处聆讯无法继续进行，或在聆讯过程中有其他不检行为；
(c) 在按审裁处根据第(1)款作出的要求于某地方出席审裁处聆讯后，未经审裁处准许而离开该地方；
(d) 阻碍任何人为根据第252条提起的研讯程序的目的出席审裁处聆讯、提供证据或交出任何物品、纪录或文件，或阻吓任何人以期他不为该目的作出该等作为；
(e) 因任何人曾出席审裁处聆讯而威胁或侮辱他，或令他蒙受损失；或
(f) 因任何审裁处成员、提控官或协助提控官的人以该等身分执行职能，而在任何时间威胁或侮辱他，或令他蒙受损失。
(3) 任何人犯第(2)款所订罪行─
(a) 一经循公诉程序定罪，可处罚款$1000000及监禁2年；或
(b) 一经循简易程序定罪，可处第6级罚款及监禁6个月。
(4) 任何人不得仅以遵从审裁处根据或依据第(1)款作出的命令、通知、禁令或要求可能导致他入罪为理由，而获豁免遵从该命令、通知、禁令或要求。

条： 254 条文标题： 审裁处在证据方面的进一步权力 版本日期： 01/04/2003



(1) 为根据第252条提起的研讯程序的目的，审裁处可主动或应就该研讯程序委任的提控官的申请，以书面授权证监会行使第(2)款指明的权力和向审裁处提供因行使该等权力而取得的任何纪录、文件及资料。
(2) 作出以下作为的权力是为施行第(1)款而指明的权力─
(a) 在审裁处有合理理由相信或怀疑任何人的纪录或文件可能载有与有关研讯程序有关的资料时，查阅该等纪录或文件；
(b) 复印(a)提述的任何纪录或文件或以其他方式记录其中的细节，以及在不抵触第(3)款的情况下，在作出该等作为所需的期间(该期间不得超过2日)，取去该等纪录或文件；
(c) 要求任何人在指明时间内就关于(a)段提述的任何纪录或文件提供解释或详情(在适用范围内，包括描述拟备或制作该等纪录或文件时的情况、提供所有在与该等纪录或文件有关连的情况下作出或收取的指令的细节，以及解释在该等纪录或文件中作出或遗漏某记项的理由)；
(d) 要求任何人在指明时间内，就在任何处所是否存有可能载有与有关研讯程序有关的资料的任何纪录或文件提供资料，并提供关于该等处所、纪录或文件的详情；
(e) 要求任何依据本条提供的资料、解释或详情藉法定声明核实，并监理该等声明；
(f) 向审裁处有合理理由相信或怀疑能够提供与有关研讯程序有关的资料的人录取口供。
(3) 证监会须在符合该会就保安或其他方面而施加的合理条件下，准许如任何纪录或文件没有根据第(2)(b)款被取去便会有权查阅该等纪录或文件的人，在任何合理时间查阅该等纪录或文件，及将该等纪录或文件复印或以其他方式记录其中的细节。
(4) 如证监会寻求根据本条查阅由任何人管有的纪录或文件，或寻求根据本条就该等纪录或文件行使其他权力，则该人须向证监会交出该等纪录或文件。
(5) 凡任何人根据本条被要求提供任何资料、解释或详情，他须在其权力所及的范围内遵从该要求，并须应要求而藉法定声明核实该等资料、解释或详情(视属何情况而定)。
(6) 任何人─
(a) 无合理辩解而违反第(4)或(5)款；
(b) (i) 在看来是遵守第(4)或(5)款时，作出在要项上属虚假或具误导性的陈述；且
(ii) 知道该陈述在要项上属虚假或具误导性，或罔顾该陈述是否在要项上属虚假或具误导性；
(c) 妨碍证监会根据本条行使其任何权力；或
(d) 意图向审裁处隐瞒任何可由与根据第252条提起的研讯程序有关的纪录或文件披露的事实或事情，而销毁、揑改、隐藏或以其他方式处置该等纪录或文件，或致使或准许他人作出任何该等作为，
即属犯罪。
(7) 任何人犯第(6)款所订罪行─
(a) 一经循公诉程序定罪，可处罚款$1000000及监禁2年；或
(b) 一经循简易程序定罪，可处第6级罚款及监禁6个月。
(8) 任何人不得仅以遵守第(4)或(5)款可能会导致他入罪为理由，而获豁免遵守该等条文。

条： 255 条文标题： 为市场失当行为的法律程序的目的使用经收取的证据 版本日期： 01/04/2003



(1) 不论本条例其他条文有任何规定，任何人在根据第252条提起的研讯程序中提出的或为该程序的目的而提出的证据(包括根据第253条由审裁处收取或向审裁处交出的材料、纪录或文件，及根据第254条向审裁处提供、交出或披露的纪录、文件或资料)，就本部(包括根据或依据本部提起的民事或刑事法律程序)的所有目的而言均可获接纳为证据，但除第(2)款另有规定外，该等证据不得在任何由该人在法院或为针对该人而在法院提起的民事或刑事法律程序中为任何其他目的而获接纳为针对他的证据。
(2) 在第(1)款中提述的由某人在根据第252条提起的研讯程序中提出的或为该程序的目的而提出的证据在以下法律程序中可获接纳为针对他的证据─
(a) 根据或依据第XI部提起的民事法律程序；
(b) 根据第305条提起的法律程序；
(c) 因在根据第252条提起的研讯程序中提出或为该程序的目的提出证据而引起的在法院进行的民事法律程序；
(d) 就他在根据第252条提起的研讯程序中或为该程序的目的对任何问题的回答，而检控他犯第219(2)(a)条或《刑事罪行条例》(第200章)第V部所订罪行或作假证供罪的刑事法律程序。


条： 256 条文标题： 受保密权涵盖的资料 版本日期： 01/04/2003



即使根据第252条提起的研讯程序的标的是(不论全部或有部分是)某人的行为，本部及附表9并不规定担任该人的银行或财务顾问的认可财务机构，披露该人以外的该机构顾客的事务的资料。

条： 257 条文标题： 审裁处的命令等 版本日期： 16/07/2007



(1) 在符合第(3)款的规定下，凡任何人在根据第252条提起的研讯程序中，依据第252(3)(b)条被识辨为曾从事市场失当行为，审裁处可在该研讯程序完结时就该人作出一项或多于一项以下命令─
(a) 命令他在该命令指明的不超过5年的期间内，未经原讼法庭许可，不得担任或留任上市法团或其他指明法团的董事或清盘人，或担任或留任该等法团的财产或业务的接管人或经理人，或以任何方式直接或间接关涉或参与该等法团的管理；
(b) 命令他在该命令指明的不超过5年的期间内，未经原讼法庭许可，不得在香港直接或间接取得、处置或以任何其他方式处理任何证券、期货合约、杠杆式外汇交易合约，或任何证券、期货合约、杠杆式外汇交易合约或集体投资计划的权益；
(c) 命令他不得再作出构成该命令指明的市场失当行为(不论是否属该研讯程序的对象的市场失当行为)的任何行为；
(d) 命令他向政府缴付一笔款项，金额不得超逾该人因该失当行为而令他获取的利润或避免的损失的金额；
(e) 在不减损第260条赋予审裁处的权力的原则下，就由政府就有关研讯程序而合理地招致或合理地附带招致的讼费及开支，和由政府为该程序的目的就对该人的行为或事务作出调查而合理地招致或合理地附带招致的讼费及开支，命令他向政府缴付一笔审裁处认为数额适当的款项；
(f) 在不减损第260条赋予审裁处的权力的原则下，就由证监会就有关研讯程序而合理地招致或合理地附带招致的讼费及开支，和由该会在有关事宜由财政司司长交付审裁处前就对该人的行为或事务作出调查而合理地招致或合理地附带招致的讼费及开支，命令他向该会缴付一笔审裁处认为数额适当的款项；
(fa) 凡有关研讯程序是因根据《财务汇报局条例》(第588章)进行的调查而提起的，就由该条例第6(1)条设立的财务汇报局就该项调查而合理地招致或合理地附带招致的费用及开支，命令他向该局缴付一笔审裁处认为是数额适当的款项； (由2006年第18号第85条增补)
(g) 在他是某团体的成员而该团体可针对他采取纪律行动的情况下，命令建议该团体针对他采取纪律行动。
(2) 凡某人的行为─
(a) 在过往导致他在香港被裁定犯某罪行；
(b) 在过往导致审裁处依据第252(3)(b)条识辨他曾从事市场失当行为；或
(c) 在本部生效前任何时间导致他在根据已废除的《证券(内幕交易)条例》第16(3)条作出的裁定中或在根据该条例第22(1)条拟备和发出的报告书中被识辨为内幕交易者，
审裁处在根据第(1)款就他作出命令时，可考虑该行为。
(3) 审裁处在根据第(1)款就某人作出命令之前，须给予他合理的陈词机会。
(4) 审裁处如根据第(1)(a)款作出命令，可藉点名或提述与其他法团的关系而指明一个法团。
(5) 审裁处可就任何人在根据第(1)(c)款作出的命令中指明任何市场失当行为，不论在该命令作出时，他是否可能会作出构成该市场失当行为的行为。
(6) 凡审裁处根据第(1)(e)或(f)款作出命令，要求缴付讼费，作为就根据第252条提起的任何法律程序而合理地招致或合理地附带招致的讼费，则除终审法院首席法官根据第269条订立的规则另有规定外，《高等法院规则》(第4章，附属法例A)第62号命令适用于该等讼费的评定。
(7) 审裁处须将根据第(1)款就某人作出的命令，以书面通知他。
(8) 根据第(1)款就某人作出的命令，在他接获关于该命令的通知时或在该通知指明的时间(两者以较迟者为准)生效。
(9) 凡审裁处根据第(1)(b)款作出命令，证监会可按该会认为适当的方式，将该命令通知任何持牌人或注册机构。
(10) 任何人没有遵从根据第(1)(a)、(b)或(c)款作出的命令，即属犯罪─
(a) 一经循公诉程序定罪，可处罚款$1000000及监禁2年；或
(b) 一经循简易程序定罪，可处第6级罚款及监禁6个月。

： 258 条文标题： 就法团高级人员而作出的进一步的命令 版本日期： 01/04/2003



(1) 在符合第(3)款的规定下，凡某法团依据第252(3)(b)条被识辨为曾从事市场失当行为，如某人是该法团的高级人员，而该行为可直接或间接归因于他违反第279条委予他的责任，则即使他并没有依据第252(3)(b)条被识辨为曾从事市场失当行为，审裁处仍可就他而作出一项或多于一项第257(1)(a)至(g)条提述的命令。
(2) 凡某人的行为─
(a) 在过往导致他在香港被裁定犯某罪行；
(b) 在过往导致审裁处依据第252(3)(b)条识辨他曾从事市场失当行为；或
(c) 在本部生效前任何时间导致他在根据已废除的《证券(内幕交易)条例》第16(3)条作出的裁定中或在根据该条例第22(1)条拟备和发出的报告书中被识辨为内幕交易者，
审裁处在根据第(1)款就他作出命令时，可考虑该行为。
(3) 审裁处在根据第(1)款就某人作出命令之前，须给予他合理的陈词机会。
(4) 审裁处如根据第(1)款作出第257(1)(a)条提述的命令，可藉点名或提述与其他法团的关系而指明一个法团。
(5) 审裁处如根据第(1)款就任何人作出第257(1)(c)条提述的命令，可在该命令中指明任何市场失当行为，不论在该命令作出时，他是否可能会作出构成该市场失当行为的行为。
(6) 凡审裁处根据第(1)款作出第257(1)(e)或(f)条提述的命令，要求缴付讼费，作为就根据第252条提起的任何法律程序而合理地招致或合理地附带招致的讼费，则除终审法院首席法官根据第269条订立的规则另有规定外，《高等法院规则》(第4章，附属法例A)第62号命令适用于该等讼费的评定。
(7) 审裁处须将根据第(1)款就某人作出的命令，以书面通知他。
(8) 根据第(1)款就某人作出的命令，在他接获关于该命令的通知时或在该通知指明的时间(两者以较迟者为准)生效。
(9) 凡审裁处根据第(1)款作出第257(1)(b)条提述的命令，证监会可按该会认为适当的方式，将该命令通知任何持牌人或注册机构。
(10) 凡审裁处根据第(1)款就任何人作出第257(1)(a)、(b)或(c)条提述的命令，如他没有遵从该命令，即属犯罪─
(a) 一经循公诉程序定罪，可处罚款$1000000及监禁2年；或
(b) 一经循简易程序定罪，可处第6级罚款及监禁6个月。

条： 259 条文标题： 根据第257(1)(d)条提述的命令须付的款项的利息 版本日期： 01/04/2003



凡审裁处作出第257(1)(d)条提述的命令(不论该命令是根据第257(1)条或是根据第258(1)条而作出的)，要求某人缴付款项，则审裁处亦可命令所缴付的款项须按以下方式衍生复利息─
(a) 复利息自有关市场失当行为发生当日起计算；及
(b) 利率按不时根据《高等法院条例》(第4章)第49条适用于判定债项的利率计算，结算期及衍生复利息的方式按审裁处认为适当者而定。

条： 260 条文标题： 讼费 版本日期： 01/04/2003



(1) 除第(4)款另有规定外，审裁处可于根据第252条提起的研讯程序完结时，或于该程序结束后在合理地切实可行范围内，尽快就以下的人就该程序合理地招致的讼费，藉命令向他们判给一笔审裁处认为数额适当的款项─
(a) 为该程序的目的而需要以或被要求以证人或其他身分出席的人；
(b) 任何人，而该程序的标的是(不论全部或有部分是)该人的行为。
(2) 根据本条判给的讼费，由政府一般收入支付。
(3) 除终审法院首席法官根据第269条订立的规则另有规定外，《高等法院规则》(第4章，附属法例A)第62号命令适用于根据本条判给的讼费的判给和评定。
(4) 第(1)(a)及(b)款不适用于符合以下说明的人─
(a) 该人凭借第252(4)(a)、(b)或(c)条而依据第252(3)(b)条被识辨为曾从事市场失当行为；
(b) 审裁处认为该人的行为，引致(不论是完全或部分)审裁处在根据有关研讯程序进行期间，对其行为作出调查或考虑；
(c) 审裁处认为该人的行为引致(不论是完全或部分)提起有关研讯程序。


条： 261 条文标题： 审裁处处理的藐视罪 版本日期： 01/04/2003



(1) 审裁处在惩罚犯藐视罪者方面所具有的权力，与原讼法庭所具有的相同。
(2) 在不局限第(1)款赋予的权力的一般性的原则下，如任何人─
(a) 无合理辩解而有第253(2)(a)、(b)、(c)、(d)、(e)或(f)条描述的行为；
(b) 有第254(6)(a)、(b)、(c)或(d)条描述的行为；或
(c) 没有遵从第257(10)或258(10)条提述的命令，
则审裁处可以该人犯藐视罪而惩罚该人，犹如该人犯藐视法庭罪一样，而审裁处在这方面所具有的权力，与原讼法庭所具有的相同。
(3) 审裁处在根据本条行使惩罚犯藐视罪者的权力时，须采用原讼法庭在行使权力惩罚犯藐视罪者时采用的举证准则。
(4) 不论本条及本条例其他条文有任何规定─
(a) 在以下情况下，不得根据或依据本条行使权力，以决定是否就某行为以某人犯藐视罪而惩罚该人─
(i) 过往已根据第253(2)、254(6)、257(10)或258(10)条就同一行为对该人提起刑事法律程序；及
(ii) (A) 该刑事法律程序仍待决；或
(B) 由于过往已提起该刑事法律程序，因此不得根据该条就同一行为再次合法地对该人提起刑事法律程序；
(b) 在以下情况下，不得根据第253(2)、254(6)、257(10)或258(10)条就某行为而对某人提起刑事法律程序─
(i) 过往已根据或依据本条行使权力，以决定是否就同一行为以该人犯藐视罪而惩罚该人；及
(ii) (A) 因行使该权力而产生的法律程序仍待决；或
(B) 由于过往已行使该权力，因此不得根据或依据本条再次合法地行使权力，以决定是否就同一行为以该人犯藐视罪而惩罚该人。

条： 262 条文标题： 审裁处的报告 版本日期： 01/04/2003



(1) 审裁处在进行根据第252条提起的研讯程序后，须就该程序拟备书面报告，报告须载有─
(a) 审裁处依据第252(3)条作出的任何裁定及根据第257或258条作出的任何命令，以及作出该裁定及命令的理由；及
(b) 根据第259或260条作出的任何命令，以及作出该命令的理由。
(2) 审裁处须以下述方式发出根据第(1)款拟备的报告─
(a) 首先将报告的文本交予财政司司长；及
(b) 然后(除非审裁处闭门进行某次聆讯或该聆讯任何部分)─
(i) 将报告发表，使其文本可提供予公众；
(ii) 在合理地切实可行的范围内及在有关研讯程序直接涉及某人的行为的情况下，将报告的文本交予该人；
(iii) 将报告的文本交予律政司司长；
(iv) 将报告的文本交予证监会；及
(v) 如某人依据第252(3)(b)条被识辨为曾从事市场失当行为，而该人是某团体的成员而该团体可针对该人采取纪律行动，则(如审裁处认为适当的话)将报告的文本交予该团体。
(3) 如审裁处闭门进行某次聆讯或该聆讯任何部分，财政司司长可安排将整份报告或其中任何部分，以他指示的方式提供予公众或某特定的人或团体。财政司司长行使上述权力的先决条件是他认为如此行使权力是符合公众利益的。
(4) 凡审裁处的报告根据第(2)(b)款发表或根据第(3)款提供，任何人不得因发表该报告的真实准确叙述或中肯准确撮要，而在民事或刑事法律程序中被起诉。

条： 263 条文标题： 审裁处命令的格式及证明 版本日期： 01/04/2003



(1) 审裁处命令须以书面记录，并由审裁处主席签署。
(2) 在无相反证明的情况下，任何文件如看来是审裁处命令，并看来是由审裁处主席签署的，则视为审裁处妥为作出的命令，而无须提出关于作出或签署该命令的证明，亦无须证明签署该命令的人确是审裁处主席。

条： 264 条文标题： 审裁处命令可在原讼法庭登记 版本日期： 01/04/2003



(1) 原讼法庭可应审裁处按终审法院首席法官藉根据第269条订立的规则订明的方式而发出的书面通知，在原讼法庭登记审裁处的命令，而该命令一经登记，即就所有目的而言成为原讼法庭在其司法管辖权范围内作出的命令。
(2) 审裁处如根据第257(1)(a)条作出命令，或根据第258(1)条作出第257(1)(a)条提述的命令，须在作出该等命令后，在合理地切实可行的范围内尽快将该等命令送交公司注册处处长存档。

条： 265 条文标题： 申请搁置执行审裁处根据第257、258、259或260条所作的命令 版本日期： 01/04/2003



凡审裁处根据第257、258、259或260条就任何人作出命令，该人可向审裁处申请搁置执行该命令，而凡有人提出该申请，审裁处如认为适当，可藉命令而准予搁置执行，并可在讼费、缴存款项于审裁处或其他方面定出它认为适当的条件，而有关的搁置执行须受该等条件规限。

Section: 266 Heading: Appeal to Court of Appeal Version Date: 01/04/2003



Division 3-Appeals, etc.

(1) Where the Tribunal has made any finding or determination for the purposes of any proceedings instituted under section 252, and the Secretary for Justice, or a person identified as having engaged in market misconduct pursuant to section 252(3)(b), is dissatisfied with the finding or determination, the Secretary for Justice or the person (as the case may be) may, after the Tribunal has made orders (if any) under section 257, 258, 259 or 260 for the purposes of the proceedings, appeal to the Court of Appeal against the finding or determination-
(a) on a point of law; or
(b) with the leave of the Court of Appeal, on a question of fact.
(2) A person in respect of whom an order has been made under section 257, 258, 259, 260 or 265 may appeal to the Court of Appeal against the order

Section: 267 Heading: Powers of Court of Appeal on appeal Version Date: 01/04/2003



(1) In an appeal under section 266(1), the Court of Appeal may-
(a) allow the appeal;
(b) dismiss the appeal;
(c) vary or set aside the finding or determination, and, where the finding or determination is set aside, substitute for the finding or determination any other finding or determination it considers appropriate;
(d) remit the matter in question to the Tribunal with the directions it considers appropriate, which may include a direction to the Tribunal to conduct the proceedings in question afresh for the purpose of determining any question specified by the Court of Appeal.
(2) In an appeal under section 266(2), the Court of Appeal may-
(a) confirm, vary or set aside the order appealed against; and
(b) where the order is set aside, substitute for the order any other order it considers appropriate.
(3) Where the Court of Appeal varies, or substitutes any other finding, determination or order for, a finding, determination or order under subsection (1)(c) or (2)(a) or (b), the finding, determination or order as varied or the other finding, determination or order substituting for the finding, determination or order (as the case may be) may be-
(a) in the case of subsection (1)(c), any finding or determination (whether more or less onerous) that the Tribunal had power to make for the purposes of the proceedings in question; or
(b) in the case of subsection (2)(a) or (b), any order (whether more or less onerous) that the Tribunal had power to make in respect of the appellant,
whether or not under the same provision as that under which the finding, determination or order has been made.
(4) Where on appeal the Court of Appeal remits any matter to the Tribunal under section 267(1)(d), unless the Court of Appeal otherwise directs, members of the Tribunal disposing of the matter may be the same as, or different from, those of the Tribunal from which the appeal lies.
(5) In an appeal under section 266, the Court of Appeal may make such order as to costs as it considers appropriate.

Section: 268 Heading: No stay of execution on appeal Version Date: 01/04/2003



Without prejudice to section 265, neither the lodging of an appeal nor the filing of an application for leave to appeal under section 266 by itself operates as a stay of execution of a finding or determination or an order (as the case may be) of the Tribunal unless the Court of Appeal otherwise orders, and any stay of execution may be subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Court of Appeal considers appropriate.

Section: 269 Heading: Rules by Chief Justice Version Date: 01/04/2003



The Chief Justice may make rules-
(a) providing for the taxation of costs required to be paid under an order referred to in section 257(1)(e) or (f), whether made under section 257(1) or 258(1), and for the award of costs under section 260 and the taxation of those costs;
(b) prescribing the manner in which the Tribunal is to give notice to the Court of First Instance in respect of orders of the Tribunal pursuant to section 264;
(c) regulating the procedure for-
(i) applying for leave to appeal, and the hearing of applications for leave to appeal, under section 266;
(ii) the hearing of appeals under that section;
(d) requiring the payment of the fees specified in the rules for any matter relating to the proceedings instituted under section 252;
(e) providing for matters of procedure or other matters relating to the proceedings instituted under section 252, which are not provided for in this Part or in Schedule 9;
(f) providing for the issue or service of any document (however described) for the purposes of this Part or Schedule 9;
(g) prescribing any matter which this Part provides is, or may be, prescribed by rules made by the Chief Justice.


Section: 270 Heading: Insider dealing Version Date: 01/04/2003



Division 4-Insider dealing
(1) Insider dealing in relation to a listed corporation takes place-
(a) when a person connected with the corporation and having information which he knows is relevant information in relation to the corporation-
(i) deals in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives; or
(ii) counsels or procures another person to deal in such listed securities or derivatives, knowing or having reasonable cause to believe that the other person will deal in them;
(b) when a person who is contemplating or has contemplated making, whether with or without another person, a take-over offer for the corporation and who knows that the information that the offer is contemplated or is no longer contemplated is relevant information in relation to the corporation-
(i) deals in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives, otherwise than for the purpose of the take-over; or
(ii) counsels or procures another person to deal in such listed securities or derivatives, otherwise than for the purpose of the take-over;
(c) when a person connected with the corporation and knowing that any information is relevant information in relation to the corporation, discloses the information, directly or indirectly, to another person, knowing or having reasonable cause to believe that the other person will make use of the information for the purpose of dealing, or of counselling or procuring another person to deal, in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives;
(d) when a person who is contemplating or has contemplated making, whether with or without another person, a take-over offer for the corporation and who knows that the information that the offer is contemplated or is no longer contemplated is relevant information in relation to the corporation, discloses the information, directly or indirectly, to another person, knowing or having reasonable cause to believe that the other person will make use of the information for the purpose of dealing, or of counselling or procuring another person to deal, in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives;
(e) when a person who has information which he knows is relevant information in relation to the corporation and which he received, directly or indirectly, from a person whom he knows is connected with the corporation and whom he knows or has reasonable cause to believe held the information as a result of being connected with the corporation-
(i) deals in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives; or
(ii) counsels or procures another person to deal in such listed securities or derivatives; or
(f) when a person having received, directly or indirectly, from a person whom he knows or has reasonable cause to believe is contemplating or is no longer contemplating making a take-over offer for the corporation, information to that effect which he knows is relevant information in relation to the corporation-
(i) deals in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives; or
(ii) counsels or procures another person to deal in such listed securities or derivatives.
(2) Insider dealing in relation to a listed corporation also takes place when a person who knowingly has relevant information in relation to the corporation in any of the circumstances described in subsection (1)-
(a) counsels or procures another person to deal in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives, knowing or having reasonable cause to believe that the other person will deal in such listed securities or derivatives outside Hong Kong on a stock market other than a recognized stock market; or
(b) discloses the relevant information to another person knowing or having reasonable cause to believe that the other person or some other person will make use of the relevant information for the purpose of dealing, or of counselling or procuring any other person to deal, in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives, outside Hong Kong on a stock market other than a recognized stock market.

Section: 271 Heading: Insider dealing-certain persons not to be regarded as having engaged in market misconduct Version Date: 01/04/2003



(1) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives if he establishes that he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question (as the case may be)-
(a) for the sole purpose of acquiring shares required for his being qualified as a director or intending director of a corporation;
(b) in the performance in good faith of an underwriting agreement for the listed securities or derivatives in question; or
(c) in the performance in good faith of his functions as a liquidator, receiver or trustee in bankruptcy.
(2) A corporation shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through its dealing in or counselling or procuring another person to deal in listed securities or derivatives if it establishes that-
(a) although one or more of its directors or employees had the relevant information in relation to the corporation the listed securities of which were, or the derivatives of the listed securities of which were, the listed securities or derivatives in question, each person who took the decision for it to deal in or counsel or procure the other person to deal in such listed securities or derivatives (as the case may be) did not have the relevant information up to (and including) the time when it dealt in or counselled or procured the other person to deal in such listed securities or derivatives (as the case may be);
(b) arrangements then existed to secure that-
(i) the relevant information was, up to (and including) the time when it dealt in or counselled or procured the other person to deal in such listed securities or derivatives (as the case may be), not communicated to any person who took the decision; and
(ii) none of its directors or employees who had the relevant information gave advice concerning the decision to any person who took the decision at any time before it dealt in or counselled or procured the other person to deal in such listed securities or derivatives (as the case may be); and
(c) the relevant information was in fact not so communicated to any person who took the decision and none of its directors or employees who had the relevant information in fact so gave the advice to any person who took the decision.
(3) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives or his disclosure of information if he establishes that the purpose for which he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question or disclosed the information in question (as the case may be) was not, or, where there was more than one purpose, the purposes for which he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question or disclosed the information in question (as the case may be) did not include, the purpose of securing or increasing a profit or avoiding or reducing a loss, whether for himself or another, by using relevant information.
(4) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives if he establishes that-
(a) he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question (as the case may be) as agent;
(b) he did not select or advise on the selection of such listed securities or derivatives; and
(c) he-
(i) did not know that the person for whom he acted as agent was a person connected with the corporation the listed securities of which were, or the derivatives of the listed securities of which were, such listed securities or derivatives; or
(ii) did not know that the person for whom he acted as agent had the relevant information in question.
(5) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives if he establishes that-
(a) at the time when he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question, the dealing in question was not required to be recorded on a recognized stock market or to be notified to a recognized exchange company under its rules; and
(b) (i) where the insider dealing took place through his dealing in listed securities or derivatives-
(A) he and the other party to the dealing in question entered into the dealing directly with each other; and
(B) at the time when he entered into the dealing, the other party to the dealing knew, or ought reasonably to have known, of the relevant information in question; or
(ii) where the insider dealing took place through his counselling or procuring another person to deal in listed securities or derivatives-
(A) he counselled or procured the other party to the dealing in question to enter into the dealing directly with him; and
(B) at the time when he counselled or procured the other party to enter into the dealing, the other party knew, or ought reasonably to have known, of the relevant information in question.
(6) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in listed securities or derivatives if he establishes that-
(a) he entered into the dealing in question, otherwise than as a person who has counselled or procured the other party to the dealing to deal in listed securities or their derivatives; and
(b) at the time when he entered into the dealing, the other party to the dealing knew, or ought reasonably to have known, that he was a person connected with the corporation the listed securities of which were, or the derivatives of the listed securities of which were, the listed securities or derivatives in question.
(7) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his counselling or procuring another person to deal in listed securities or derivatives if he establishes that-
(a) the other person did not counsel or procure the other party to the dealing in question to deal in listed securities or their derivatives; and
(b) at the time when he counselled or procured the other person to deal in the listed securities or derivatives in question, the other party to the dealing in question knew, or ought reasonably to have known, that the other person was a person connected with the corporation the listed securities of which were, or the derivatives of the listed securities of which were, such listed securities or derivatives.
(8) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives if he establishes that-
(a) he acted-
(i) in connection with any dealing in listed securities or their derivatives (whether by himself or another person) which was under consideration or was the subject of negotiation, or in the course of a series of such dealings; and
(ii) with a view to facilitating the accomplishment of the dealing or the series of dealings; and
(b) the relevant information in question was market information arising directly out of his involvement in the dealing or the series of dealings.
(9) A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives if he establishes that the dealing in question is a market contract.
(10) For the purposes of subsection (8), "market information" (市场消息) means information consisting of one or more of the following facts-
(a) that there has been or is to be any dealing in listed securities or derivatives of listed securities of a particular kind, or that any such dealing is under consideration or is the subject of negotiation;
(b) that there has not been or is not to be any dealing in listed securities or derivatives of listed securities of a particular kind;
(c) the quantity of listed securities or derivatives of listed securities in which there is or is to be any dealing, or in which any dealing is under consideration or is the subject of negotiation;
(d) the price (or range of prices) at which listed securities or derivatives of listed securities have been or are to be dealt in, or the price (or range of prices) at which listed securities or derivatives of listed securities in which any dealing is under consideration or is the subject of negotiation may be dealt in;
(e) the identity of the persons involved or likely to be involved in any capacity in any dealing in listed securities or derivatives of listed securities.

Section: 272 Heading: Insider dealing-certain trustees and personal
representatives not to be regarded as having engaged in market misconduct Version Date: 01/04/2003



A person who is a trustee or personal representative shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives if he establishes that-
(a) he acted on advice obtained in good faith from another person;
(b) that other person appeared to him to be an appropriate person from whom to seek the advice; and
(c) it did not appear to him that, had that other person dealt in the listed securities or derivatives in question, an insider dealing would take place.

Section: 273 Heading: Insider dealing-certain persons exercising right to subscribe for or acquire securities or derivatives not to be regarded as having
engaged in market misconduct Version Date: 01/04/2003



A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in listed securities or derivatives if he establishes that-
(a) he dealt in the listed securities or derivatives in question by way of his exercise of a right to subscribe for or otherwise acquire such listed securities or derivatives; and
(b) the right was granted to him or was derived from securities or their derivatives that were held by him before he became aware of any relevant information in relation to the corporation the listed securities of which were, or the derivatives of the listed securities of which were, such listed securities or derivatives.

条： 266 条文标题： 向上诉法庭提出上诉 版本日期： 01/04/2003



第3分部─上诉等

(1) 凡审裁处为根据第252条提起的研讯程序的目的作出裁断或裁定，而律政司司长或依据第252(3)(b)条被识辨为曾从事市场失当行为的人对该裁断或裁定感到不满，则律政司司长或该人(视属何情况而定)可在审裁处为该程序的目的根据第257、258、259或260条作出命令(如有的话)后，针对该裁断或裁定向上诉法庭─
(a) 就法律论点；或
(b) (如获上诉法庭许可)就事实问题，
提出上诉。
(2) 凡审裁处根据第257、258、259、260或265条就某人作出命令，他可针对该命令向上诉法庭提出上诉。

条： 267 条文标题： 上诉法庭处理上诉的权力 版本日期： 01/04/2003



(1) 上诉法庭对根据第266(1)条提出的上诉，可─
(a) 判上诉得直；
(b) 驳回上诉；
(c) 更改或推翻有关裁断或裁定，及(如推翻该裁断或裁定)以上诉法庭认为适当的任何其他裁断或裁定取代该裁断或裁定；
(d) 将有关事宜发还审裁处处理，并给予上诉法庭认为适当的指示，包括指示审裁处重新进行有关研讯程序，以裁定上诉法庭指明的问题。
(2) 上诉法庭对根据第266(2)条提出的上诉，可─
(a) 确认、更改或推翻上诉所针对的命令；及
(b) (如推翻该命令)以它认为适当的任何其他命令取代该命令。
(3) 如上诉法庭根据第(1)(c)或(2)(a)或(b)款更改某裁断、裁定或命令或以任何其他裁断、裁定或命令取代某裁断、裁定或命令，经更改的该裁断、裁定或命令或用以取代该裁断、裁定或命令的其他裁断、裁定或命令(视属何情况而定)可以是审裁处本有权根据它据以作出该裁断、裁定或命令的同一条文或根据其他条文而─
(a) (就第(1)(c)款的情况而言)就有关研讯程序作出的任何裁断或裁定(不论较严苛或宽松)；或
(b) (就第(2)(a)或(b)款的情况而言)就上诉人作出的任何命令(不论较严苛或宽松)。
(4) 如上诉法庭应上诉而根据第267(1)(d)条将任何事宜发还审裁处处理，除非上诉法庭另有指示，否则处置该事宜的审裁处的成员，可与该上诉所来自的审裁处的成员相同或有所不同。
(5) 上诉法庭对根据第266条提出的上诉，可就讼费作出它认为适当的命令。

： 268 条文标题： 上诉不搁置执行 版本日期： 01/04/2003



在不损害第265条的原则下，除非上诉法庭另有命令，否则根据第266条提出上诉或送交上诉许可申请书存档，本身并不具有搁置执行审裁处的裁断或裁定或命令(视属何情况而定)的效力。上诉法庭如命令搁置执行，可在讼费、缴存款项于审裁处或其他方面定出它认为适当的条件，而有关的搁置执行须受该等条件规限。

： 269 条文标题： 终审法院首席法官订立规则 版本日期： 01/04/2003



终审法院首席法官可订立规则─
(a) 对须根据第257(1)(e)或(f)条提述的命令(不论该命令是根据第257(1)条或是根据第258(1)条而作出的)缴付的讼费的评定，以及对根据第260条判给讼费及对该等讼费的评定作出规定；
(b) 订明审裁处依据第264条就其命令向原讼法庭发出通知的方式；
(c) 规管─
(i) 根据第266条申请上诉许可的程序及该等申请的聆讯程序；
(ii) 根据该条提出的上诉的聆讯程序；
(d) 规定缴付在规则中就与根据第252条提起的研讯程序有关的任何事宜而指明的费用；
(e) 对本部或附表9没有作出规定而关乎根据第252条提起的研讯程序的程序事宜或其他事宜作出规定；
(f) 就为施行本部或附表9发出或送达任何文件(不论实际如何称述)作出规定；
(g) 订明本部规定由或可由终审法院首席法官藉规则订明的事宜。
第4分部─内幕交易

(1) 当以下情况出现时，与某上市法团有关的内幕交易即告发生─
(a) 与该法团有关连的人，掌握他知道属关于该法团的有关消息的消息，并─
(i) 进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(ii) 在知道或有合理因由相信另一人会进行该等证券或工具的交易的情况下，怂使或促致该另一人进行该等交易；
(b) 正意图或曾意图提出收购该法团的要约的人(不论是否联同别人提出)，在知道该项收购意图的消息或已打消该意图的消息是关于该法团的有关消息的情况下─
(i) 为该项收购以外的目的，进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(ii) 为该项收购以外的目的，怂使或促致另一人进行该等证券或工具的交易；
(c) 与该法团有关连的人，直接或间接向另一人披露任何消息，而他知道该消息是关于该法团的有关消息，并知道或有合理因由相信该另一人会利用该消息而进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，或怂使或促致他人进行该等交易；
(d) 正意图或曾意图提出收购该法团的要约的人(不论是否联同别人提出)，在知道该项收购意图的消息或已打消该意图的消息是关于该法团的有关消息的情况下，直接或间接向另一人披露该消息，并知道或有合理因由相信该另一人会利用该消息而进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，或怂使或促致他人进行该等交易；
(e) 任何人知道另一人与该法团有关连，并知道或有合理因由相信该另一人因该项关连而掌握关于该法团的有关消息，而他在直接或间接从该另一人收到他知道属关于该法团的有关消息的消息的情况下─
(i) 进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(ii) 怂使或促致他人进行该等证券或工具的交易；或
(f) 任何人知道或有合理因由相信另一人正意图提出收购该法团的要约，或已打消该意图，并直接或间接从该另一人收到该另一人的上述意图或打消该意图的消息，而在知道该消息是关于该法团的有关消息的情况下─
(i) 进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(ii) 怂使或促致他人进行该等证券或工具的交易。
(2) 明知而在第(1)款描述的情况下掌握关于某上法团的有关消息的人，如作出以下作为，则与该法团有关的内幕交易亦告发生─
(a) 知道或有合理因由相信另一人会于香港以外地方在认可证券市场以外的证券市场进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，而怂使或促致该另一人进行该等交易；或
(b) 知道或有合理因由相信另一人或其他人会利用该有关消息，于香港以外地方在认可证券市场以外的证券市场进行或怂使或促致别人如此进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，而将该有关消息披露予该另一人。


条： 271 条文标题： 内幕交易─某些人不得视为曾从事市场失当行为 版本日期： 01/04/2003



(1) 凡任何人证明以下情况，则不得以透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 他进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)的唯一目的，是取得作为某法团的董事或未来董事的资格所需的股份；
(b) 他在真诚地履行有关的上市证券或衍生工具的包销协议过程中进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)；或
(c) 他在真诚地执行其清盘人、接管人或破产管理人的职能的过程中进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)。
(2) 凡任何法团证明以下情况，则不得以透过该法团进行或怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视该法团为曾从事市场失当行为─
(a) (就有关的上市证券或衍生工具是另一法团的上市证券或另一法团的上市证券的衍生工具的情况而言)虽然有一名或多于一名属该法团的董事或雇员的人掌握关于该另一法团的有关消息，但决定进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)的每一个人，直至该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)之时(包括该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)的一刻)，并没有掌握该有关消息；
(b) 当时已有安排，以确保─
(i) 直至该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)之时(包括该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)的一刻)，该有关消息不会传达予作出该决定的人；及
(ii) 没有任何掌握该有关消息的该法团的董事或雇员在该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)之前任何时间，向作出该决定的人提供关于该决定的意见；及
(c) 该有关消息事实上没有如此传达予作出该决定的人，亦没有任何掌握该有关消息的该法团的董事或雇员如此向作出该决定的人提供意见。
(3) 凡任何人证明以下情况，则不得以透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易或透过他披露消息而发生的内幕交易为理由，而视他为曾从事市场失当行为∶他进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易或披露有关的消息(视属何情况而定)的目的，并非在于(亦并不包括)利用有关消息为自己或他人获得或增加利润或避免或减少损失。
(4) 凡任何人证明以下情况，则不得以透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 他是以代理人身分进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)；
(b) 他没有拣选该等上市证券或衍生工具，亦没有就拣选该等上市证券或衍生工具提供意见；及
(c) (如他以某人的代理人身分行事)他不知道─
(i) (就有关的上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)该人是与该法团有关连的人；或
(ii) 该人掌握有关的有关消息。
(5) 凡任何人证明以下情况，则不得以透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 在他进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易时，有关的交易无须在认可证券市场记录，亦无须根据认可交易所规章通知该交易所；及
(b) (i) 就有关的内幕交易是透过他进行上市证券或衍生工具的交易而发生的情况而言─
(A) 他与有关的交易的另一方直接与对方订立该宗交易；及
(B) 在他订立该宗交易时，该宗交易的另一方知道或理应知道有关的有关消息；或
(ii) 就有关的内幕交易是透过他怂使或促致另一人进行上市证券或衍生工具的交易而发生的情况而言─
(A) 他怂使或促致有关的交易的另一方直接与他订立该宗交易；及
(B) 在他怂使或促致该另一方订立该宗交易时，该另一方知道或理应知道有关的有关消息。
(6) 凡任何人证明以下情况，则不得以透过他进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 他并非作为怂使或促致有关的交易的另一方进行上市证券或衍生工具的交易的人而订立该宗交易；及
(b) (就有关的上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)在他订立该宗交易时，该宗交易的另一方知道或理应知道他是与该法团有关连的人。
(7) 凡任何人证明以下情况，则不得以透过他怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 该另一人没有怂使或促致有关的交易的另一方进行上市证券或其衍生工具的交易；及
(b) (就有关的上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)在他怂使或促致该另一人进行有关的上市证券或衍生工具的交易时，有关的交易的另一方知道或理应知道该另一人是与该法团有关连的人。
(8) 凡任何人证明以下情况，则不得以透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 他─
(i) 是就任何正在考虑中或属商议标的的上市证券交易或上市证券衍生工具交易(不论该宗交易是由他本人或另一人进行)而行事的，或是在一连串该等交易的过程中行事的；及
(ii) 是为利便该宗交易或一连串该等交易的完成而行事的；及
(b) 有关的有关消息是由于他牵涉入该宗交易或一连串该等交易而直接产生的市场消息。
(9) 凡任何人证明有关的交易是一项市场合约，则不得以透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为。
(10) 就第(8)款而言，“市场消息”(market information) 指包含以下一项或多于一项事实的消息或资料─
(a) 曾有或将会有某类上市证券或上市证券衍生工具的交易，或有任何该等交易正在考虑中或属商议标的；
(b) 未曾有或将不会有某类上市证券或上市证券衍生工具的交易；
(c) 现时或将会交易的上市证券或上市证券衍生工具的数量，或正在考虑中或属商议标的的交易涉及的上市证券或上市证券衍生工具的数量；
(d) 上市证券或上市证券衍生工具曾经或将会进行交易的价格(或价格范围)，或正在考虑中或属商议标的的交易涉及的上市证券或上市证券衍生工具所可能交易的价格(或价格范围)；
(e) 以任何身分牵涉或可能牵涉入上市证券或上市证券衍生工具的任何交易的人的身分。


条： 272 条文标题： 内幕交易─某些受托人及遗产代理人不得视为曾从事市场失当行为 版本日期： 01/04/2003



凡任何属受托人或遗产代理人的人证明以下情况，则不得以透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 他当时是依照真诚地得自另一人的意见而行事的；
(b) 他当时觉得该另一人是征询上述意见的适当对象；及
(c) 他当时并不觉得假使该另一人进行有关的上市证券或衍生工具的交易，便会发生内幕交易。


条： 273 条文标题： 内幕交易─某些行使认购或取得证券或衍生工具的权利的人不得视为曾从事市场失当行为 版本日期： 01/04/2003



凡任何人证明以下情况，则不得以透过他进行上市证券或衍生工具的交易而发生的内幕交易为理由，而视他为曾从事市场失当行为─
(a) 他藉着行使权利以认购或以其他方式取得该等上市证券或衍生工具而进行该等上市证券或衍生工具的交易；及
(b) (就该等上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)在他知悉关于该法团的有关消息之前，他已获授予该权利或该权利已自他所持有的证券或其衍生工具衍生。

Section: 274 Heading: False trading Version Date: 01/04/2003



Division 5-Other market misconduct

(1) False trading takes place when, in Hong Kong or elsewhere, a person does anything or causes anything to be done, with the intention that, or being reckless as to whether, it has, or is likely to have, the effect of creating a false or misleading appearance-
(a) of active trading in securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services; or
(b) with respect to the market for, or the price for dealings in, securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services.
(2) False trading takes place when, in Hong Kong, a person does anything or causes anything to be done, with the intention that, or being reckless as to whether, it has, or is likely to have, the effect of creating a false or misleading appearance-
(a) of active trading in securities or futures contracts traded on a relevant overseas market; or
(b) with respect to the market for, or the price for dealings in, securities or futures contracts traded on a relevant overseas market.
(3) False trading takes place when, in Hong Kong or elsewhere, a person takes part in, is concerned in, or carries out, directly or indirectly, one or more transactions (whether or not any of them is a dealing in securities or futures contracts), with the intention that, or being reckless as to whether, it or they has or have, or is or are likely to have, the effect of creating an artificial price, or maintaining at a level that is artificial (whether or not it was previously artificial) a price, for dealings in securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services.
(4) False trading takes place when, in Hong Kong, a person takes part in, is concerned in, or carries out, directly or indirectly, one or more transactions (whether or not any of them is a dealing in securities or futures contracts), with the intention that, or being reckless as to whether, it or they has or have, or is or are likely to have, the effect of creating an artificial price, or maintaining at a level that is artificial (whether or not it was previously artificial) a price, for dealings in securities or futures contracts traded on a relevant overseas market.
(5) Without limiting the general nature of the conduct which constitutes false trading under subsection (1) or (2), where a person-
(a) enters into or carries out, directly or indirectly, any transaction of sale or purchase, or any transaction which purports to be a transaction of sale or purchase, of securities that does not involve a change in the beneficial ownership of them;
(b) offers to sell securities at a price that is substantially the same as the price at which he has made or proposes to make, or knows that an associate of his has made or proposes to make, an offer to purchase the same or substantially the same number of them; or
(c) offers to purchase securities at a price that is substantially the same as the price at which he has made or proposes to make, or knows that an associate of his has made or proposes to make, an offer to sell the same or substantially the same number of them,
then, unless the transaction in question is an off-market transaction, the person shall, for the purposes of subsections (1) and (2), be regarded as doing something or causing something to be done, with the intention that, or being reckless as to whether, it has, or is likely to have, the effect of creating a false or misleading appearance-
(i) where the securities are traded on a relevant recognized market or by means of authorized automated trading services, of active trading in securities so traded or with respect to the market for, or the price for dealings in, securities so traded; or
(ii) where the securities are traded on a relevant overseas market, of active trading in securities so traded or with respect to the market for, or the price for dealings in, securities so traded.
(6) A person shall not be regarded as having engaged in market misconduct by reason of false trading taking place through the commission of an act referred to in subsection (5)(a), (b) or (c) if he establishes that the purpose for which he committed the act was not, or, where there was more than one purpose, the purposes for which he committed the act did not include, the purpose of creating a false or misleading appearance of active trading in securities, or with respect to the market for, or the price for dealings in, securities, referred to in subsection (1) or (2) (as the case may be).
(7) In subsection (5), "off-market transaction" (场外交易) means a transaction which-
(a) in the case of securities traded on a relevant recognized market, is not required to be recorded on the relevant recognized market, or to be notified, under the rules of the person by whom the relevant recognized market is operated, to such person;
(b) in the case of securities traded by means of authorized automated trading services, is not required to be recorded by means of authorized automated trading services, or to be notified, under the rules of the person by whom the authorized automated trading services are operated, to such person; or
(c) in the case of securities traded on a relevant overseas market, is not required to be recorded on the relevant overseas market, or to be notified, under the rules of the person by whom the relevant overseas market is operated, to such person.
(8) In this section-
(a) a reference to a transaction of sale or purchase, in relation to securities, includes an offer to sell or purchase securities and an invitation (however expressed) that expressly or impliedly invites a person to offer to sell or purchase securities; and
(b) a reference to entering into or carrying out a transaction of sale or purchase shall, in the case of an offer or an invitation referred to in paragraph (a), be construed as a reference to making the offer or the invitation (as the case may be).

Section: 275 Heading: Price rigging Version Date: 01/04/2003



(1) Price rigging takes place when, in Hong Kong or elsewhere, a person-
(a) enters into or carries out, directly or indirectly, any transaction of sale or purchase of securities that does not involve a change in the beneficial ownership of those securities, which has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities traded on a relevant recognized market or by means of authorized automated trading services; or
(b) enters into or carries out, directly or indirectly, any fictitious or artificial transaction or device, with the intention that, or being reckless as to whether, it has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities, or the price for dealings in futures contracts, that are traded on a relevant recognized market or by means of authorized automated trading services.
(2) Price rigging takes place when, in Hong Kong, a person-
(a) enters into or carries out, directly or indirectly, any transaction of sale or purchase of securities that does not involve a change in the beneficial ownership of those securities, which has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities traded on a relevant overseas market; or
(b) enters into or carries out, directly or indirectly, any fictitious or artificial transaction or device, with the intention that, or being reckless as to whether, it has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities, or the price for dealings in futures contracts, that are traded on a relevant overseas market.
(3) For the purposes of subsections (1)(b) and (2)(b), the fact that a transaction is, or at any time was, intended to have effect according to its terms is not conclusive in determining whether the transaction is, or was, not fictitious or artificial.
(4) A person shall not be regarded as having engaged in market misconduct by reason of price rigging taking place through any transaction of sale or purchase of securities referred to in subsection (1)(a) or (2)(a) if he establishes that the purpose for which the securities were sold or purchased was not, or, where there was more than one purpose, the purposes for which the securities were sold or purchased did not include, the purpose of creating a false or misleading appearance with respect to the price of securities.
(5) In this section-
(a) a reference to a transaction of sale or purchase, in relation to securities, includes an offer to sell or purchase securities and an invitation (however expressed) that expressly or impliedly invites a person to offer to sell or purchase securities; and
(b) a reference to entering into or carrying out a transaction of sale or purchase shall, in the case of an offer or an invitation referred to in paragraph (a), be construed as a reference to making the offer or the invitation (as the case may be).

Section: 276 Heading: Disclosure of information about prohibited transactions Version Date: 01/04/2003



(1) Disclosure of information about prohibited transactions takes place when a person discloses, circulates or disseminates, or authorizes or is concerned in the disclosure, circulation or dissemination of, information to the effect that the price of securities of a corporation, or the price for dealings in futures contracts, that are traded on a relevant recognized market or by means of authorized automated trading services will be maintained, increased, reduced or stabilized, or is likely to be maintained, increased, reduced or stabilized, because of a prohibited transaction relating to securities of either the corporation or a related corporation of the corporation or to the futures contracts (as the case may be), if he, or an associate of his-
(a) has entered into or carried out, directly or indirectly, the prohibited transaction; or
(b) has received, or expects to receive, directly or indirectly, a benefit as a result of the disclosure, circulation or dissemination of the information.
(2) A person shall not be regarded as having engaged in market misconduct by reason of disclosure of information about prohibited transactions on the basis that he, or an associate of his, received, or expected to receive, directly or indirectly, a benefit referred to in subsection (1)(b), if he establishes that-
(a) the benefit which he or the associate of his (as the case may be) received, or expected to receive, was not from a person who has entered into or carried out, directly or indirectly, the prohibited transaction in question, or an associate of such person; or
(b) the benefit which he or the associate of his (as the case may be) received, or expected to receive, was from a person who has entered into or carried out, directly or indirectly, the prohibited transaction in question, or an associate of such person, but up to (and including) the time of the disclosure, circulation or dissemination of the information he has acted in good faith.
(3) In this section-
(a) a reference to a prohibited transaction means any conduct or transaction which constitutes market misconduct or a contravention of any of the provisions of Divisions 2 to 4 of Part XIV; and
(b) a reference to any person having entered into or carried out the prohibited transaction shall be construed accordingly.

Section: 277 Heading: Disclosure of false or misleading information
inducing transactions Version Date: 01/04/2003



(1) Disclosure of false or misleading information inducing transactions takes place when, in Hong Kong or elsewhere, a person discloses, circulates or disseminates, or authorizes or is concerned in the disclosure, circulation or dissemination of, information that is likely-
(a) to induce another person to subscribe for securities, or deal in futures contracts, in Hong Kong;
(b) to induce the sale or purchase in Hong Kong of securities by another person; or
(c) to maintain, increase, reduce or stabilize the price of securities, or the price for dealings in futures contracts, in Hong Kong,
if-
(i) the information is false or misleading as to a material fact, or is false or misleading through the omission of a material fact; and
(ii) the person knows that, or is reckless or negligent as to whether, the information is false or misleading as to a material fact, or is false or misleading through the omission of a material fact.
(2) A person shall not be regarded as having engaged in market misconduct by reason of disclosure of false or misleading information inducing transactions if the disclosure has taken place by reason only of the issue or reproduction of the information and he establishes that-
(a) the issue or reproduction of the information took place in the ordinary course of a business (whether or not carried on by him), the principal purpose of which was issuing or reproducing materials provided by others;
(b) the contents of the information were not, wholly or partly, devised-
(i) where the business was carried on by him, by himself or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, by himself;
(c) for the purposes of the issue or reproduction-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, he,
did not select, add to, modify or otherwise exercise control over the contents of the information; and
(d) at the time of the issue or reproduction, he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact.
(3) A person shall not be regarded as having engaged in market misconduct by reason of disclosure of false or misleading information inducing transactions if the disclosure has taken place by reason only of the re-transmission of the information and he establishes that-
(a) the re-transmission of the information took place in the ordinary course of a business (whether or not carried on by him), the normal conduct of which involved the re-transmission of information to other persons within an information system or from one information system to another information system (wherever situated), whether directly or by facilitating the establishment of links between such other persons and third parties;
(b) the contents of the information were not, wholly or partly, devised-
(i) where the business was carried on by him, by himself or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, by himself;
(c) for the purposes of the re-transmission-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, he,
did not select, add to, modify or otherwise exercise control over the contents of the information;
(d) the re-transmission of the information was accompanied by a message to the effect, or was effected following acknowledgment by the persons to whom it was re-transmitted of their understanding, that-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, the person who carried on the business or any officer, employee or agent of that person,
did not devise the contents of the information, and neither took responsibility for it nor endorsed its accuracy; and
(e) at the time of the re-transmission-
(i) he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact; or
(ii) he knew that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact, but-
(A) where the business was carried on by him, in the circumstances of the case he could not reasonably be expected to prevent the re-transmission; or
(B) where the business was not carried on by him, in the circumstances of the case he has taken all reasonable steps to bring the fact that the information was so false or misleading to the attention of a person in a position to take steps to cause the re-transmission to be prevented (even if the re-transmission in fact took place).
(4) A person shall not be regarded as having engaged in market misconduct by reason of disclosure of false or misleading information inducing transactions if the disclosure has taken place by reason only of the live broadcast of the information and he establishes that-
(a) the broadcast of the information took place in the ordinary course of the business of a broadcaster (whether or not he was such broadcaster);
(b) the contents of the information were not, wholly or partly, devised-
(i) where he was the broadcaster, by himself or any officer, employee or agent of his; or
(ii) where he was not the broadcaster, by himself;
(c) for the purposes of the broadcast-
(i) where he was the broadcaster, he or any officer, employee or agent of his; or
(ii) where he was not the broadcaster, he,
did not select, add to, modify or otherwise exercise control over the contents of the information;
(d) in relation to the broadcast-
(i) where he was the broadcaster, he; or
(ii) where he was not the broadcaster, he believed and had reasonable grounds to believe that the broadcaster,
acted in accordance with the terms and conditions of the licence (if any) by which he or the broadcaster (as the case may be) became entitled to broadcast as a broadcaster and with any code of practice or guidelines (however described) issued under or pursuant to the Telecommunications Ordinance (Cap 106) or the Broadcasting Ordinance (Cap 562) and applicable to him or the broadcaster (as the case may be) as a broadcaster; and
(e) at the time of the broadcast-
(i) he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact; or
(ii) he knew that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact, but-
(A) where he was the broadcaster, in the circumstances of the case he could not reasonably be expected to prevent the broadcast; or
(B) where he was not the broadcaster, in the circumstances of the case he has taken all reasonable steps to bring the fact that the information was so false or misleading to the attention of a person in a position to take steps to cause the broadcast to be prevented (even if the broadcast in fact took place).
(5) In this section, "issue" (发出), in relation to any material (including any information), includes publishing, circulating, distributing or otherwise disseminating the material or the contents thereof, whether
(a) by any visit in person;
(b) in a newspaper, magazine, journal or other publication;
(c) by the display of posters or notices;
(d) by means of circulars, brochures, pamphlets or handbills;
(e) by an exhibition of photographs or cinematograph films;
(f) by way of sound or television broadcasting;
(g) by any information system or other electronic device; or
(h) by any other means, whether mechanically, electronically, magnetically, optically, manually or by any other medium, or by way of production or transmission of light, image or sound or any other medium,
and also includes causing or authorizing the material to be issued.

Section: 278 Heading: Stock market manipulation Version Date: 01/04/2003



(1) Stock market manipulation takes place when, in Hong Kong or elsewhere-
(a) a person enters into or carries out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction increase, or are likely to increase, the price of any securities traded on a relevant recognized market or by means of authorized automated trading services, with the intention of inducing another person to purchase or subscribe for, or to refrain from selling, securities of the corporation or of a related corporation of the corporation;
(b) a person enters into or carries out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction reduce, or are likely to reduce, the price of any securities traded on a relevant recognized market or by means of authorized automated trading services, with the intention of inducing another person to sell, or to refrain from purchasing, securities of the corporation or of a related corporation of the corporation; or
(c) a person enters into or carries out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction maintain or stabilize, or are likely to maintain or stabilize, the price of any securities traded on a relevant recognized market or by means of authorized automated trading services, with the intention of inducing another person to sell, purchase or subscribe for, or to refrain from selling, purchasing or subscribing for, securities of the corporation or of a related corporation of the corporation.
(2) Stock market manipulation takes place when, in Hong Kong-
(a) a person enters into or carries out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction increase, or are likely to increase, the price of any securities traded on a relevant overseas market, with the intention of inducing another person to purchase or subscribe for, or to refrain from selling, securities of the corporation or of a related corporation of the corporation;
(b) a person enters into or carries out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction reduce, or are likely to reduce, the price of any securities traded on a relevant overseas market, with the intention of inducing another person to sell, or to refrain from purchasing, securities of the corporation or of a related corporation of the corporation; or
(c) a person enters into or carries out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction maintain or stabilize, or are likely to maintain or stabilize, the price of any securities traded on a relevant overseas market, with the intention of inducing another person to sell, purchase or subscribe for, or to refrain from selling, purchasing or subscribing for, securities of the corporation or of a related corporation of the corporation.
(3) In this section-
(a) a reference to a transaction includes an offer and an invitation (however expressed); and
(b) a reference to entering into or carrying out a transaction shall, in the case of an offer or an invitation referred to in paragraph (a), be construed as a reference to making the offer or the invitation (as the case may be).



Section: 279 Heading: Duty of officers of corporations Version Date: 01/04/2003



Division 6-Miscellaneous

Every officer of a corporation shall take all reasonable measures from time to time to ensure that proper safeguards exist to prevent the corporation from acting in a way which would result in the corporation perpetrating any conduct which constitutes market misconduct.

Section: 280 Heading: Transactions relating to market misconduct not void or voidable Version Date: 01/04/2003



A transaction is not void or voidable by reason only that any market misconduct has taken place in relation to or as a result of it.

Section: 281 Heading: Civil liability for market misconduct Version Date: 01/04/2003



(1) Subject to subsection (2), a person who has committed a relevant act in relation to market misconduct shall, whether or not he also incurs any other liability (whether under this Part or otherwise), be liable to pay compensation by way of damages to any other person for any pecuniary loss sustained by the other person as a result of the market misconduct, whether or not the loss arises from the other person having entered into a transaction or dealing at a price affected by the market misconduct.
(2) No person shall be liable to pay compensation under subsection (1) unless it is fair, just and reasonable in the circumstances of the case that he should be so liable.
(3) For the purposes of this section, a person shall, subject to subsection (4), be regarded as having committed a relevant act in relation to market misconduct if-
(a) he has perpetrated any conduct which constitutes market misconduct;
(b) (i) another person which is a corporation has committed a relevant act in relation to market misconduct under paragraph (a); and
(ii) the market misconduct occurred with his consent or connivance as an officer of the corporation; or
(c) (i) any other person has committed a relevant act in relation to market misconduct under paragraph (a); and
(ii) he assisted or connived with that other person in the perpetration of any conduct which constitutes the market misconduct, with the knowledge that such conduct constitutes or might constitute market misconduct.
(4) For the purposes of this section, where it is provided under any provision of this Part that a person shall not by reason of any market misconduct be regarded as having engaged in market misconduct, the person shall not, in relation to that market misconduct, be regarded as having committed a relevant act in relation to market misconduct.
(5) A person may bring an action under subsection (1) even though the person against whom the action is brought-
(a) is not a person whose conduct has been the subject, whether wholly or in part, of any proceedings instituted under section 252 in respect of the market misconduct from which the pecuniary loss of the person bringing the action is alleged to result; or
(b) has not been identified by the Tribunal pursuant to section 252(3)(b) as having engaged in the market misconduct.
(6) For the avoidance of doubt, where a court has jurisdiction to determine an action brought under subsection (1), it may, where it is, apart from this section, within its jurisdiction to entertain an application for an injunction, grant an injunction in addition to, or in substitution for, damages, on such terms and conditions as it considers appropriate.
(7) Without prejudice to section 62 of the Evidence Ordinance (Cap 8), in an action brought under subsection (1)-
(a) the fact that there is a determination by the Tribunal pursuant to section 252(3)(a) that market misconduct has taken place;
(b) the fact that there is a determination by the Tribunal pursuant to section 252(3)(b) identifying a person (whether or not a party to the action) as having engaged in market misconduct,
shall, in so far the determination is still subsisting, be admissible in evidence for the purpose of proving, where to do so is relevant to any issue in the action-
(i) in the case of a determination referred to in paragraph (a), that the market misconduct has taken place; or
(ii) in the case of a determination referred to in paragraph (b), that the person has engaged in market misconduct.
(8) In an action brought under subsection (1), where the fact that there is a determination referred to in subsection (7)(a) or (b) is admissible in evidence under subsection (7)-
(a) then-
(i) in the case of a determination referred to in subsection (7)(a), the market misconduct that is the subject of the determination shall, unless the contrary is proved, be taken to have taken place; or
(ii) in the case of a determination referred to in subsection (7)(b), the person that is the subject of the determination shall, unless the contrary is proved, be taken to have engaged in market misconduct; and
(b) without prejudice to the reception of any other admissible evidence as evidence of the determination or for the purpose of identifying the facts on which the determination was based, the contents of a report of the Tribunal containing the determination and published under section 262(2)(b)(i), or the contents of a copy of a report of the Tribunal containing the determination and made available under subsection (9), shall also be admissible in evidence for such purpose.
(9) Where in an action brought under subsection (1)-
(a) the fact that there is a determination referred to in subsection (7)(a) or (b) is admissible in evidence under subsection (7); and
(b) a report of the Tribunal containing the determination has not been published under section 262(2)(b)(i),
the court having jurisdiction to determine the action may, where it considers appropriate, require that a copy of the report be made available to the court to enable it to be used for the purposes of subsection (8)(b), whereupon-
(i) the Tribunal shall cause a copy of the report to be made available to the court to enable it to be used for the purposes of subsection (8)(b); and
(ii) the contents of the report shall be admissible for the purpose specified in subsection (8)(b).
(10) In this section, a reference to a transaction includes an offer and an invitation (however expressed).
(11) Nothing in this section affects, limits or diminishes any rights conferred on a person, or any liabilities a person may incur, under the common law or any other enactment.

Section: 282 Heading: Conduct not to constitute market misconduct Version Date: 01/04/2003



(1) Notwithstanding anything in this Part, a person shall not be regarded as having engaged in market misconduct by reason of any market misconduct under this Part if he establishes that the conduct in question is, according to the rules made under subsection (2), not to be regarded as constituting market misconduct.
(2) For the purposes of subsection (1), the Commission, after consultation with the Financial Secretary, may, where it considers it is in the public interest to do so, make rules to prescribe the circumstances in which any conduct that would otherwise constitute market misconduct under this Part shall not be regarded as constituting market misconduct.
(3) Notwithstanding anything in this Part, where-
(a) it is alleged that a person has engaged in market misconduct under section 274, 275 or 278 by reason of any conduct; and
(b) it is so alleged on the basis that the conduct was carried out not in respect of securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services, but in respect of securities or futures contracts traded on a relevant overseas market,
the person shall not be regarded as having engaged in the market misconduct unless it is proved that in any place in which such relevant overseas market is situated the conduct would have been unlawful had it been carried out there.

Section: 283 Heading: No further proceedings after Part XIV criminal proceedings Version Date: 01/04/2003



Notwithstanding anything in this Part, no proceedings may be instituted against any person under section 252 in respect of any conduct if-
(a) criminal proceedings have previously been instituted against the person under Part XIV in respect of the same conduct; and
(b) (i) those criminal proceedings remain pending; or
(ii) by reason of the previous institution of those criminal proceedings, no criminal proceedings may again be lawfully instituted against that person under Part XIV in respect of the same conduct.


Section: 284 Heading: Market misconduct regarded as contravention of provisions of this Part Version Date: 01/04/2003



Where a person is by reference to any conduct identified in a determination made pursuant to section 252(3)(b) as having engaged in market misconduct, the person shall be regarded as having, by reason of the conduct, contravened the provisions of this Part, and any reference in this Ordinance to contravention of a provision of this Ordinance (however expressed) shall have application accordingly.

条： 274 条文标题： 虚假交易 版本日期： 01/04/2003



第5分部─其他市场失当行为

(1) 如任何人意图使某事情具有或相当可能具有造成以下表象的效果，或罔顾某事情是否具有或相当可能具有造成以下表象的效果，而在香港或其他地方作出或致使作出该事情，则虚假交易即告发生─
(a) 在有关认可市场或透过使用认可自动化交易服务交易的证券或期货合约交投活跃的虚假或具误导性的表象；或
(b) 在有关认可市场或透过使用认可自动化交易服务交易的证券或期货合约在行情或买卖价格方面的虚假或具误导性的表象。
(2) 如任何人意图使某事情具有或相当可能具有造成以下表象的效果，或罔顾某事情是否具有或相当可能具有造成以下表象的效果，而在香港作出或致使作出该事情，则虚假交易即告发生─
(a) 在有关境外市场交易的证券或期货合约交投活跃的虚假或具误导性的表象；或
(b) 在有关境外市场交易的证券或期货合约在行情或买卖价格方面的虚假或具误导性的表象。
(3) 如任何人意图使一宗或多于一宗交易(不论其中是否有证券交易或期货合约交易)具有或相当可能具有有关效果，或罔顾该宗或该等交易是否具有或相当可能具有有关效果，而在香港或其他地方直接或间接参与、牵涉入或履行该宗或该等交易，则虚假交易即告发生。在本款中，“有关效果”指为在有关认可市场或透过使用认可自动化交易服务交易的证券或期货合约，设定非真实的买卖价格或维持非真实的买卖价格水平(不论该水平先前是否非真实的)。
(4) 如任何人意图使一宗或多于一宗交易(不论其中是否有证券交易或期货合约交易)具有或相当可能具有有关效果，或罔顾该宗或该等交易是否具有或相当可能具有有关效果，而在香港直接或间接参与、牵涉入或履行该宗或该等交易，则虚假交易即告发生。在本款中，“有关效果”指为在有关境外市场交易的证券或期货合约，设定非真实的买卖价格或维持非真实的买卖价格水平(不论该水平先前是否非真实的)。
(5) 在不局限构成第(1)或(2)款所指的虚假交易的行为的一般性质的原则下，如任何人─
(a) 直接或间接订立或履行证券买卖交易或看来是证券买卖交易的交易，而该宗交易并不涉及该等证券的实益拥有权的转变；
(b) 要约以某个价格售卖证券，而该价格与该人已要约或拟要约购买同一数目或数目大致相同的证券的买入价大致相同，或与就该人所知一名该人的有联系者已要约或拟要约购买同一数目或数目大致相同的证券的买入价大致相同；或
(c) 要约以某个价格购买证券，而该价格与该人已要约或拟要约售卖同一数目或数目大致相同的证券的售出价大致相同，或与就该人所知一名该人的有联系者已要约或拟要约售卖同一数目或数目大致相同的证券的售出价大致相同，
则除非有关交易属场外交易，就第(1)及(2)款而言，该人视为意图使某事情具有或相当可能具有造成以下表象的效果，或罔顾某事情是否具有或相当可能具有造成以下表象的效果，而作出或致使作出该事情─
(i) (就在有关认可市场或透过使用认可自动化交易服务交易的证券而言)该等证券交投活跃的虚假或具误导性的表象，或该等证券在行情或买卖价格方面的虚假或具误导性的表象；或
(ii) (就在有关境外市场交易的证券而言)该等证券交投活跃的虚假或具误导性的表象，或该等证券在行情或买卖价格方面的虚假或具误导性的表象。
(6) 如作出第(5)(a)、(b)或(c)款提述的作为的人证明他作出该作为的目的，并非在于(亦并不包括)造成第(1)或(2)款(视属何情况而定)所指的证券交投活跃或在行情或买卖价格方面的虚假或具误导性的表象，则不得以透过该作为而发生的虚假交易为理由，而视该人为曾从事市场失当行为。
(7) 在第(5)款中，“场外交易”(off-market transaction) 指符合以下说明的交易─
(a) (就在有关认可市场交易的证券而言)无须在该有关认可证券市场记录，亦无须根据营办该认可证券市场的人的规章而通知该人；
(b) (就透过使用认可自动化交易服务交易的证券而言)无须透过认可自动化交易服务记录，亦无须根据营办该认可自动化交易服务的人的规章而通知该人；或
(c) (就在有关境外市场交易的证券而言)无须在该有关境外市场记录，亦无须根据营办该有关境外市场的人的规章而通知该人。
(8) 在本条中─
(a) 提述证券买卖交易之处，包括提述买卖证券的要约，及以明示或隐含方式邀请他人要约买卖证券的邀请(不论实际如何称述)；及
(b) 提述订立或履行买卖交易之处，如属(a)段提述的要约或邀请的情况，须解释为作出该项要约或邀请(视属何情况而定)。

： 275 条文标题： 操控价格 版本日期： 01/04/2003



(1) 如任何人─
(a) 在香港或其他地方直接或间接订立或履行任何当中不涉及实益拥有权转变的证券买卖交易，而该宗交易具有以下效果∶维持、提高、降低或稳定在有关认可市场或透过使用认可自动化交易服务交易的证券的价格，或引致该等证券的价格波动；或
(b) 意图使任何虚构或非真实的交易或手段具有以下效果，或罔顾该宗交易或该手段是否具有以下效果，而在香港或其他地方直接或间接订立或履行该宗交易或采取该手段∶维持、提高、降低或稳定在有关认可市场或透过使用认可自动化交易服务交易的证券的价格或期货合约交易的价格，或引致该等证券的价格或期货合约交易的价格波动，
则操控价格的行为即告发生。
(2) 如任何人─
(a) 在香港直接或间接订立或履行任何当中不涉及实益拥有权转变的证券买卖交易，而该宗交易具有以下效果∶维持、提高、降低或稳定在有关境外市场交易的证券的价格，或引致该等证券的价格波动；或
(b) 意图使任何虚构或非真实的交易或手段具有以下效果，或罔顾该宗交易或该手段是否具有以下效果，而在香港直接或间接订立或履行该宗交易或采取该手段∶维持、提高、降低或稳定在有关境外市场交易的证券的价格或期货合约交易的价格，或引致该等证券的价格或期货合约交易的价格波动，
则操控价格的行为即告发生。
(3) 就第(1)(b)及(2)(b)款而言，一宗交易的各方是或曾是打算该宗交易按其条款具有效力此一事实，并非断定该宗交易是否不属虚构或非真实的交易的决定性因素。
(4) 如任何人证明买卖有关证券的目的，并非在于(亦并不包括)就证券的价格造成虚假或具误导性的表象，则不得以透过第(1)(a)或(2)(a)款提述的证券买卖交易而发生的操控价格的行为为理由，而视他为曾从事市场失当行为。
(5) 在本条中─
(a) 提述证券买卖交易之处，包括提述买卖证券的要约，及以明示或隐含方式邀请他人要约买卖证券的邀请(不论实际如何称述)；及
(b) 提述订立或履行买卖交易之处，如属(a)段提述的要约或邀请的情况，须解释为作出该项要约或邀请(视属何情况而定)。

条： 276 条文标题： 披露关于受禁交易的资料 版本日期： 01/04/2003



(1) 如任何人披露、传递或散发任何资料，或授权披露、传递或散发任何资料，或牵涉入披露、传递或散发任何资料，而该资料的大意是某法团证券的价格或期货合约交易的价格(不论该等证券或期货合约是在有关认可市场或是透过使用认可自动化交易服务交易的)，将会因或相当可能会因就该法团或其有连系法团的证券或就该等期货合约(视属何情况而定)所进行的受禁交易，而得以维持、提高、降低或稳定，而该人或其有联系者─
(a) 已直接或间接订立或履行该受禁交易；或
(b) 已由于披露、传递或散发上述资料而直接或间接收取利益，或预期会由于披露、传递或散发上述资料而直接或间接收取利益，
则披露关于受禁交易的资料的行为，即告发生。
(2) 凡任何人证明以下情况，则不得基于该人或其有联系者直接或间接收取第(1)(b)款提述的利益，或预期会直接或间接收取第(1)(b)款提述的利益，而以披露关于受禁交易的资料为理由，视该人为曾从事市场失当行为─
(a) 该人或其有联系者(视属何情况而定)收取或预期会收取的利益，并非从直接或间接订立或履行有关的受禁交易的另一人或从该另一人的有联系者收取的；或
(b) 该人或其有联系者(视属何情况而定)收取或预期会收取的利益，是从直接或间接订立或履行有关的受禁交易的另一人或从该另一人的有联系者收取的，但直至该资料被披露、传递或散发之时(包括该资料被披露、传递或散发的一刻)，该人或其有联系者(视属何情况而定)是以真诚行事的。
(3) 在本条中─
(a) 提述受禁交易之处，指构成市场失当行为的行为或交易，亦指构成违反第XIV部第2至4分部任何条文的行为或交易；而
(b) 提述任何人订立或履行受禁交易之处，须据此解释。


条： 277 条文标题： 披露虚假或具误导性的资料以诱使进行交易 版本日期： 01/04/2003



(1) 凡任何资料相当可能会─
(a) 诱使他人在香港认购证券或进行期货合约交易；
(b) 诱使他人在香港售卖或购买证券；或
(c) 在香港维持、提高、降低或稳定证券的价格或期货合约交易的价格，
如任何人在以下情况下在香港或其他地方披露、传递或散发该资料，或授权披露、传递或散发该资料，或牵涉入披露、传递或散发该资料，则披露虚假或具误导性的资料以诱使进行交易的行为即告发生─
(i) 该资料在某事关重要的事实方面属虚假或具误导性，或因遗漏某事关重要的事实而属虚假或具误导性；及
(ii) 该人知道该资料属第(i)段所述的资料，或罔顾该资料是否属第(i)段所述的资料，或在该资料是否属第(i)段所述的资料方面有疏忽。
(2) 在以下情况下，不得以披露虚假或具误导性的资料以诱使进行交易为理由，而视某人为曾从事市场失当行为∶该项披露只因该资料的发出或复制而发生，而该人证明─
(a) 该资料的发出或复制是在某业务(不论是否由他经营)的日常运作过程中发生的，而该业务的主要目的，是发出或复制其他人提供的材料；
(b) 该资料的内容(不论是全部或其中任何部分内容)─
(i) (如该业务是由他经营)并非由他本人或由他的任何高级人员、雇员或代理人设定；或
(ii) (如该业务不是由他经营)并非由他本人设定；
(c) 为了该项发出或复制─
(i) (如该业务是由他经营)他本人或他的任何高级人员、雇员或代理人；或
(ii) (如该业务不是由他经营)他本人，
并无拣选、增补、修改或以其他方式控制该资料的内容；及
(d) 在该资料发出或复制时，他不知道该资料在某事关重要的事实方面属虚假或具误导性，或因遗漏某事关重要的事实而属虚假或具误导性。
(3) 在以下情况下，不得以披露虚假或具误导性的资料以诱使进行交易为理由，而视某人为曾从事市场失当行为∶该项披露只因该资料的再传送而发生，而该人证明─
(a) 该资料的再传送是在某业务(不论是否由他经营)的日常运作过程中发生的，而该业务的正常运作，涉及将资讯再传送往资讯系统内的其他人，或将资讯从一个资讯系统再传送往另一个资讯系统(不论位于何处)，不论是直接地再传送或是藉利便该等其他人与第三者之间建立连结而再传送；
(b) 该资料的内容(不论是全部或其中任何部分内容)─
(i) (如该业务是由他经营)并非由他本人或由他的任何高级人员、雇员或代理人设定；或
(ii) (如该业务不是由他经营)并非由他本人设定；
(c) 为了该项再传送─
(i) (如该业务是由他经营)他本人或他的任何高级人员、雇员或代理人；或
(ii) (如该业务不是由他经营)他本人，
并无拣选、增补、修改或以其他方式控制该资料的内容；
(d) 就该资料所作的再传送，是附有一项大意如下的讯息的，或是在获再传送该资料的人确认明白以下事项之后完成的─
(i) (如该业务是由他经营)他本人或他的任何高级人员、雇员或代理人并无设定该资料的内容，而且既不就该资料负责，亦不认可其准确性；或
(ii) (如该业务不是由他经营)经营该业务的人或该人的任何高级人员、雇员或代理人并无设定该资料的内容，而且既不就该资料负责，亦不认可其准确性；及
(e) 在该资料再传送时─
(i) 他不知道该资料在某事关重要的事实方面属虚假或具误导性，或因遗漏某事关重要的事实而属虚假或具误导性；或
(ii) 他知道该资料在某事关重要的事实方面属虚假或具误导性，或因遗漏某事关重要的事实而属虚假或具误导性，但─
(A) (如该业务是由他经营)在有关个案的情况下，按理不能期望他阻止该项再传送；或
(B) (如该业务不是由他经营)在有关个案的情况下，他已采取所有合理步骤，使某个能够采取步骤致使阻止该项再传送的人，知悉该资料如此属虚假或具误导性之事(即使该项再传送事实上发生)。
(4) 在以下情况下，不得以披露虚假或具误导性的资料以诱使进行交易为理由，而视某人为曾从事市场失当行为∶该项披露只因该资料的直播而发生，而该人证明─
(a) 该资料的广播是在某广播业者(不论他是否该广播业者)的业务的日常运作过程中发生的；
(b) 该资料的内容(不论是全部或其中任何部分内容)─
(i) (如他是该广播业者)并非由他本人或由他的任何高级人员、雇员或代理人设定；或
(ii) (如他不是该广播业者)并非由他本人设定；
(c) 为了该项广播─
(i) (如他是该广播业者)他本人或他的任何高级人员、雇员或代理人；或
(ii) (如他不是该广播业者)他本人，
并无拣选、增补、修改或以其他方式控制该资料的内容；
(d) 就该项广播而言─
(i) (如他是该广播业者)他；或
(ii) (如他不是该广播业者)他相信并有合理理由相信该广播业者，
按照使他或该广播业者(视属何情况而定)有权以广播业者身分广播的牌照(如有的话)的条款及条件，及按照任何根据或依据《电讯条例》(第106章)或《广播条例》(第562章)发出并以广播业者身分适用于他或该广播业者(视属何情况而定)的业务守则或指引(不论实际如何称述)而行事；及
(e) 在该资料广播时─
(i) 他不知道该资料在某事关重要的事实方面属虚假或具误导性，或因遗漏某事关重要的事实而属虚假或具误导性；或
(ii) 他知道该资料在某事关重要的事实方面属虚假或具误导性，或因遗漏某事关重要的事实而属虚假或具误导性，但─
(A) (如他是该广播业者)在有关个案的情况下，按理不能期望他阻止该项广播；或
(B) (如他不是该广播业者)在有关个案的情况下，他已采取所有合理步骤，使某个能够采取步骤致使阻止该项广播的人，知悉该资料如此属虚假或具误导性之事(即使该项广播事实上发生)。
(5) 在本条中，“发出”(issue) 就任何材料(包括任何资料)而言，包括─
(a) 藉亲自造访；
(b) 在报章、杂志、期刊或其他刊物；
(c) 藉海报、公告、启事或通知的展示；
(d) 以通告、册子、小册子或传单的方式；
(e) 藉照片展览或放映电影片；
(f) 藉声音或电视广播；
(g) 藉资讯系统或其他电子器材；或
(h) 以其他方式(不论是以机械、电子、磁力、光学、人手或其他媒介，或藉光、影像或声音或其他媒介的产生或传送)，
发表、传递、分发或以其他方式散发该材料或其内容，并包括安排或授权发出该材料。

： 278 条文标题： 操纵证券市场 版本日期： 01/04/2003



(1) 如任何人─
(a) 意图诱使另一人购买或认购或不售卖某法团或其有连系法团的证券，而在香港或其他地方直接或间接订立或履行2宗或多于2宗买卖该法团的证券的交易，而该等交易本身或连同其他交易提高或相当可能会提高任何证券的价格(不论后述的证券是在有关认可市场或是透过使用认可自动化交易服务交易的)；
(b) 意图诱使另一人售卖或不购买某法团或其有连系法团的证券，而在香港或其他地方直接或间接订立或履行2宗或多于2宗买卖该法团的证券的交易，而该等交易本身或连同其他交易降低或相当可能会降低任何证券的价格(不论后述的证券是在有关认可市场或是透过使用认可自动化交易服务交易的)；或
(c) 意图诱使另一人售卖、购买或认购，或不售卖、不购买或不认购某法团或其有连系法团的证券，而在香港或其他地方直接或间接订立或履行2宗或多于2宗买卖该法团的证券的交易，而该等交易本身或连同其他交易维持或稳定或相当可能会维持或稳定任何证券的价格(不论后述的证券是在有关认可市场或是透过使用认可自动化交易服务交易的)，
则操纵证券市场的行为即告发生。
(2) 如任何人─
(a) 意图诱使另一人购买或认购或不售卖某法团或其有连系法团的证券，而在香港直接或间接订立或履行2宗或多于2宗买卖该法团的证券的交易，而该等交易本身或连同其他交易提高或相当可能会提高在有关境外市场交易的任何证券的价格；
(b) 意图诱使另一人售卖或不购买某法团或其有连系法团的证券，而在香港直接或间接订立或履行2宗或多于2宗买卖该法团的证券的交易，而该等交易本身或连同其他交易降低或相当可能会降低在有关境外市场交易的任何证券的价格；或
(c) 意图诱使另一人售卖、购买或认购，或不售卖、不购买或不认购某法团或其有连系法团的证券，而在香港直接或间接订立或履行2宗或多于2宗买卖该法团的证券的交易，而该等交易本身或连同其他交易维持或稳定或相当可能会维持或稳定在有关境外市场交易的任何证券的价格，
则操纵证券市场的行为即告发生。
(3) 在本条中─
(a) 提述交易之处，包括提述要约及邀请(不论实际如何称述)；及
(b) 提述订立或履行交易之处，如属(a)段提述的要约或邀请的情况，须解释为作出该项要约或邀请(视属何情况而定)。


条： 279 条文标题： 法团高级人员的责任 版本日期： 01/04/2003



第6分部─杂项条文

任何法团的每一名高级人员，均须不时采取一切合理措施，以确保有妥善的预防措施，防止该法团以导致它作出构成市场失当行为的行为的方式行事。

条： 280 条文标题： 关乎市场失当行为的交易既非无效亦非可使无效 版本日期： 01/04/2003



任何交易不得仅因任何市场失当行为曾就该交易或因该交易而发生，而属无效或可使无效。

条： 281 条文标题： 就市场失当行为须负的民事法律责任 版本日期： 01/04/2003



(1) 除第(2)款另有规定外，任何人如作出与市场失当行为有关的作为，则他负有法律责任以损害赔偿的方式赔偿另一人因该行为而蒙受的金钱损失，不论他是否亦根据本部或其他规定招致任何其他法律责任，亦不论该损失是否由于该另一人曾以受该行为影响的价格订立交易所引致的。
(2) 除非就有关个案的情况而言，某人应根据第(1)款作出赔偿是公平、公正和合理的，否则该人无须根据该款作出赔偿。
(3) 就本条而言，凡─
(a) 某人作出构成市场失当行为的行为；
(b) (i) 某属法团的另一人就(a)段提述的市场失当行为作出有关作为；及
(ii) 某人是该法团的高级人员，而该市场失当行为是在获该人同意或纵容的情况下发生的；或
(c) (i) 另一人就(a)段提述的市场失当行为作出有关作为；及
(ii) 某人协助或纵容该另一人作出构成该市场失当行为的行为，而该人是知道该行为构成或可能构成市场失当行为的，
在不抵触第(4)款的条文下，该人视为已就市场失当行为作出有关作为。
(4) 就本条而言，如本部任何条文规定不得以某市场失当行为为理由而视某人为曾从事市场失当行为，则不得就该市场失当行为而视该人为曾就市场失当行为作出有关作为。
(5) 如某人指称因某市场失当行为蒙受金钱损失，则即使─
(a) 另一人的行为不是根据第252条就该市场失当行为提起的法律程序的标的或该标的一部分；或
(b) 审裁处没有依据第252(3)(b)条识辨另一人曾从事该市场失当行为，
该人仍可根据第(1)款针对该另一人提出诉讼。
(6) 为免生疑问，凡任何法院具有司法管辖权裁定根据第(1)款提出的诉讼，如该法院除本条外具有司法管辖权受理强制令的申请，则可按它认为适当的条款及条件批给强制令，以附加于或取代损害赔偿。
(7) 在不损害《证据条例》(第8章)第62条的原则下，在根据第(1)款提出的诉讼中─
(a) 审裁处依据第252(3)(a)条裁定曾发生市场失当行为此一事实；
(b) 审裁处在依据第252(3)(b)条所作的裁定中识辨某人(不论该人是否诉讼的一方)曾从事市场失当行为此一事实，
只要该裁定仍然存在，即可在与该诉讼的任何争议点有关的情况下获接纳为证明以下事宜的证据─
(i) (就(a)段提述的裁定而言)曾发生该市场失当行为；或
(ii) (就(b)段提述的裁定而言)该人曾从事该市场失当行为。
(8) 在根据第(1)款提出的诉讼中，如有第(7)(a)或(b)款提述的裁定存在一事根据第(7)款可获接纳为证据─
(a) 则─
(i) 就第(7)(a)款提述的裁定而言，除非相反证明成立，否则该裁定针对的市场失当行为须当作曾发生；或
(ii) 就第(7)(b)款提述的裁定而言，除非相反证明成立，否则该裁定针对的人须当作曾从事市场失当行为；及
(b) 在不损害为作为该裁定的证据或为识辨该裁定所依据的事实而收取任何其他可获接纳的证据的原则下，根据第262(2)(b)(i)条发表并载有该裁定的审裁处报告的内容，或根据第(9)款提供并载有该裁定的审裁处报告的文本的内容，亦可为该目的而获接纳为证据。
(9) 在根据第(1)款提出的诉讼中，如─
(a) 有第(7)(a)或(b)款提述的裁定存在一事根据第(7)款可获接纳为证据；及
(b) 载有审裁处裁定的报告没有根据第262(2)(b)(i)条发表，
则具有司法管辖权就该诉讼作出裁定的法院如认为适当的话，可要求向该法院提供该报告的文本，以供该法院为第(8)(b)款的目的使用；如该法院作出该要求─
(i) 审裁处须安排向该法院提供该报告的文本，以供该法院为第(8)(b)款的目的使用；及
(ii) 该报告的内容可为第(8)(b)款指明的目的获接纳。
(10) 在本条中，提述交易之处，包括提述要约及邀请(不论实际如何称述)。
(11) 本条并不影响、限制或减免任何人根据普通法或任何其他成文法则而获授予的权利或可招致的法律责任。

条： 282 条文标题： 不构成市场失当行为的行为 版本日期： 01/04/2003



(1) 不论本部有任何规定，如任何人证明有关行为按照在第(2)款下订立的规则不得视为构成市场失当行为，则不得以本部任何市场失当行为为理由，而视该人为曾从事市场失当行为。
(2) 为施行第(1)款，证监会如认为订立规则订明在何种情况下，任何根据本部本会构成市场失当行为的行为不得视为构成市场失当行为，是符合公众利益的，则可在谘询财政司司长后订立该等规则。
(3) 不论本部有任何规定，如─
(a) 某人因某行为而被指称曾从事第274、275或278条所指的市场失当行为；及
(b) 该项指称是基于该行为是就在有关境外市场交易的证券或期货合约而作出的，而非就在有关认可市场或透过使用认可自动化交易服务交易的证券或期货合约而作出的，
除非证明假使该行为在该有关境外市场所在的地方作出，即属违法，否则不得视该人为曾从事市场失当行为。

条： 283 条文标题： 根据第XIV部提起刑事法律程序后不得提起进一步法律程序 版本日期： 01/04/2003



不论本部有任何规定，在以下情况下，不得根据第252条就某行为而对某人提起法律程序─
(a) 过往已根据第XIV部就同一行为对该人提起刑事法律程序；及
(b) (i) 该刑事法律程序仍待决；或
(ii) 由于过往已提起该刑事法律程序，因此不得根据第XIV部就同一行为再次合法地对该人提起刑事法律程序。

条： 284 条文标题： 从事市场失当行为视作违反本部条文 版本日期： 01/04/2003



任何人如因某行为而依据第252(3)(b)条所作的裁定被识辨为曾从事市场失当行为，该人须因该行为而视为曾违反本部的条文，而本条例中提述违反本条例条文之处(不论实际如何称述)，均须据此适用。

Section: 285 Heading: Interpretation of Part XIV Version Date: 01/04/2003
Expanded Cross Reference:
286, 287, 288, 289

PART XIV

OFFENCES RELATING TO DEALINGS IN SECURITIES AND
FUTURES CONTRACTS, ETC.

Division 1-Interpretation

(1) In this Part, unless the context otherwise requires-
"associate" (有联系者), in relation to a person, means-
(a) the person's spouse or reputed spouse, any person cohabiting with the person as a spouse, the person's brother, sister, parent, step-parent, child (natural or adopted) or step-child;
(b) any corporation of which the person is a director;
(c) any employee or partner of the person;
(d) where the person is a corporation, each of its directors and its related corporations and each director or employee of any of its related corporations;
(e) without limiting the circumstances in which paragraphs (a) to (d) apply, in circumstances concerning the securities of or other interest in a corporation, or rights arising out of the holding of such securities or such interest, any other person with whom the person has an agreement or arrangement-
(i) with respect to the acquisition, holding or disposal of such securities or such interest; or
(ii) under which they undertake to act together in exercising their voting power at general meetings of the corporation;
"controller" (控制人), in relation to a corporation, means any person-
(a) in accordance with whose directions or instructions the directors of the corporation or of another corporation of which it is a subsidiary are accustomed or obliged to act; or
(b) who, either alone or with any of his associates, is entitled to exercise or control the exercise of more than 33% of the voting power at general meetings of the corporation or of another corporation of which it is a subsidiary;
"relevant overseas market" (有关境外市场)-
(a) in relation to securities, means a stock market outside Hong Kong; or
(b) in relation to futures contracts, means a futures market outside Hong Kong;
"relevant recognized market" (有关认可市场)-
(a) in relation to securities, means a recognized stock market; or
(b) in relation to futures contracts, means a recognized futures market.
(2) In this subsection and sections 286 to 289 and Division 2, unless the context otherwise requires- <* Note - Exp. X-Ref.: Sections 286, 287, 288, 289 *>
"derivatives" (衍生工具), in relation to listed securities, means-
(a) rights, options or interests (whether described as units or otherwise) in, or in respect of, the listed securities;
(b) contracts, the purpose or pretended purpose of which is to secure or increase a profit or avoid or reduce a loss, wholly or partly by reference to the price or value, or a change in the price or value, of-
(i) the listed securities; or
(ii) any rights, options or interests referred to in paragraph (a);
(c) rights, options or interests (whether described as units or otherwise) in, or in respect of-
(i) any rights, options or interests referred to in paragraph (a); or
(ii) any contracts referred to in paragraph (b);
(d) instruments or other documents creating, acknowledging or evidencing any rights, options or interests or any contracts referred to in paragraph (a), (b) or (c), including certificates of interest or participation in, temporary or interim certificates for, receipts (including depositary receipts) in respect of, or warrants to subscribe for or purchase-
(i) the listed securities; or
(ii) the rights, options or interests or the contracts,
whether or not the derivatives are listed and regardless of who issued or made them;
"listed" (上市) means listed on a recognized stock market, and for the purposes of this definition, securities shall continue to be regarded as listed during a period of suspension of dealings in those securities on the recognized stock market;
"listed corporation" (上市法团) means a corporation which has issued securities that are, at the time of the relevant contravention in relation to the corporation, listed;
"listed securities" (上市证券) means-
(a) securities which, at the time of the relevant contravention in relation to a corporation, have been issued by the corporation and are listed;
(b) securities which, at the time of the relevant contravention in relation to a corporation, have been issued by the corporation and are not listed, but which, at that time, it is reasonably foreseeable will be and which, in fact, are subsequently listed;
(c) securities which, at the time of the relevant contravention in relation to a corporation, have not been issued by the corporation and are not listed, but which, at that time, it is reasonably foreseeable will be and which, in fact, are subsequently so issued and listed;
"relevant contravention" (违例事件) means a contravention of any of the provisions of Division 2;
"relevant information" (有关消息), in relation to a corporation, means specific information about-
(a) the corporation;
(b) a shareholder or officer of the corporation; or
(c) the listed securities of the corporation or their derivatives,
which is not generally known to the persons who are accustomed or would be likely to deal in the listed securities of the corporation but which would if it were generally known to them be likely to materially affect the price of the listed securities;
"securities" (证券) means-
(a) shares, stocks, debentures, loan stocks, funds, bonds or notes of, or issued by, or which it is reasonably foreseeable will be issued by, a body, whether incorporated or unincorporated, or a government or municipal government authority;
(b) rights, options or interests (whether described as units or otherwise) in, or in respect of, such shares, stocks, debentures, loan stocks, funds, bonds or notes;
(c) certificates of interest or participation in, temporary or interim certificates for, receipts for, or warrants to subscribe for or purchase, such shares, stocks, debentures, loan stocks, funds, bonds or notes;
(d) interests, rights or property, whether in the form of an instrument or otherwise, commonly known as securities;
(e) interests, rights or property, whether in the form of an instrument or otherwise, prescribed by notice under section 392 as being regarded as securities in accordance with the terms of the notice.
(3) For the purposes of the definition of "controller" in subsection (1), where a person is entitled to exercise or control the exercise of more than 33% of the voting power at general meetings of a corporation and the corporation is entitled to exercise or control the exercise of any of the voting power at general meetings of another corporation ("the effective voting power"), then the effective voting power at general meetings of the other corporation shall be regarded as exercisable by the person.
(4) For the purposes of this Part, a person shall not be regarded as a person in accordance with whose directions or instructions the directors of a corporation are accustomed or obliged to act by reason only that the directors of the corporation act on advice given by him in a professional capacity.

Section: 286 Heading: Interest in securities (insider dealing offence) Version Date: 01/04/2003
Expanded Cross Reference:
287, 288, 289

For the purposes of sections 285(2) and 287 to 289 and Division 2, a reference to an interest in securities shall be construed as including an interest of any kind whatsoever in the securities, and for that purpose any restraint or restriction to which the exercise of a right attached to the interest may be subject shall be disregarded. <* Note - Exp. X-Ref.: Sections 287, 288, 289 *>

Section: 287 Heading: Connected with a corporation (insider dealing offence) Version Date: 01/04/2003


(1) For the purposes of Division 2, a person shall be regarded as connected with a corporation if, being an individual-
(a) he is a director or employee of the corporation or a related corporation of the corporation;
(b) he is a substantial shareholder of the corporation or a related corporation of the corporation;
(c) he occupies a position which may reasonably be expected to give him access to relevant information in relation to the corporation by reason of-
(i) a professional or business relationship existing between-
(A) himself, or his employer, or a corporation of which he is a director, or a firm of which he is a partner; and
(B) the corporation, a related corporation of the corporation, or an officer or substantial shareholder of either corporation; or
(ii) his being a director, employee or partner of a substantial shareholder of the corporation or a related corporation of the corporation;
(d) he has access to relevant information in relation to the corporation and-
(i) he has such access by reason of his being in such a position that he would be regarded as connected with another corporation by virtue of paragraph (a), (b) or (c); and
(ii) the relevant information relates to a transaction (actual or contemplated) involving both those corporations or involving one of them and the listed securities of the other or their derivatives, or to the fact that the transaction is no longer contemplated; or
(e) he was, at any time within the 6 months preceding the relevant contravention in relation to the corporation, a person who would be regarded as connected with the corporation by virtue of paragraph (a), (b), (c) or (d).
(2) For the purposes of Division 2, a corporation shall be regarded as a person connected with another corporation so long as any of its directors or employees is a person who would be regarded as connected with that other corporation by virtue of subsection (1).
(3) In subsection (1), notwithstanding any other provisions of this Ordinance, "substantial shareholder" (大股东), in relation to a corporation, means a person who has an interest in the relevant share capital of the corporation, the nominal value of which is equal to or more than 5% of the nominal value of the relevant share capital of the corporation.


Section: 288 Heading: Connected with a corporation-possession of relevant information obtained in privileged capacity (insider dealing offence) Version Date: 01/04/2003


(1) For the purposes of Division 2, where a public officer or a specified person in that capacity receives relevant information in relation to a corporation, he shall be regarded as a person connected with the corporation.
(2) In subsection (1), a reference to a specified person means a person who is-
(a) a member of the Executive Council;
(b) a member of the Legislative Council;
(c) a member of a board, commission, committee or other body appointed by or on behalf of the Chief Executive or the Chief Executive in Council under an Ordinance;
(d) an officer or employee of a recognized exchange company, a recognized clearing house or a recognized exchange controller;
(e) an exchange participant;
(f) an officer or employee of an exchange participant;
(g) an officer or employee of a body corporate incorporated by an Ordinance; or
(h) an officer or employee of a body corporate specified by the Financial Secretary under subsection (3),
whether, in the case of paragraph (a), (b), (c), (d), (f), (g) or (h), the person is such a member, officer or employee (as the case may be) on a temporary or permanent basis, and whether he is paid or unpaid.
(3) The Financial Secretary may, by notice published in the Gazette, specify any body corporate for the purposes of subsection (2)(h).

Section: 289 Heading: Dealing in listed securities or their derivatives (insider dealing offence) Version Date: 01/04/2003


For the purposes of section 285(2) and Division 2, a person shall be regarded as dealing in listed securities or their derivatives if, whether as principal or agent, he sells, purchases, exchanges or subscribes for, or agrees to sell, purchase, exchange or subscribe for, any listed securities or their derivatives or acquires or disposes of, or agrees to acquire or dispose of, the right to sell, purchase, exchange or subscribe for, any listed securities or their derivatives.

Section: 290 Heading: Interest in securities and beneficial ownership, etc. (market misconduct offences other than insider dealing offence) Version Date: 01/04/2003


(1) For the purposes of Division 3, a person shall be regarded as having an interest in securities if he has authority, whether formal or informal and whether express or implied, to dispose of or to exercise control over the disposal of the securities or, in the case of options in respect of the securities, to exercise the options.
(2) It is immaterial that the authority of a person referred to in subsection (1)-
(a) is, or is capable of being made, subject to restraint or restriction; or
(b) is exercisable jointly with another person.
(3) A person shall be regarded as having the authority referred to in subsection (1) where a corporation has the authority referred to in that subsection and-
(a) the corporation is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions or instructions of the person in relation to the securities in question; or
(b) the person, or an associate of the person, is a controller of the corporation.
(4) Where a person-
(a) has entered into a contract to purchase securities;
(b) has a right to have securities transferred to him or to his order whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; or
(c) has the right to acquire securities, or an interest in securities, under an option, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not,
the person shall, to the extent to which he could do so on completing the contract, enforcing the right or exercising the option, be regarded as having the authority referred to in subsection (1).
(5) Where securities are subject to a trust, and a person who is not a trustee in those securities has an interest in those securities by virtue of subsection (4)(b), the interest of a trustee in those securities shall be disregarded for the purpose of determining whether the person has an interest in securities for the purposes of Division 3.
(6) The Commission may make rules to prescribe that an interest, being an interest of a person or of the persons included in a class of persons, shall be disregarded for the purpose of determining whether the person or the persons has or have an interest in securities for the purposes of Division 3.
(7) For the purposes of Division 3, a sale or purchase of securities does not involve a change in their beneficial ownership if a person who had an interest in the securities before the sale or purchase, or an associate of the person, has an interest in the securities after the sale or purchase.

Section: 291 Heading: Offence of insider dealing Version Date: 01/04/2003


Division 2-Insider dealing offence

(1) A person connected with a listed corporation and having information which he knows is relevant information in relation to the corporation shall not-
(a) deal in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives; or
(b) counsel or procure another person to deal in such listed securities or derivatives, knowing or having reasonable cause to believe that the other person will deal in them.
(2) A person who is contemplating or has contemplated making, whether with or without another person, a take-over offer for a listed corporation and who knows that the information that the offer is contemplated or is no longer contemplated is relevant information in relation to the corporation shall not-
(a) deal in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives, otherwise than for the purpose of the take-over; or
(b) counsel or procure another person to deal in such listed securities or derivatives, otherwise than for the purpose of the take-over.
(3) A person connected with a listed corporation and knowing that any information is relevant information in relation to the corporation shall not disclose the information, directly or indirectly, to another person, knowing or having reasonable cause to believe that the other person will make use of the information for the purpose of dealing, or of counselling or procuring another person to deal, in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives.
(4) A person who is contemplating or has contemplated making, whether with or without another person, a take-over offer for a listed corporation and who knows that the information that the offer is contemplated or is no longer contemplated is relevant information in relation to the corporation shall not disclose the information, directly or indirectly, to another person, knowing or having reasonable cause to believe that the other person will make use of the information for the purpose of dealing, or of counselling or procuring another person to deal, in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives.
(5) A person who has information which he knows is relevant information in relation to a listed corporation and which he received, directly or indirectly, from a person whom he knows is connected with the corporation and whom he knows or has reasonable cause to believe held the information as a result of being connected with the corporation shall not-
(a) deal in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives; or
(b) counsel or procure another person to deal in such listed securities or derivatives.
(6) A person who has received, directly or indirectly, from a person whom he knows or has reasonable cause to believe is contemplating or is no longer contemplating making a take-over offer for a listed corporation, information to that effect which he knows is relevant information in relation to the corporation shall not-
(a) deal in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives; or
(b) counsel or procure another person to deal in such listed securities or derivatives.
(7) A person who knowingly has relevant information in relation to a listed corporation in any of the circumstances described in subsection (1), (2), (3), (4), (5) or (6) shall not-
(a) counsel or procure another person to deal in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives, knowing or having reasonable cause to believe that the other person will deal in such listed securities or derivatives outside Hong Kong on a stock market other than a recognized stock market; or
(b) disclose the relevant information to another person knowing or having reasonable cause to believe that the other person or some other person will make use of the relevant information for the purpose of dealing, or of counselling or procuring any other person to deal, in the listed securities of the corporation or their derivatives, or in the listed securities of a related corporation of the corporation or their derivatives, outside Hong Kong on a stock market other than a recognized stock market.
(8) Subject to sections 292, 293 and 294, a person who contravenes subsection (1), (2), (3), (4), (5), (6) or (7) commits an offence.

Section: 292 Heading: Insider dealing offence-general defences Version Date: 01/04/2003


(1) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the person to prove that he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question (as the case may be)-
(a) for the sole purpose of acquiring shares required for his being qualified as a director or intending director of a corporation;
(b) in the performance in good faith of an underwriting agreement for the listed securities or derivatives in question; or
(c) in the performance in good faith of his functions as a liquidator, receiver or trustee in bankruptcy.
(2) Where a corporation is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through its dealing in or counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the corporation to prove that-
(a) although one or more of its directors or employees had the relevant information in relation to the corporation the listed securities of which were, or the derivatives of the listed securities of which were, the listed securities or derivatives in question, each person who took the decision for it to deal in or counsel or procure the other person to deal in such listed securities or derivatives (as the case may be) did not have the relevant information up to (and including) the time when it dealt in or counselled or procured the other person to deal in such listed securities or derivatives (as the case may be);
(b) arrangements then existed to secure that-
(i) the relevant information was, up to (and including) the time when it dealt in or counselled or procured the other person to deal in such listed securities or derivatives (as the case may be), not communicated to any person who took the decision; and
(ii) none of its directors or employees who had the relevant information gave advice concerning the decision to any person who took the decision at any time before it dealt in or counselled or procured the other person to deal in such listed securities or derivatives (as the case may be); and
(c) the relevant information was in fact not so communicated to any person who took the decision and none of its directors or employees who had the relevant information in fact so gave the advice to any person who took the decision.
(3) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives or his disclosure of information, it is a defence to the charge for the person to prove that the purpose for which he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question or disclosed the information in question (as the case may be) was not, or, where there was more than one purpose, the purposes for which he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question or disclosed the information in question (as the case may be) did not include, the purpose of securing or increasing a profit or avoiding or reducing a loss, whether for himself or another, by using relevant information.
(4) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the person to prove that-
(a) he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question (as the case may be) as agent;
(b) he did not select or advise on the selection of such listed securities or derivatives; and
(c) he-
(i) did not know that the person for whom he acted as agent was a person connected with the corporation the listed securities of which were, or the derivatives of the listed securities of which were, such listed securities or derivatives; or
(ii) did not know that the person for whom he acted as agent had the relevant information in question.
(5) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the person to prove that-
(a) at the time when he dealt in or counselled or procured the other person to deal in the listed securities or derivatives in question, the dealing in question was not required to be recorded on a recognized stock market or to be notified to a recognized exchange company under its rules; and
(b) (i) where the contravention took place through his dealing in listed securities or derivatives-
(A) he and the other party to the dealing in question entered into the dealing directly with each other; and
(B) at the time when he entered into the dealing, the other party to the dealing knew, or ought reasonably to have known, of the relevant information in question; or
(ii) where the contravention took place through his counselling or procuring another person to deal in listed securities or derivatives-
(A) he counselled or procured the other party to the dealing in question to enter into the dealing directly with him; and
(B) at the time when he counselled or procured the other party to enter into the dealing, the other party knew, or ought reasonably to have known, of the relevant information in question.
(6) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in listed securities or derivatives, it is a defence to the charge for the person to prove that-
(a) he entered into the dealing in question, otherwise than as a person who has counselled or procured the other party to the dealing to deal in listed securities or their derivatives; and
(b) at the time when he entered into the dealing, the other party to the dealing knew, or ought reasonably to have known, that he was a person connected with the corporation the listed securities of which were, or the derivatives of the listed securities of which were, the listed securities or derivatives in question.
(7) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the person to prove that-
(a) the other person did not counsel or procure the other party to the dealing in question to deal in listed securities or their derivatives; and
(b) at the time when he counselled or procured the other person to deal in the listed securities or derivatives in question, the other party to the dealing in question knew, or ought reasonably to have known, that the other person was a person connected with the corporation the listed securities of which were, or the derivatives of the listed securities of which were, such listed securities or derivatives.
(8) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the person to prove that-
(a) he acted-
(i) in connection with any dealing in listed securities or their derivatives (whether by himself or another person) which was under consideration or was the subject of negotiation, or in the course of a series of such dealings; and
(ii) with a view to facilitating the accomplishment of the dealing or the series of dealings; and
(b) the relevant information in question was market information arising directly out of his involvement in the dealing or the series of dealings.
(9) Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the person to prove that the dealing in question is a market contract.
(10) For the purposes of subsection (8), "market information" (市场消息) means information consisting of one or more of the following facts-
(a) that there has been or is to be any dealing in listed securities or derivatives of listed securities of a particular kind, or that any such dealing is under consideration or is the subject of negotiation;
(b) that there has not been or is not to be any dealing in listed securities or derivatives of listed securities of a particular kind;
(c) the quantity of listed securities or derivatives of listed securities in which there is or is to be any dealing, or in which any dealing is under consideration or is the subject of negotiation;
(d) the price (or range of prices) at which listed securities or derivatives of listed securities have been or are to be dealt in, or the price (or range of prices) at which listed securities or derivatives of listed securities in which any dealing is under consideration or is the subject of negotiation may be dealt in;
(e) the identity of the persons involved or likely to be involved in any capacity in any dealing in listed securities or derivatives of listed securities.


Section: 293 Heading: Insider dealing offence-defences for certain trustees and personal representatives Version Date: 01/04/2003


Where a person who is a trustee or personal representative is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in or counselling or procuring another person to deal in listed securities or derivatives, it is a defence to the charge for the person to prove that-
(a) he acted on advice obtained in good faith from another person;
(b) that other person appeared to him to be an appropriate person from whom to seek the advice; and
(c) it did not appear to him that, had that other person dealt in the listed securities or derivatives in question, a contravention of section 291 would take place.


Section: 294 Heading: Insider dealing offence-defences for certain persons exercising right to subscribe for or acquire securities or derivatives Version Date: 01/04/2003


Where a person is charged with an offence under section 291(8) in respect of a contravention of section 291 taking place through his dealing in listed securities or derivatives, it is a defence to the charge for the person to prove that-
(a) he dealt in the listed securities or derivatives in question by way of his exercise of a right to subscribe for or otherwise acquire such listed securities or derivatives; and
(b) the right was granted to him or was derived from securities or their derivatives that were held by him before he became aware of any relevant information in relation to the corporation the listed securities of which were, or the derivatives of the listed securities of which were, such listed securities or derivatives.

条： 285 条文标题： 第XIV部的释义 版本日期： 01/04/2003
详列交互参照：
286，287，288，289


第XIV部

关于证券及期货合约交易等的罪行

第1分部─释义


(1) 在本部中，除文意另有所指外─
“有联系者”(associate) 就某人而言─
(a) 指该人的配偶或公认配偶、与该人同居俨如配偶的人，或该人的兄弟、姊妹、父母、继父母、亲生子女、领养子女或继子女；
(b) 指该人担任董事的法团；
(c) 指该人的雇员或合伙人；
(d) 在该人是法团的情况下，指该法团各董事、该法团各有连系法团，以及该等有连系法团各董事或雇员；
(e) 在不局限(a)至(d)段适用的情况的原则下，如有关情况涉及法团的证券或其他权益，或因持有该等证券或权益而产生的权利，则指─
(i) 与该人订有关于取得、持有或处置该等证券或权益的协议或安排的另一人；或
(ii) 与该人订有某项协议或安排的人，而根据该项协议或安排，他们承诺在该法团的成员大会上行使投票权时行动一致；
“有关境外市场”(relevant overseas market)─
(a) 就证券而言，指香港以外地方的证券市场；或
(b) 就期货合约而言，指香港以外地方的期货市场；
“有关认可市场”(relevant recognized market)─
(a) 就证券而言，指认可证券市场；或
(b) 就期货合约而言，指认可期货市场；
“控制人”(controller) 就某法团而言，指符合以下情况的人─
(a) 该法团的董事是惯于或有义务按照该人的指示或指令行事的；如该法团是另一法团的附属公司，则该另一法团的董事是惯于或有义务按照该人的指示或指令行事的；或
(b) 该人(不论单独或联同其任何有联系者)有权在该法团的成员大会上行使33%以上的投票权或控制该数量的投票权的行使；如该法团是另一法团的附属公司，则该人(不论单独或联同其任何有联系者)有权在该另一法团的成员大会上行使33%以上的投票权或控制该数量的投票权的行使。
(2) 在本款及第286至289条及第2分部中，除文意另有所指外─ 〈* 注─详列交互参照：第286，287，288，289条 *〉
“上市”(listed) 指在认可证券市场上市，而就本定义而言，证券在认可证券市场暂停交易期间，须持续视为上市证券；
“上市法团”(listed corporation) 指有发行证券的法团，而在与该法团有关的违例事件发生时，该等证券是上市证券；
“上市证券”(listed securities) 指─
(a) 在与某法团有关的违例事件发生时，已由该法团发行并且是上市的证券；
(b) 在与某法团有关的违例事件发生时，已由该法团发行而没有上市，但当时可合理预见会上市，而其后确实上市的证券；
(c) 在与某法团有关的违例事件发生时并未由该法团发行，亦没有上市，但当时可合理预见会如此发行及上市，而其后确实如此发行及上市的证券；
“有关消息”(relevant information) 就某法团而言，指关于─
(a) 该法团的；
(b) 该法团的股东或高级人员的；或
(c) 该法团的上市证券的或该等证券的衍生工具的，
而并非普遍为惯常(或相当可能会)进行该法团上市证券交易的人所知的具体消息或资料，但该等消息或资料如普遍为他们所知，则相当可能会对该等证券的价格造成重大影响；
“衍生工具”(derivatives) 就上市证券而言，指─
(a) 在该等证券中的或关乎该等证券的权利、期权或权益(不论以单位或其他方式描述)；
(b) 任何合约，而该等合约的目的或佯称目的是藉完全或部分参照以下项目的价格或价值，或该价格或价值的变动，以获得或增加利润或避免或减少损失─
(i) 该等证券；或
(ii) (a)段提述的任何权利、期权或权益；
(c) 在以下项目中的或关乎以下项目的权利、期权或权益(不论以单位或其他方式描述)─
(i) (a)段提述的任何权利、期权或权益；或
(ii) (b)段提述的任何合约；
(d) 任何产生、确认或证明(a)、(b)或(c)段提述的任何权利、期权、权益或合约的文书或其他文件，包括以下项目的权益证明书、参与证明书、临时证明书、中期证明书，关乎以下项目的收据(包括寄存单据)，以及认购或购买以下项目的权证─
(i) 该等证券；或
(ii) 该等权利、期权、权益或合约，
不论该等衍生工具是否上市的，亦不论是由何人发行或订立的；
“违例事件”(relevant contravention) 指违反第2分部任何条文的事件；
“证券”(securities) 指─
(a) 任何团体(不论是否属法团)或政府或市政府当局的或由它发行的或可合理预见会由它发行的股份、股额、债权证、债权股额、基金、债券或票据；
(b) 在该等股份、股额、债权证、债权股额、基金、债券或票据中的或关乎该等股份、股额、债权证、债权股额、基金、债券或票据的权利、期权或权益(不论以单位或其他方式描述)；
(c) 该等股份、股额、债权证、债权股额、基金、债券或票据的权益证明书、参与证明书、临时证明书、中期证明书、收据，或认购或购买该等项目的权证；
(d) 通常称为证券的权益、权利或财产，不论属文书或其他形式；
(e) 第392条所指的公告订明为按照该公告的条款视为证券的权益、权利或财产，不论属文书或其他形式。
(3) 就第(1)款中“控制人”的定义而言，凡任何人有权在某法团的成员大会上行使33%的投票权或控制该数量的投票权的行使，而该法团有权在另一法团的成员大会上行使投票权或控制投票权的行使(“有效投票权”)，则在该另一法团的成员大会上的有效投票权视为可由该人行使。
(4) 就本部而言，如法团董事按照某人以专业身分所提供的意见而行事，则不得仅以此为理由而视该法团的董事为惯常或有义务按照该人的指示或指令行事。

条： 286 条文标题： 证券权益(内幕交易罪) 版本日期： 01/04/2003
详列交互参照：
287，288，289

就第285(2)及287至289条及第2分部而言，凡提述证券权益，须解释为包括该等证券中任何种类的权益，而就此而言，于行使依附于该权益的权利时可能受到的限制或约束，均无须理会。 〈* 注─详列交互参照：第287，288，289条 *〉

条： 287 条文标题： 与法团有关连(内幕交易罪) 版本日期： 01/04/2003



(1) 就第2分部而言，任何个人如符合以下说明，即属与某法团有关连的人─
(a) 他是该法团或其有连系法团的董事或雇员；
(b) 他是该法团或其有连系法团的大股东；
(c) 他身居某职位，而因以下理由可合理预期该职位给予他接触关于该法团的有关消息的途径─
(i) 在─
(A) 他本人、他的雇主、他担任董事的法团，或他属合伙人的商号；与
(B) 该法团、该法团的有连系法团，或该法团或有连系法团的任何高级人员或大股东，
之间存在专业或业务关系；或
(ii) 他是该法团或其有连系法团的大股东的董事、雇员或合伙人；
(d) 他有途径接触关于该法团的有关消息，而─
(i) 他有该途径是因他身居某职位，而凭借(a)、(b)或(c)段，该职位令他会被视为与另一法团有关连；及
(ii) 该有关消息关乎涉及上述两个法团的交易(实际进行的或意图进行的)，或涉及该两个法团的其中一个与其余一个的上市证券或其衍生工具的交易(实际进行的或意图进行的)，或关乎已打消进行上述交易的意图；或
(e) 在与该法团有关的违例事件发生之前6个月内的任何时间，凭借(a)、(b)、(c)或(d)段他会被视为与该法团有关连的人。
(2) 只要某法团的任何董事或雇员是凭借第(1)款会被视为与另一法团有关连的人，则就第2分部而言，该法团即视为与该另一法团有关连的人。
(3) 不论本条例其他条文有任何规定，在第(1)款中，法团的“大股东”(substantial shareholder) 指拥有该法团的有关股本的权益的人，而他所拥有的权益的面值不少于该法团的有关股本的面值的5%。

条： 288 条文标题： 与法团有关连─掌握以享有特权的身分获得的有关消息(内幕交易罪) 版本日期： 01/04/2003



(1) 就第2分部而言，任何公职人员或指明人士如以该身分接获关于某法团的有关消息，则视为与该法团有关连的人。
(2) 在第(1)款中，提述指明人士之处，指─
(a) 行政会议成员；
(b) 立法会议员；
(c) 由行政长官或行政长官会同行政会议或由他人代行政长官或行政长官会同行政会议根据任何条例委出的各类委员会或其他团体的成员；
(d) 认可交易所、认可结算所或认可控制人的高级人员或雇员；
(e) 交易所参与者；
(f) 交易所参与者的高级人员或雇员；
(g) 任何条例成立的法人团体的高级人员或雇员；或
(h) 财政司司长根据第(3)款指明的法人团体的高级人员或雇员，
不论(就(a)、(b)、(c)、(d)、(f)、(g)或(h)段而言)该成员、议员、高级人员或雇员(视属何情况而定)是临时的或常任的，亦不论是否获付酬金的。
(3) 财政司司长可为施行第(2)(h)款藉宪报公告指明任何法人团体。

条： 289 条文标题： 上市证券或其衍生工具的交易(内幕交易罪) 版本日期： 01/04/2003



就第285(2)条及第2分部而言，凡任何人(不论以主事人或代理人身分)售卖、购买、交换或认购任何上市证券或其衍生工具，或与别人协议售卖、购买、交换或认购任何上市证券或其衍生工具，或取得或处置任何上市证券或其衍生工具的售卖、购买、交换或认购的权利，或与别人协议取得或处置该等权利，则他视为进行上市证券或其衍生工具的交易。

条： 290 条文标题： 证券权益及实益拥有权等(内幕交易罪以外的市场失当行为罪行) 版本日期： 01/04/2003



(1) 任何人如具有处置某证券或行使处置某证券的控制权的权限(不论是正式或非正式的，亦不论是明示或隐含的)，或就关乎某证券的期权而言，具有行使该期权的权限，则就第3分部而言，他视为拥有该证券的权益。
(2) 第(1)款提述的人的权限即使─
(a) 受到限制或约束，或可受到限制或约束；或
(b) 须联同另一人方可行使，
此事实无关重要。
(3) 凡任何法团就某证券具有第(1)款提述的权限，而─
(a) 该法团或其董事惯于或有义务(不论是正式或非正式的)按照某人的指示或指令就该证券而行事；或
(b) 某人或其有联系者是该法团的控制人，
则该人视为就该证券具有第(1)款提述的权限。
(4) 凡任何人─
(a) 已订立合约以购买某证券，则在他若履行合约便能如此购买的范围内；
(b) 具有使某证券转移予他或按他的命令转移的权利，不论该权利是现在或将来可行使的，亦不论是否在某条件符合后方可行使的，则在他若强制执行该权利便能令该证券如此转移的范围内；或
(c) 具有根据一项期权取得某证券或证券权益的权利，不论该权利是现在或将来可行使的，亦不论是否在某条件符合后方可行使的，则在他若行使该权利便能取得该证券或权益的范围内，
他视为就该证券具有第(1)款提述的权限。
(5) 凡任何证券受信托所规限，而任何不是该证券的受托人的人如凭借第(4)(b)款拥有该证券的权益，则在断定某人是否就第3分部而言拥有证券权益时，受托人在该证券中的权益须不予理会。
(6) 证监会可订立规则，订明某人的权益或某些属于某类别的人的权益，在断定他或他们是否就第3分部而言拥有证券权益时须不予理会。
(7) 如任何人在买卖某证券前拥有该证券的权益，而该人或其有联系者在买卖该证券后拥有该证券的权益，则就第3分部而言，买卖该证券不涉及其实益拥有权的改变。

条： 291 条文标题： 内幕交易的罪行 版本日期： 01/04/2003



第2分部─内幕交易罪

(1) 任何人如与某上市法团有关连，并掌握他知道属关于该法团的有关消息的消息，则他不得─
(a) 进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(b) 在知道或有合理因由相信另一人会进行该等证券或工具的交易的情况下，怂使或促致该另一人进行该等交易。
(2) 任何人如正意图或曾意图提出收购某上市法团的要约(不论是否联同别人提出)，并知道该项收购意图的消息或已打消该意图的消息是关于该法团的有关消息，则他不得─
(a) 为该项收购以外的目的，进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(b) 为该项收购以外的目的，怂使或促致另一人进行该等证券或工具的交易。
(3) 任何人如与某上市法团有关连，而他知道某消息是关于该法团的有关消息，并知道或有合理因由相信另一人会利用该消息而进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，或怂使或促致他人进行该等交易，则他不得直接或间接向该另一人披露该消息。
(4) 任何人如正意图或曾意图提出收购某上市法团的要约(不论是否联同别人提出)，而他知道该项收购意图的消息或已打消该意图的消息是关于该法团的有关消息，并知道或有合理因由相信另一人会利用该消息而进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，或怂使或促致他人进行该等交易，则他不得直接或间接向该另一人披露该消息。
(5) 任何人如知道另一人与某上市法团有关连，并知道或有合理因由相信该另一人因该项关连而掌握关于该法团的有关消息，而他直接或间接从该另一人收到他知道属关于该法团的有关消息的消息，则他不得─
(a) 进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(b) 怂使或促致他人进行该等证券或工具的交易。
(6) 任何人如知道或有合理因由相信另一人正意图提出收购某上市法团的要约，或已打消该意图，而他直接或间接从该另一人收到该另一人的上述意图或打消该意图的消息，并知道该消息是关于该法团的有关消息，则他不得─
(a) 进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易；或
(b) 怂使或促致他人进行该等证券或工具的交易。
(7) 明知而在第(1)、(2)、(3)、(4)、(5)或(6)款描述的情况下掌握关于某上法团的有关消息的人─
(a) 如知道或有合理因由相信另一人会于香港以外地方在认可证券市场以外的证券市场进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，则他不得怂使或促致该另一人进行该等交易；或
(b) 如知道或有合理因由相信另一人或其他人会利用该有关消息，于香港以外地方在认可证券市场以外的证券市场进行或怂使或促致别人如此进行该法团(或该法团的有连系法团)的上市证券或其衍生工具的交易，则他不得将该有关消息披露予该另一人。
(8) 除第292、293及294条另有规定外，任何人违反第(1)、(2)、(3)、(4)、(5)、(6)或(7)款，即属犯罪。
条： 292 条文标题： 内幕交易罪─一般免责辩护 版本日期： 01/04/2003



(1) 凡任何人透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 他进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)的唯一目的，是取得作为某法团的董事或未来董事的资格所需的股份；
(b) 他在真诚地履行有关的上市证券或衍生工具的包销协议过程中进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)；或
(c) 他在真诚地执行其清盘人、接管人或破产管理人的职能的过程中进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)，
即可以此作为免责辩护。
(2) 凡任何法团透过它进行或怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如该法团证明─
(a) (就有关的上市证券或衍生工具是另一法团的上市证券或另一法团的上市证券的衍生工具的情况而言)虽然有一名或多于一名属该法团的董事或雇员的人掌握关于该另一法团的有关消息，但决定进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)的每一个人，直至该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)之时(包括该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)的一刻)，并没有掌握该有关消息；
(b) 当时已有安排，以确保─
(i) 直至该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)之时(包括该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)的一刻)，该有关消息不会传达予作出该决定的人；及
(ii) 没有任何掌握该有关消息的该法团的董事或雇员在该法团进行或怂使或促致该另一人进行该等上市证券或衍生工具的交易(视属何情况而定)之前任何时间，向作出该决定的人提供关于该决定的意见；及
(c) 该有关消息事实上没有如此传达予作出该决定的人，亦没有任何掌握该有关消息的该法团的董事或雇员如此向作出该决定的人提供意见，
即可以此作为免责辩护。
(3) 凡任何人透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易或披露消息而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明他进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易或披露有关的消息(视属何情况而定)的目的，并非在于(亦并不包括)利用有关消息为自己或他人获得或增加利润或避免或减少损失，即可以此作为免责辩护。
(4) 凡任何人透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 他是以代理人身分进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易(视属何情况而定)；
(b) 他没有拣选该等上市证券或衍生工具，亦没有就拣选该等上市证券或衍生工具提供意见；及
(c) (如他以某人的代理人身分行事)他不知道─
(i) (就有关的上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)该人是与该法团有关连的人；或
(ii) 该人掌握有关的有关消息，
即可以此作为免责辩护。
(5) 凡任何人透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 在他进行或怂使或促致该另一人进行有关的上市证券或衍生工具的交易时，有关的交易无须在认可证券市场记录，亦无须根据认可交易所规章通知该交易所；及
(b) (i) 就该项违反是透过他进行上市证券或衍生工具的交易而发生的情况而言─
(A) 他与有关的交易的另一方直接与对方订立该宗交易；及
(B) 在他订立该宗交易时，该宗交易的另一方知道或理应知道有关的有关消息；或
(ii) 就该项违反是透过他怂使或促致另一人进行上市证券或衍生工具的交易而发生的情况而言─
(A) 他怂使或促致有关的交易的另一方直接与他订立该宗交易；及
(B) 在他怂使或促致该另一方订立该宗交易时，该另一方知道或理应知道有关的有关消息，
即可以此作为免责辩护。
(6) 凡任何人透过他进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 他并非作为怂使或促致有关的交易的另一方进行上市证券或衍生工具的交易的人而订立该宗交易；及
(b) (就有关的上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)在他订立该宗交易时，该宗交易的另一方知道或理应知道他是与该法团有关连的人，
即可以此作为免责辩护。
(7) 凡任何人透过他怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 该另一人没有怂使或促致有关的交易的另一方进行上市证券或其衍生工具的交易；及
(b) (就有关的上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)在他怂使或促致该另一人进行有关的上市证券或衍生工具的交易时，有关的交易的另一方知道或理应知道该另一人是与该法团有关连的人，
即可以此作为免责辩护。
(8) 凡任何人透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 他─
(i) 是就任何正在考虑中或属商议标的的上市证券交易或上市证券衍生工具交易(不论该宗交易是由他本人或另一人进行)而行事的，或是在一连串该等交易的过程中行事的；及
(ii) 是为利便该宗交易或一连串该等交易的完成而行事的；及
(b) 有关的有关消息是由于他牵涉入该宗交易或一连串该等交易而直接产生的市场消息，
即可以此作为免责辩护。
(9) 凡任何人透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明有关的交易是一项市场合约，即可以此作为免责辩护。
(10) 就第(8)款而言，“市场消息”(market information) 指包含以下一项或多于一项事实的消息或资料─
(a) 曾有或将会有某类上市证券或上市证券衍生工具的交易，或有任何该等交易正在考虑中或属商议标的；
(b) 未曾有或将不会有某类上市证券或上市证券衍生工具的交易；
(c) 现时或将会交易的上市证券或上市证券衍生工具的数量，或正在考虑中或属商议标的的交易涉及的上市证券或上市证券衍生工具的数量；
(d) 上市证券或上市证券衍生工具曾经或将会进行交易的价格(或价格范围)，或正在考虑中或属商议标的的交易涉及的上市证券或上市证券衍生工具所可能交易的价格(或价格范围)；
(e) 以任何身分牵涉入或可能牵涉入上市证券或上市证券衍生工具的任何交易的人的身分。


条： 293 条文标题： 内幕交易罪─某些受托人及遗产代理人的免责辩护 版本日期： 01/04/2003



凡任何属受托人或遗产代理人的人透过他进行或怂使或促致另一人进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 他当时是依照真诚地得自另一人的意见而行事的；
(b) 他当时觉得该另一人是征询上述意见的适当对象；及
(c) 他当时并不觉得假使该另一人进行有关的上市证券或衍生工具的交易，便会发生违反第291条之事，
即可以此作为免责辩护。

条： 294 条文标题： 内幕交易罪─某些行使认购或取得证券或衍生工具的权利的人的免责辩护 版本日期： 01/04/2003



凡任何人透过他进行上市证券或衍生工具的交易而违反第291条，并因此被控犯第291(8)条所订罪行，如他证明─
(a) 他藉着行使权利以认购或以其他方式取得该等上市证券或衍生工具而进行该等上市证券或衍生工具的交易；及
(b) (就该等上市证券或衍生工具是某法团的上市证券或某法团的上市证券的衍生工具的情况而言)在他知悉关于该法团的有关消息之前，他已获授予该权利或该权利已自他所持有的证券或其衍生工具衍生，
即可以此作为免责辩护。

Section: 295 Heading: Offence of false trading Version Date: 01/04/2003


Division 3-Other market misconduct offences

(1) A person shall not, in Hong Kong or elsewhere, do anything or cause anything to be done, with the intention that, or being reckless as to whether, it has, or is likely to have, the effect of creating a false or misleading appearance-
(a) of active trading in securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services; or
(b) with respect to the market for, or the price for dealings in, securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services.
(2) A person shall not, in Hong Kong, do anything or cause anything to be done, with the intention that, or being reckless as to whether, it has, or is likely to have, the effect of creating a false or misleading appearance-
(a) of active trading in securities or futures contracts traded on a relevant overseas market; or
(b) with respect to the market for, or the price for dealings in, securities or futures contracts traded on a relevant overseas market.
(3) A person shall not, in Hong Kong or elsewhere, take part in, be concerned in, or carry out, directly or indirectly, one or more transactions (whether or not any of them is a dealing in securities or futures contracts), with the intention that, or being reckless as to whether, it or they has or have, or is or are likely to have, the effect of creating an artificial price, or maintaining at a level that is artificial (whether or not it was previously artificial) a price, for dealings in securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services.
(4) A person shall not, in Hong Kong, take part in, be concerned in, or carry out, directly or indirectly, one or more transactions (whether or not any of them is a dealing in securities or futures contracts), with the intention that, or being reckless as to whether, it or they has or have, or is or are likely to have, the effect of creating an artificial price, or maintaining at a level that is artificial (whether or not it was previously artificial) a price, for dealings in securities or futures contracts traded on a relevant overseas market.
(5) Without limiting the generality of subsection (1) or (2), where a person-
(a) enters into or carries out, directly or indirectly, any transaction of sale or purchase, or any transaction which purports to be a transaction of sale or purchase, of securities that does not involve a change in the beneficial ownership of them;
(b) offers to sell securities at a price that is substantially the same as the price at which he has made or proposes to make, or knows that an associate of his has made or proposes to make, an offer to purchase the same or substantially the same number of them; or
(c) offers to purchase securities at a price that is substantially the same as the price at which he has made or proposes to make, or knows that an associate of his has made or proposes to make, an offer to sell the same or substantially the same number of them,
then, unless the transaction in question is an off-market transaction, the person shall, for the purposes of subsections (1) and (2), be regarded as doing something or causing something to be done, with the intention that, or being reckless as to whether, it has, or is likely to have, the effect of creating a false or misleading appearance-
(i) where the securities are traded on a relevant recognized market or by means of authorized automated trading services, of active trading in securities so traded or with respect to the market for, or the price for dealings in, securities so traded; or
(ii) where the securities are traded on a relevant overseas market, of active trading in securities so traded or with respect to the market for, or the price for dealings in, securities so traded.
(6) Subject to subsection (7), a person who contravenes subsection (1), (2), (3) or (4) commits an offence.
(7) Where a person is charged with an offence under subsection (6) in respect of a contravention of subsection (1) or (2) taking place through the commission of an act referred to in subsection (5)(a), (b) or (c), it is a defence to the charge for the person to prove that the purpose for which he committed the act was not, or, where there was more than one purpose, the purposes for which he committed the act did not include, the purpose of creating a false or misleading appearance of active trading in securities, or with respect to the market for, or the price for dealings in, securities, referred to in subsection (1) or (2) (as the case may be).
(8) In subsection (5), "off-market transaction" (场外交易) means a transaction which-
(a) in the case of securities traded on a relevant recognized market, is not required to be recorded on the relevant recognized market, or to be notified, under the rules of the person by whom the relevant recognized market is operated, to such person;
(b) in the case of securities traded by means of authorized automated trading services, is not required to be recorded by means of authorized automated trading services, or to be notified, under the rules of the person by whom the authorized automated trading services are operated, to such person; or
(c) in the case of securities traded on a relevant overseas market, is not required to be recorded on the relevant overseas market, or to be notified, under the rules of the person by whom the relevant overseas market is operated, to such person.
(9) In this section-
(a) a reference to a transaction of sale or purchase, in relation to securities, includes an offer to sell or purchase securities and an invitation (however expressed) that expressly or impliedly invites a person to offer to sell or purchase securities; and
(b) a reference to entering into or carrying out a transaction of sale or purchase shall, in the case of an offer or an invitation referred to in paragraph (a), be construed as a reference to making the offer or the invitation (as the case may be).


Section: 296 Heading: Offence of price rigging Version Date: 01/04/2003


(1) A person shall not, in Hong Kong or elsewhere-
(a) enter into or carry out, directly or indirectly, any transaction of sale or purchase of securities that does not involve a change in the beneficial ownership of those securities, which has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities traded on a relevant recognized market or by means of authorized automated trading services; or
(b) enter into or carry out, directly or indirectly, any fictitious or artificial transaction or device, with the intention that, or being reckless as to whether, it has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities, or the price for dealings in futures contracts, that are traded on a relevant recognized market or by means of authorized automated trading services.
(2) A person shall not, in Hong Kong-
(a) enter into or carry out, directly or indirectly, any transaction of sale or purchase of securities that does not involve a change in the beneficial ownership of those securities, which has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities traded on a relevant overseas market; or
(b) enter into or carry out, directly or indirectly, any fictitious or artificial transaction or device, with the intention that, or being reckless as to whether, it has the effect of maintaining, increasing, reducing, stabilizing, or causing fluctuations in, the price of securities, or the price for dealings in futures contracts, that are traded on a relevant overseas market.
(3) For the purposes of subsections (1)(b) and (2)(b), the fact that a transaction is, or at any time was, intended to have effect according to its terms is not conclusive in determining whether the transaction is, or was, not fictitious or artificial.
(4) Subject to subsection (5), a person who contravenes subsection (1) or (2) commits an offence.
(5) Where a person is charged with an offence under subsection (4) in respect of a contravention of subsection (1)(a) or (2)(a) taking place through any transaction of sale or purchase of securities, it is a defence to the charge for the person to prove that the purpose for which the securities were sold or purchased was not, or, where there was more than one purpose, the purposes for which the securities were sold or purchased did not include, the purpose of creating a false or misleading appearance with respect to the price of securities.
(6) In this section-
(a) a reference to a transaction of sale or purchase, in relation to securities, includes an offer to sell or purchase securities and an invitation (however expressed) that expressly or impliedly invites a person to offer to sell or purchase securities; and
(b) a reference to entering into or carrying out a transaction of sale or purchase shall, in the case of an offer or an invitation referred to in paragraph (a), be construed as a reference to making the offer or the invitation (as the case may be).

Section: 297 Heading: Offence of disclosure of information about prohibited transactions Version Date: 01/04/2003


(1) A person shall not disclose, circulate or disseminate, or authorize or be concerned in the disclosure, circulation or dissemination of, information to the effect that the price of securities of a corporation, or the price for dealings in futures contracts, that are traded on a relevant recognized market or by means of authorized automated trading services will be maintained, increased, reduced or stabilized, or is likely to be maintained, increased, reduced or stabilized, because of a prohibited transaction relating to securities of either the corporation or a related corporation of the corporation or to the futures contracts (as the case may be), if he, or an associate of his-
(a) has entered into or carried out, directly or indirectly, the prohibited transaction; or
(b) has received, or expects to receive, directly or indirectly, a benefit as a result of the disclosure, circulation or dissemination of the information.
(2) Subject to subsection (3), a person who contravenes subsection (1) commits an offence.
(3) Where a person is charged with an offence under subsection (2) in respect of a contravention of subsection (1) on the basis that he, or an associate of his, received, or expected to receive, directly or indirectly, a benefit referred to in subsection (1)(b), it is a defence to the charge for the person to prove that-
(a) the benefit which he or the associate of his (as the case may be) received, or expected to receive, was not from a person who has entered into or carried out, directly or indirectly, the prohibited transaction in question, or an associate of such person; or
(b) the benefit which he or the associate of his (as the case may be) received, or expected to receive, was from a person who has entered into or carried out, directly or indirectly, the prohibited transaction in question, or an associate of such person, but up to (and including) the time of the disclosure, circulation or dissemination of the information he has acted in good faith.
(4) In this section-
(a) a reference to a prohibited transaction means any conduct or transaction which constitutes market misconduct or a contravention of any of the provisions of Divisions 2 to 4; and
(b) a reference to any person having entered into or carried out the prohibited transaction shall be construed accordingly.


Section: 298 Heading: Offence of disclosure of false or misleading information inducing transactions Version Date: 01/04/2003


(1) A person shall not, in Hong Kong or elsewhere, disclose, circulate or disseminate, or authorize or be concerned in the disclosure, circulation or dissemination of, information that is likely-
(a) to induce another person to subscribe for securities, or deal in futures contracts, in Hong Kong;
(b) to induce the sale or purchase in Hong Kong of securities by another person; or
(c) to maintain, increase, reduce or stabilize the price of securities, or the price for dealings in futures contracts, in Hong Kong,
if-
(i) the information is false or misleading as to a material fact, or is false or misleading through the omission of a material fact; and
(ii) the person knows that, or is reckless as to whether, the information is false or misleading as to a material fact, or is false or misleading through the omission of a material fact.
(2) Subject to subsections (3) to (5), a person who contravenes subsection (1) commits an offence.
(3) Where a person is charged with an offence under subsection (2) in respect of a contravention of subsection (1) taking place by reason only of the issue or reproduction of information, it is a defence to the charge for the person to prove that-
(a) the issue or reproduction of the information took place in the ordinary course of a business (whether or not carried on by him), the principal purpose of which was issuing or reproducing materials provided by others;
(b) the contents of the information were not, wholly or partly, devised-
(i) where the business was carried on by him, by himself or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, by himself;
(c) for the purposes of the issue or reproduction-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, he,
did not select, add to, modify or otherwise exercise control over the contents of the information; and
(d) at the time of the issue or reproduction, he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact.
(4) Where a person is charged with an offence under subsection (2) in respect of a contravention of subsection (1) taking place by reason only of the re-transmission of information, it is a defence to the charge for the person to prove that-
(a) the re-transmission of the information took place in the ordinary course of a business (whether or not carried on by him), the normal conduct of which involved the re-transmission of information to other persons within an information system or from one information system to another information system (wherever situated), whether directly or by facilitating the establishment of links between such other persons and third parties;
(b) the contents of the information were not, wholly or partly, devised-
(i) where the business was carried on by him, by himself or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, by himself;
(c) for the purposes of the re-transmission-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, he,
did not select, add to, modify or otherwise exercise control over the contents of the information;
(d) the re-transmission of the information was accompanied by a message to the effect, or was effected following acknowledgment by the persons to whom it was re-transmitted of their understanding, that-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, the person who carried on the business or any officer, employee or agent of that person,
did not devise the contents of the information, and neither took responsibility for it nor endorsed its accuracy; and
(e) at the time of the re-transmission-
(i) he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact; or
(ii) he knew that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact, but-
(A) where the business was carried on by him, in the circumstances of the case he could not reasonably be expected to prevent the re-transmission; or
(B) where the business was not carried on by him, in the circumstances of the case he has taken all reasonable steps to bring the fact that the information was so false or misleading to the attention of a person in a position to take steps to cause the re-transmission to be prevented (even if the re-transmission in fact took place).
(5) Where a person is charged with an offence under subsection (2) in respect of a contravention of subsection (1) taking place by reason only of the live broadcast of information, it is a defence to the charge for the person to prove that-
(a) the broadcast of the information took place in the ordinary course of the business of a broadcaster (whether or not he was such broadcaster);
(b) the contents of the information were not, wholly or partly, devised-
(i) where he was the broadcaster, by himself or any officer, employee or agent of his; or
(ii) where he was not the broadcaster, by himself;
(c) for the purposes of the broadcast-
(i) where he was the broadcaster, he or any officer, employee or agent of his; or
(ii) where he was not the broadcaster, he,
did not select, add to, modify or otherwise exercise control over the contents of the information;
(d) in relation to the broadcast-
(i) where he was the broadcaster, he; or
(ii) where he was not the broadcaster, he believed and had reasonable grounds to believe that the broadcaster,
acted in accordance with the terms and conditions of the licence (if any) by which he or the broadcaster (as the case may be) became entitled to broadcast as a broadcaster and with any code of practice or guidelines (however described) issued under or pursuant to the Telecommunications Ordinance (Cap 106) or the Broadcasting Ordinance (Cap 562) and applicable to him or the broadcaster (as the case may be) as a broadcaster; and
(e) at the time of the broadcast-
(i) he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact; or
(ii) he knew that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact, but-
(A) where he was the broadcaster, in the circumstances of the case he could not reasonably be expected to prevent the broadcast; or
(B) where he was not the broadcaster, in the circumstances of the case he has taken all reasonable steps to bring the fact that the information was so false or misleading to the attention of a person in a position to take steps to cause the broadcast to be prevented (even if the broadcast in fact took place).
(6) In this section, "issue" (发出), in relation to any material (including any information), includes publishing, circulating, distributing or otherwise disseminating the material or the contents thereof, whether-
(a) by any visit in person;
(b) in a newspaper, magazine, journal or other publication;
(c) by the display of posters or notices;
(d) by means of circulars, brochures, pamphlets or handbills;
(e) by an exhibition of photographs or cinematograph films;
(f) by way of sound or television broadcasting;
(g) by any information system or other electronic device; or
(h) by any other means, whether mechanically, electronically, magnetically, optically, manually or by any other medium, or by way of production or transmission of light, image or sound or any other medium,
and also includes causing or authorizing the material to be issued.

Section: 299 Heading: Offence of stock market manipulation Version Date: 01/04/2003


(1) A person shall not, in Hong Kong or elsewhere-
(a) enter into or carry out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction increase, or are likely to increase, the price of any securities traded on a relevant recognized market or by means of authorized automated trading services, with the intention of inducing another person to purchase or subscribe for, or to refrain from selling, securities of the corporation or of a related corporation of the corporation;
(b) enter into or carry out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction reduce, or are likely to reduce, the price of any securities traded on a relevant recognized market or by means of authorized automated trading services, with the intention of inducing another person to sell, or to refrain from purchasing, securities of the corporation or of a related corporation of the corporation; or
(c) enter into or carry out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction maintain or stabilize, or are likely to maintain or stabilize, the price of any securities traded on a relevant recognized market or by means of authorized automated trading services, with the intention of inducing another person to sell, purchase or subscribe for, or to refrain from selling, purchasing or subscribing for, securities of the corporation or of a related corporation of the corporation.
(2) A person shall not, in Hong Kong-
(a) enter into or carry out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction increase, or are likely to increase, the price of any securities traded on a relevant overseas market, with the intention of inducing another person to purchase or subscribe for, or to refrain from selling, securities of the corporation or of a related corporation of the corporation;
(b) enter into or carry out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction reduce, or are likely to reduce, the price of any securities traded on a relevant overseas market, with the intention of inducing another person to sell, or to refrain from purchasing, securities of the corporation or of a related corporation of the corporation; or
(c) enter into or carry out, directly or indirectly, 2 or more transactions in securities of a corporation that by themselves or in conjunction with any other transaction maintain or stabilize, or are likely to maintain or stabilize, the price of any securities traded on a relevant overseas market, with the intention of inducing another person to sell, purchase or subscribe for, or to refrain from selling, purchasing or subscribing for, securities of the corporation or of a related corporation of the corporation.
(3) A person who contravenes subsection (1) or (2) commits an offence.
(4) In this section-
(a) a reference to a transaction includes an offer and an invitation (however expressed); and
(b) a reference to entering into or carrying out a transaction shall, in the case of an offer or an invitation referred to in paragraph (a), be construed as a reference to making the offer or the invitation (as the case may be).


Section: 300 Heading: Offence involving fraudulent or deceptive devices, etc. in transactions in securities, futures contracts or leveraged foreign exchange trading Version Date: 01/04/2003


Division 4-Other offences

(1) A person shall not, directly or indirectly, in a transaction involving securities, futures contracts or leveraged foreign exchange trading-
(a) employ any device, scheme or artifice with intent to defraud or deceive; or
(b) engage in any act, practice or course of business which is fraudulent or deceptive, or would operate as a fraud or deception.
(2) A person who contravenes subsection (1) commits an offence.
(3) In this section, a reference to a transaction includes an offer and an invitation (however expressed).

Section: 301 Heading: Offence of disclosure of false or misleading information inducing others to enter into leveraged foreign exchange contracts Version Date: 01/04/2003


(1) A person shall not, in Hong Kong or elsewhere, disclose, circulate or disseminate, or authorize or be concerned in the disclosure, circulation or dissemination of, information that is likely to induce another person to enter into a leveraged foreign exchange contract in Hong Kong, if-
(a) the information is false or misleading as to a material fact, or is false or misleading through the omission of a material fact; and
(b) the person knows that, or is reckless as to whether, the information is false or misleading as to a material fact, or is false or misleading through the omission of a material fact.
(2) Subject to subsections (3) to (5), a person who contravenes subsection (1) commits an offence.
(3) Where a person is charged with an offence under subsection (2) in respect of a contravention of subsection (1) taking place by reason only of the issue or reproduction of information, it is a defence to the charge for the person to prove that-
(a) the issue or reproduction of the information took place in the ordinary course of a business (whether or not carried on by him), the principal purpose of which was issuing or reproducing materials provided by others;
(b) the contents of the information were not, wholly or partly, devised-
(i) where the business was carried on by him, by himself or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, by himself;
(c) for the purposes of the issue or reproduction-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, he,
did not select, add to, modify or otherwise exercise control over the contents of the information; and
(d) at the time of the issue or reproduction, he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact.
(4) Where a person is charged with an offence under subsection (2) in respect of a contravention of subsection (1) taking place by reason only of the re-transmission of information, it is a defence to the charge for the person to prove that-
(a) the re-transmission of the information took place in the ordinary course of a business (whether or not carried on by him), the normal conduct of which involved the re-transmission of information to other persons within an information system or from one information system to another information system (wherever situated), whether directly or by facilitating the establishment of links between such other persons and third parties;
(b) the contents of the information were not, wholly or partly, devised-
(i) where the business was carried on by him, by himself or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, by himself;
(c) for the purposes of the re-transmission-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, he,
did not select, add to, modify or otherwise exercise control over the contents of the information;
(d) the re-transmission of the information was accompanied by a message to the effect, or was effected following acknowledgment by the persons to whom it was re-transmitted of their understanding, that-
(i) where the business was carried on by him, he or any officer, employee or agent of his; or
(ii) where the business was not carried on by him, the person who carried on the business or any officer, employee or agent of that person,
did not devise the contents of the information, and neither took responsibility for it nor endorsed its accuracy; and
(e) at the time of the re-transmission-
(i) he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact; or
(ii) he knew that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact, but-
(A) where the business was carried on by him, in the circumstances of the case he could not reasonably be expected to prevent the re-transmission; or
(B) where the business was not carried on by him, in the circumstances of the case he has taken all reasonable steps to bring the fact that the information was so false or misleading to the attention of a person in a position to take steps to cause the re-transmission to be prevented (even if the re-transmission in fact took place).
(5) Where a person is charged with an offence under subsection (2) in respect of a contravention of subsection (1) taking place by reason only of the live broadcast of information, it is a defence to the charge for the person to prove that-
(a) the broadcast of the information took place in the ordinary course of the business of a broadcaster (whether or not he was such broadcaster);
(b) the contents of the information were not, wholly or partly, devised-
(i) where he was the broadcaster, by himself or any officer, employee or agent of his; or
(ii) where he was not the broadcaster, by himself;
(c) for the purposes of the broadcast-
(i) where he was the broadcaster, he or any officer, employee or agent of his; or
(ii) where he was not the broadcaster, he,
did not select, add to, modify or otherwise exercise control over the contents of the information;
(d) in relation to the broadcast-
(i) where he was the broadcaster, he; or
(ii) where he was not the broadcaster, he believed and had reasonable grounds to believe that the broadcaster,
acted in accordance with the terms and conditions of the licence (if any) by which he or the broadcaster (as the case may be) became entitled to broadcast as a broadcaster and with any code of practice or guidelines (however described) issued under or pursuant to the Telecommunications Ordinance (Cap 106) or the Broadcasting Ordinance (Cap 562) and applicable to him or the broadcaster (as the case may be) as a broadcaster; and
(e) at the time of the broadcast-
(i) he did not know that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact; or
(ii) he knew that the information was false or misleading as to a material fact or was false or misleading through the omission of a material fact, but-
(A) where he was the broadcaster, in the circumstances of the case he could not reasonably be expected to prevent the broadcast; or
(B) where he was not the broadcaster, in the circumstances of the case he has taken all reasonable steps to bring the fact that the information was so false or misleading to the attention of a person in a position to take steps to cause the broadcast to be prevented (even if the broadcast in fact took place).
(6) In this section, "issue" (发出), in relation to any material (including any information), includes publishing, circulating, distributing or otherwise disseminating the material or the contents thereof, whether-
(a) by any visit in person;
(b) in a newspaper, magazine, journal or other publication;
(c) by the display of posters or notices;
(d) by means of circulars, brochures, pamphlets or handbills;
(e) by an exhibition of photographs or cinematograph films;
(f) by way of sound or television broadcasting;
(g) by any information system or other electronic device; or
(h) by any other means, whether mechanically, electronically, magnetically, optically, manually or by any other medium, or by way of production or transmission of light, image or sound or any other medium,
and also includes causing or authorizing the material to be issued.

Section: 302 Heading: Offence of falsely representing dealings in futures contracts on behalf of others, etc. Version Date: 01/04/2003


(1) A person shall not represent to another person that he has on behalf of the other person dealt in, or facilitated or arranged for any dealing in, a futures contract traded on a recognized futures market or by means of authorized automated trading services, if-
(a) in fact he has not so dealt in, or facilitated or arranged for the dealing in, the futures contract; and
(b) he knows that, or is reckless as to whether, in fact he has not so dealt in, or facilitated or arranged for the dealing in, the futures contract.
(2) A person shall not represent to another person that he has dealt in, or facilitated or arranged for any dealing in, a contract or other instrument substantially resembling a futures contract on behalf of the other person in accordance with the rules of a futures market outside Hong Kong, if-
(a) in fact he has not so dealt in, or facilitated or arranged for the dealing in, the contract or other instrument; and
(b) he knows that, or is reckless as to whether, in fact he has not so dealt in, or facilitated or arranged for the dealing in, the contract or other instrument.
(3) A person who contravenes subsection (1) or (2) commits an offence.

Section: 303 Heading: Penalties Version Date: 01/04/2003


Division 5-Miscellaneous

(1) A person who commits an offence under this Part is liable-
(a) on conviction on indictment to a fine of $10000000 and to imprisonment for 10 years; or
(b) on summary conviction to a fine of $1000000 and to imprisonment for 3 years.
(2) Where a person is convicted of an offence under this Part, the court before which the person is so convicted may, in addition to any penalty specified in subsection (1), make one or more of the following orders in respect of the person-
(a) an order that the person shall not, without the leave of the court, be or continue to be a director, liquidator, or receiver or manager of the property or business, of a listed corporation or any other specified corporation or in any way, whether directly or indirectly, be concerned or take part in the management of a listed corporation or any other specified corporation for the period (not exceeding 5 years) specified in the order;
(b) an order that the person shall not, without the leave of the court, in Hong Kong, directly or indirectly, in any way acquire, dispose of or otherwise deal in any securities, futures contract or leveraged foreign exchange contract, or an interest in any securities, futures contract, leveraged foreign exchange contract or collective investment scheme for the period (not exceeding 5 years) specified in the order;
(c) an order that any body which may take disciplinary action against the person as one of its members be recommended to take disciplinary action against him.
(3) When making any order in respect of a person under subsection (2), the court may take into account any conduct by the person which-
(a) previously resulted in the person being convicted of an offence in Hong Kong;
(b) previously resulted in the person being identified by the Market Misconduct Tribunal as having engaged in any market misconduct pursuant to section 252(3)(b); or
(c) at any time before the commencement of Part XIII resulted in the person being identified as an insider dealer in a determination under section 16(3), or in a written report prepared and issued under section 22(1), of the repealed Securities (Insider Dealing) Ordinance.
(4) Where the court makes an order under subsection (2)(a), the court may specify a corporation by name or by reference to a relationship with any other corporation.
(5) Where the court makes an order under subsection (2)(a), the order shall be filed by the court with the Registrar of Companies, as soon as reasonably practicable after it is made.
(6) Where the court makes an order under subsection (2)(b), the Commission may notify any licensed person or registered institution of the order in such manner as it considers appropriate.
(7) A person commits an offence if he fails to comply with an order made under subsection (2)(a) or (b) and is liable-
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.


Section: 304 Heading: Transactions relating to contravention of Divisions 2 to 4 not void or voidable Version Date: 01/04/2003


A transaction is not void or voidable by reason only that a contravention of any of the provisions of Divisions 2 to 4 has taken place in relation to or as a result of it.

Section: 305 Heading: Civil liability for contravention of this Part Version Date: 01/04/2003


(1) Subject to subsections (2) and (3), a person who contravenes any of the provisions of Divisions 2 to 4 shall, whether or not he also incurs any other liability (whether under section 303 or otherwise), be liable to pay compensation by way of damages to any other person for any pecuniary loss sustained by the other person as a result of the contravention, whether or not the loss arises from the other person having entered into a transaction or dealing at a price affected by the contravention.
(2) No person shall be liable to pay compensation under subsection (1) unless it is fair, just and reasonable in the circumstances of the case that he should be so liable.
(3) A defence under this Part to a charge for an offence in respect of a contravention of any of the provisions of Divisions 2 to 4 shall also be a defence in an action brought under subsection (1) in respect of the same contravention.
(4) A person may bring an action under subsection (1) in respect of a contravention of any of the provisions of Divisions 2 to 4 even though the person against whom the action is brought has not been charged with or convicted of an offence by reason of the contravention.
(5) For the avoidance of doubt, where a court has jurisdiction to determine an action brought under subsection (1), it may, where it is, apart from this section, within its jurisdiction to entertain an application for an injunction, grant an injunction in addition to, or in substitution for, damages, on such terms and conditions as it considers appropriate.
(6) Without prejudice to section 62 of the Evidence Ordinance (Cap 8), in an action brought under subsection (1)-
(a) the fact that there is a determination by the Market Misconduct Tribunal pursuant to section 252(3)(a) that market misconduct has taken place;
(b) the fact that there is a determination by the Market Misconduct Tribunal pursuant to section 252(3)(b) identifying a person (whether or not a party to the action) as having engaged in market misconduct,
shall, in so far the determination is still subsisting, be admissible in evidence for the purpose of proving, where to do so is relevant to any issue in the action-
(i) in the case of a determination referred to in paragraph (a), that the market misconduct has taken place; or
(ii) in the case of a determination referred to in paragraph (b), that the person has engaged in market misconduct.
(7) In an action brought under subsection (1), where the fact that there is a determination referred to in subsection (6)(a) or (b) is admissible in evidence under subsection (6)-
(a) then-
(i) in the case of a determination referred to in subsection (6)(a), the market misconduct that is the subject of the determination shall, unless the contrary is proved, be taken to have taken place; or
(ii) in the case of a determination referred to in subsection (6)(b), the person that is the subject of the determination shall, unless the contrary is proved, be taken to have engaged in market misconduct; and
(b) without prejudice to the reception of any other admissible evidence as evidence of the determination or for the purpose of identifying the facts on which the determination was based, the contents of a report of the Market Misconduct Tribunal containing the determination and published under section 262(2)(b)(i), or the contents of a copy of a report of the Market Misconduct Tribunal containing the determination and made available under subsection (8), shall also be admissible in evidence for such purpose.
(8) Where in an action brought under subsection (1)-
(a) the fact that there is a determination referred to in subsection (6)(a) or (b) is admissible in evidence under subsection (6); and
(b) a report of the Market Misconduct Tribunal containing the determination has not been published under section 262(2)(b)(i),
the court having jurisdiction to determine the action may, where it considers appropriate, require that a copy of the report be made available to the court to enable it to be used for the purposes of subsection (7)(b), whereupon-
(i) the Market Misconduct Tribunal shall cause a copy of the report to be made available to the court to enable it to be used for the purposes of subsection (7)(b); and
(ii) the contents of the report shall be admissible for the purpose specified in subsection (7)(b).
(9) In this section, a reference to a transaction includes an offer and an invitation (however expressed).
(10) Nothing in this section affects, limits or diminishes any rights conferred on a person, or any liabilities a person may incur, under the common law or any other enactment.

Section: 306 Heading: Conduct not to constitute offences Version Date: 01/04/2003


(1) Notwithstanding anything in this Part, where a person is charged with an offence under this Part (other than section 300 or 302) by reason of any conduct, it is a defence to the charge for the person to prove that the conduct is, according to the rules made under subsection (2), not to be regarded as constituting an offence.
(2) For the purposes of subsection (1), the Commission, after consultation with the Financial Secretary, may, where it considers it is in the public interest to do so, make rules to prescribe the circumstances in which any conduct that would otherwise constitute an offence under this Part (other than section 300 or 302) shall not be regarded as constituting such an offence.
(3) Notwithstanding anything in this Part, where-
(a) a person is charged with an offence under section 295, 296 or 299 by reason of any conduct; and
(b) the person is charged on the basis that the conduct was carried out not in respect of securities or futures contracts traded on a relevant recognized market or by means of authorized automated trading services, but in respect of securities or futures contracts traded on a relevant overseas market,
the person shall not be convicted of the offence unless the prosecution proves that in any place in which such relevant overseas market is situated the conduct would have constituted a criminal offence had it been carried out there.

Section: 307 Heading: No further proceedings after Part XIII market misconduct proceedings Version Date: 01/04/2003


Notwithstanding anything in this Part, no criminal proceedings may be instituted against any person under this Part in respect of any conduct if-
(a) proceedings have previously been instituted against the person under section 252 in respect of the same conduct; and
(b) (i) those proceedings remain pending; or
(ii) by reason of the previous institution of those proceedings, no proceedings may again be lawfully instituted against that person under section 252 in respect of the same conduct.