关键词：Securities

SECURITIES AND FUTURES ORDINANCE
              香港SFC《证券及期货条例》

  SECURITIES AND FUTURES ORDINANCE
                                      香港SFC《证券及期货条例》
Contents of Section


  Chapter 571 SECURITIES AND FUTURES ORDINANCE 
  CAP 571A SECURITIES AND FUTURES (UNSOLICITED CALLS-EXCLUSION) RULES 
    CAP 571B SECURITIES AND FUTURES (RECOGNIZED COUNTERPARTY) RULES 
    CAP 571C SECURITIES AND FUTURES (REGISTRATION OF COMMISSION DISCIPLINARY ORDERS) RULES 
    CAP 571D SECURITIES AND FUTURES (PROFESSIONAL INVESTOR) RULES 
    CAP 571E SECURITIES AND FUTURES (LEVERAGED FOREIGN EXCHANGE TRADING-EXEMPTION) RULES 
    CAP 571F SECURITIES AND FUTURES (LEVERAGED FOREIGN EXCHANGE TRADING) (ARBITRATION) RULES 
    CAP 571G SECURITIES AND FUTURES (EXEMPTED INSTRUMENTS-INFORMATION) RULES 
    CAP 571H SECURITIES AND FUTURES (CLIENT SECURITIES) RULES 
    CAP 571I SECURITIES AND FUTURES (CLIENT MONEY) RULES 
    CAP 571J SECURITIES AND FUTURES (ASSOCIATED ENTITIES-NOTICE) RULES 
    CAP 571K SECURITIES AND FUTURES (REGISTRATION OF APPEALS TRIBUNAL ORDERS) RULES 
    CAP 571L SECURITIES AND FUTURES (REGISTRATION OF MARKET MISCONDUCT TRIBUNAL ORDERS) RULES 
    CAP 571M SECURITIES AND FUTURES (COLLECTIVE INVESTMENT SCHEMES) NOTICE 
    CAP 571N SECURITIES AND FUTURES (FINANCIAL RESOURCES) RULES 
    CAP 571O SECURITIES AND FUTURES (KEEPING OF RECORDS) RULES 
    CAP 571P SECURITIES AND FUTURES (ACCOUNTS AND AUDIT) RULES 
    CAP 571Q SECURITIES AND FUTURES (CONTRACT NOTES, STATEMENTS OF ACCOUNT AND RECEIPTS) RULES 
    CAP 571R SECURITIES AND FUTURES (SHORT SELLING AND SECURITIES BORROWING AND LENDING (MISCELLANEOUS)) RULES 
    CAP 571S SECURITIES AND FUTURES (LICENSING AND REGISTRATION) (INFORMATION) RULES 
    CAP 571T SECURITIES AND FUTURES (INVESTOR COMPENSATION-CLAIMS) RULES 
    CAP 571U SECURITIES AND FUTURES (MISCELLANEOUS) RULES 
    CAP 571V SECURITIES AND FUTURES (STOCK MARKET LISTING) RULES 
    CAP 571W SECURITIES AND FUTURES (PRICE STABILIZING) RULES 
    CAP 571X SECURITIES AND FUTURES (DISCLOSURE OF INTERESTS-SECURITIES BORROWING AND LENDING) RULES 
    CAP 571Y SECURITIES AND FUTURES (CONTRACTS LIMITS AND REPORTABLE POSITIONS) RULES 
    CAP 571Z SECURITIES AND FUTURES (LEVY) ORDER 
    CAP 571AA SECURITIES AND FUTURES (LEVY) RULES 
    CAP 571AB SECURITIES AND FUTURES (INVESTOR COMPENSATION-LEVY) RULES

    CAP 571AB SECURITIES AND FUTURES (INVESTOR COMPENSATION-LEVY) RULES 
    CAP 571AC SECURITIES AND FUTURES (INVESTOR COMPENSATION - COMPENSATION LIMITS) RULES 
    CAP 571AD SECURITIES AND FUTURES (TRANSFER OF FUNCTIONS-INVESTOR COMPENSATION COMPANY) ORDER 
    CAP 571AE SECURITIES AND FUTURES (TRANSFER OF FUNCTIONS-STOCK EXCHANGE COMPANY) ORDER 
    CAP 571AF SECURITIES AND FUTURES (FEES) RULES 
    CAP 571AG SECURITIES AND FUTURES (DISCLOSURE OF INTERESTS-EXCLUSIONS) REGULATION 
    CAP 571AH SECURITIES AND FUTURES (OFFENCES AND PENALTIES) REGULATION 
    CAP 571AI SECURITIES AND FUTURES (INSURANCE) RULES

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CAP 571A SECURITIES AND FUTURES (UNSOLICITED CALLS-EXCLUSION) RULES 
    Cap 571A Empowering section 01/04/2003   
    Cap 571A s 1 (Omitted as spent) 01/04/2003   
    Cap 571A s 2 Interpretation 01/04/2003   
    Cap 571A s 3 Excluded unsolicited calls 01/04/2003   
    CAP 571B SECURITIES AND FUTURES (RECOGNIZED COUNTERPARTY) RULES 
    Cap 571B Empowering section 01/04/2003   
    Cap 571B s 1 (Omitted as spent) 01/04/2003   
    Cap 571B s 2 Interpretation 01/04/2003   
    Cap 571B s 3 Institutions that are recognized counterparties 01/04/2003   
    Cap 571B Sched 1 SPECIFIED JURISDICTIONS AND SPECIFIED BANK REGULATORS 01/04/2003   
    Cap 571B Sched 2 SPECIFIED INSTITUTIONS THAT ARE RECOGNIZED COUNTERPARTIES 01/04/2003   
    CAP 571C SECURITIES AND FUTURES (REGISTRATION OF COMMISSION DISCIPLINARY ORDERS) RULES 
    Cap 571C Empowering section

Cap 571C s 1 (Omitted as spent) 01/04/2003   
    Cap 571C s 2 Interpretation 01/04/2003   
    Cap 571C s 3 Registration of Commission disciplinary orders in Court of First Instance 01/04/2003   
    CAP 571D SECURITIES AND FUTURES (PROFESSIONAL INVESTOR) RULES 
    Cap 571D Empowering section 01/04/2003   
    Cap 571D s 1 (Omitted as spent) 01/04/2003   
    Cap 571D s 2 Interpretation 01/04/2003   
    Cap 571D s 3 Persons prescribed as professional investors 08/09/2004   
    CAP 571E SECURITIES AND FUTURES (LEVERAGED FOREIGN EXCHANGE TRADING-EXEMPTION) RULES 
    Cap 571E Empowering section 01/04/2003   
    Cap 571E s 1 (Omitted as spent) 01/04/2003   
    Cap 571E s 2 Interpretation 01/04/2003   
    Cap 571E s 3 Persons prescribed for purposes of paragraph (xiii) of definition of "leveraged foreign exchange trading" 01/04/2003   
    Cap 571E s 4 Person referred to in section 3(a) 01/04/2003   
    Cap 571E s 5 Person referred to in section 3(b) 01/04/2003   
    Cap 571E s 6 Person referred to in section 3(c) 01/04/2003   
    CAP 571F SECURITIES AND FUTURES (LEVERAGED FOREIGN EXCHANGE TRADING) (ARBITRATION) RULES 
    Cap 571F Empowering section 01/04/2003   
    Cap 571F s 1 (Omitted as spent) 01/04/2003   
    Cap 571F s 2 Interpretation 01/04/2003   
    Cap 571F s 3 Purpose of these Rules 01/04/2003   
    Cap 571F s 4 Constitution of arbitration panel 01/04/2003   
    Cap 571F s 5 Commencement of proceedings 01/04/2003   
    Cap 571F s 6 Initial deposit 01/04/2003   
    Cap 571F s 7 Representation 01/04/2003   
    Cap 571F s 8 Oaths and affirmation 01/04/2003   
    Cap 571F s 9 Selection of arbitrator 01/04/2003   
    Cap 571F s 10 Challenge of arbitrator 01/04/2003   
    Cap 571F s 11 Replacement of arbitrator
Cap 571F s 12 Remuneration of arbitrator 01/04/2003   
    Cap 571F s 13 Conduct of proceedings 01/04/2003   
    Cap 571F s 14 Notes of proceedings 01/04/2003   
    Cap 571F s 15 Designation of date, time and place of arbitration 01/04/2003   
    Cap 571F s 16 Attendance of representative of HKIAC 01/04/2003   
    Cap 571F s 17 Statement of claim 01/04/2003   
    Cap 571F s 18 Statement of defence or counterclaim 01/04/2003   
    Cap 571F s 19 Amendments and further statements 01/04/2003   
    Cap 571F s 20 Time period for sending further statements 01/04/2003   
    Cap 571F s 21 Evidence 01/04/2003   
    Cap 571F s 22 Hearing of witnesses 01/04/2003   
    Cap 571F s 23 Default 01/04/2003   
    Cap 571F s 24 Consolidation of proceedings 01/04/2003   
    Cap 571F s 25 Jurisdiction 01/04/2003   
    Cap 571F s 26 Settlement 01/04/2003   
    Cap 571F s 27 Termination of proceedings 01/04/2003   
    Cap 571F s 28 Form and effect of awards 01/04/2003   
    Cap 571F s 29 Correction of awards 01/04/2003   
    Cap 571F s 30 Additional awards 01/04/2003   
    Cap 571F s 31 Costs 01/04/2003   
    Cap 571F s 32 Deposits of costs 01/04/2003   
    Cap 571F s 33 Communication and notice period 01/04/2003   
    Cap 571F s 34 Interest 01/04/2003   
    Cap 571F s 35 Exclusion of liability 01/04/2003   
    Cap 571F s 36 Destruction of documents 01/04/2003   
    Cap 571F s 37 Confidentiality 01/04/2003   
    Cap 571F s 38 Applicable law 01/04/2003   
    Cap 571F s 39 Miscellaneous 01/04/2003   
    CAP 571G SECURITIES AND FUTURES (EXEMPTED INSTRUMENTS-INFORMATION) RULES 
Cap 571G Empowering section 01/04/2003   
    Cap 571G s 1 (Omitted as spent) 01/04/2003   
    Cap 571G s 2 Interpretation 01/04/2003   
    Cap 571G s 3 Information to be submitted in respect of advertisement, invitation or document 01/04/2003   
    Cap 571G SCHEDULE 01/04/2003   
    CAP 571H SECURITIES AND FUTURES (CLIENT SECURITIES) RULES 
    Cap 571H Empowering section 01/04/2003   
    Cap 571H s 1 (Omitted as spent) 01/04/2003   
    Cap 571H s 2 Interpretation 14/12/2007   
    Cap 571H s 3 Application 01/04/2003   
    Cap 571H s 4 Requirements in respect of a client's standing authority 01/04/2003   
    Cap 571H s 5 Requirement for deposit or registration of client securities and securities collateral 01/04/2003   
    Cap 571H s 6 Dealings with client securities and securities collateral 01/04/2003   
    Cap 571H s 7 Treatment of client securities and securities collateral by intermediaries licensed or registered for dealing in securities and their associated entities 01/10/2006   
    Cap 571H s 8 Treatment of securities collateral by intermediaries licensed for securities margin financing and their associated entities 01/10/2006   
    Cap 571H s 8A Repledging Limit 01/10/2006   
    Cap 571H s 9 Treatment of securities collateral by intermediaries licensed or registered for dealing in futures contracts and their associated entities 01/04/2003   
    Cap 571H s 10 Limitations on the treatment of client securities and securities collateral 01/04/2003   
    Cap 571H s 11 Approval of custodians for safe custody of client securities and securities collateral 14/12/2007   
    Cap 571H s 12 Reporting of non-compliance with certain provisions of the Rules 01/04/2003   
    Cap 571H s 13 Penalties 01/04/2003   
    Cap 571H s 14 Transitional 01/10/2006   
    CAP 571I SECURITIES AND FUTURES (CLIENT MONEY) RULES 
    Cap 571I Empowering section 01/04/2003   
    Cap 571I s 1 (Omitted as spent) 01/04/2003   
    Cap 571I s 2 Interpretation 01/04/2003   
    Cap 571I s 3 Application 01/04/2003   
    Cap 571I s 4 Payment of client money into segregated accounts 01/04/2003   
    Cap 571I s 5 Payment of client money out of segregated accounts
Cap 571I s 6 Treatment of interest on client money held in segregated accounts 01/04/2003   
    Cap 571I s 7 Requirements in respect of a client's written direction 01/04/2003   
    Cap 571I s 8 Requirements in respect of a client's standing authority 01/04/2003   
    Cap 571I s 9 Receipt of cheques for client money 01/04/2003   
    Cap 571I s 10 Requirement to pay money other than client money out of segregated accounts 01/04/2003   
    Cap 571I s 11 Reporting of non-compliance with certain provisions of these Rules 01/04/2003   
    Cap 571I s 12 Penalties 01/04/2003   
    CAP 571J SECURITIES AND FUTURES (ASSOCIATED ENTITIES-NOTICE) RULES 
    Cap 571J Empowering section 01/04/2003   
    Cap 571J s 1 (Omitted as spent) 01/04/2003   
    Cap 571J s 2 Interpretation 01/04/2003   
    Cap 571J s 3 Particulars to be notified on becoming an associated entity 01/04/2003   
    Cap 571J s 4 Particulars to be notified on ceasing to be an associated entity 01/04/2003   
    CAP 571K SECURITIES AND FUTURES (REGISTRATION OF APPEALS TRIBUNAL ORDERS) RULES 
    Cap 571K Empowering section 01/04/2003   
    Cap 571K s 1 (Omitted as spent) 01/04/2003   
    Cap 571K s 2 Interpretation 01/04/2003   
    Cap 571K s 3 Registration of Tribunal orders in Court of First Instance 01/04/2003   
    CAP 571L SECURITIES AND FUTURES (REGISTRATION OF MARKET MISCONDUCT TRIBUNAL ORDERS) RULES 
    Cap 571L Empowering section 01/04/2003   
    Cap 571L s 1 (Omitted as spent) 01/04/2003   
    Cap 571L s 2 Interpretation 01/04/2003   
    Cap 571L s 3 Registration of Tribunal orders in Court of First Instance 01/04/2003   
    CAP 571M SECURITIES AND FUTURES (COLLECTIVE INVESTMENT SCHEMES) NOTICE 
    Cap 571M Empowering section 01/04/2003   
    Cap 571M s 1 (Omitted as spent) 01/04/2003   
    Cap 571M s 2 Certain arrangements to be regarded as collective investment schemes 01/04/2003   
    Cap 571M SCHEDULE 01/04/2003   
    CAP 571N SECURITIES AND FUTURES (FINANCIAL RESOURCES) RULES
Cap 571N Empowering section 01/04/2003   
    Cap 571N s 1 (Omitted as spent) 01/04/2003   
    Cap 571N s 2 Interpretation 01/10/2006   
    Cap 571N s 3 Accounting treatment 01/04/2003   
    Cap 571N s 4 Licensed corporations to maintain financial resources 01/04/2003   
    Cap 571N s 5 Paid-up share capital requirement for licensed corporations 01/08/2007   
    Cap 571N s 6 Liquid capital requirement for licensed corporations 01/04/2003   
    Cap 571N s 7 Calculation of liquid capital and required liquid capital 01/04/2003   
    Cap 571N s 8 Accounting for transactions on trade date basis 01/04/2003   
    Cap 571N s 9 Valuation of proprietary positions, etc. 01/04/2003   
    Cap 571N s 10 Pairs of transactions 01/04/2003   
    Cap 571N s 11 No set-off 01/04/2003   
    Cap 571N s 12 Transactions in margined accounts 01/04/2003   
    Cap 571N s 13 Treatment of exercised options contracts 01/04/2003   
    Cap 571N s 14 Assignments 01/04/2003   
    Cap 571N s 15 Treatment of securities borrowing and lending agreements 01/04/2003   
    Cap 571N s 16 Treatment of repurchase transactions 01/04/2003   
    Cap 571N s 17 Computation basis 01/04/2003   
    Cap 571N s 18 Exclusions from liquid assets 01/04/2003   
    Cap 571N s 19 Assets provided to others as security 01/04/2003   
    Cap 571N s 20 Cash in hand and at bank 01/04/2003   
    Cap 571N s 21 Amounts receivable from clients in respect of purchase of and subscription for securities 01/04/2003   
    Cap 571N s 22 Amounts receivable in respect of providing securities margin financing 01/10/2006   
    Cap 571N s 23 Amounts receivable from counterparties in respect of dealings in securities 01/04/2003   
    Cap 571N s 24 Amounts receivable in respect of dealings in securities by common clients 01/04/2003   
    Cap 571N s 25 Amounts receivable from licensed corporations licensed for Type 8 regulated activity 01/04/2003   
    Cap 571N s 26 Cash provided as security for short selling 01/04/2003   
    Cap 571N s 27 Proprietary positions of licensed corporations 01/04/2003   
    Cap 571N s 28 Amounts receivable from clearing houses, etc.
Cap 571N s 29 Amounts receivable from other dealers in respect of dealings in futures contracts and options contracts 01/04/2003   
    Cap 571N s 30 Amounts receivable from clients in respect of purchase of exchange-traded options contracts 01/04/2003   
    Cap 571N s 31 Exchange-traded options contracts trading for own account 01/04/2003   
    Cap 571N s 32 Amounts receivable under securities borrowing and lending agreements 01/04/2003   
    Cap 571N s 33 Amounts receivable under repurchase transactions 01/04/2003   
    Cap 571N s 34 Amounts receivable in respect of leveraged foreign exchange trading 01/04/2003   
    Cap 571N s 35 Miscellaneous assets 01/04/2003   
    Cap 571N s 36 Computation basis 01/04/2003   
    Cap 571N s 37 Amounts payable to clients, etc. 01/04/2003   
    Cap 571N s 38 Amounts payable in respect of dealing in securities 01/04/2003   
    Cap 571N s 39 Amounts payable in respect of dealing in securities by common clients 01/04/2003   
    Cap 571N s 40 Futures contracts and options contracts dealing, etc. 01/04/2003   
    Cap 571N s 41 Leveraged foreign exchange trading 01/04/2003   
    Cap 571N s 42 Provision of securities margin financing 01/10/2006   
    Cap 571N s 43 Short positions in securities (other than options contracts) and specified investments 01/04/2003   
    Cap 571N s 44 Concentrated proprietary positions 01/04/2003   
    Cap 571N s 45 Securities borrowing and lending agreements 01/04/2003   
    Cap 571N s 46 Repurchase transactions 01/04/2003   
    Cap 571N s 47 Net underwriting commitments 01/04/2003   
    Cap 571N s 48 Off-exchange traded derivative contracts 01/04/2003   
    Cap 571N s 49 Interest rate swap agreements 01/04/2003   
    Cap 571N s 50 Foreign exchange agreements 01/04/2003   
    Cap 571N s 51 Introduction of transactions 01/04/2003   
    Cap 571N s 52 Miscellaneous 01/04/2003   
    Cap 571N s 53 Other liabilities 01/04/2003   
    Cap 571N s 54 Licensed corporations to notify Commission of failure to comply with these Rules 01/04/2003   
    Cap 571N s 55 Licensed corporations to notify Commission of circumstances relating to financial resources and trading activities and to submit returns in certain cases 01/10/2006   
    Cap 571N s 56 Licensed corporations to submit returns to Commission 01/10/2006   
    Cap 571N s 57 Licensed corporations to provide information
Cap 571N s 58 Approvals 01/04/2003   
    Cap 571N s 59 Withdrawal of elections made under these Rules 01/04/2003   
    Cap 571N s 60 Transitional 01/10/2006   
    Cap 571N Sched 1 FINANCIAL RESOURCES REQUIREMENTS 01/08/2007   
    Cap 571N Sched 2 HAIRCUT PERCENTAGES 01/10/2006   
    Cap 571N Sched 3 SPECIFIED EXCHANGES 01/04/2003   
    Cap 571N Sched 4 FINANCIAL COMMITMENTS 01/04/2003   
    Cap 571N Sched 5 NOTE ISSUANCE AND REVOLVING UNDERWRITING FACILITIES 01/04/2003   
    CAP 571O SECURITIES AND FUTURES (KEEPING OF RECORDS) RULES 
    Cap 571O Empowering section 01/04/2003   
    Cap 571O s 1 (Omitted as spent) 01/04/2003   
    Cap 571O s 2 Interpretation 01/04/2003   
    Cap 571O s 3 General record keeping requirements for intermediaries 01/04/2003   
    Cap 571O s 4 Record keeping requirements for associated entities 01/04/2003   
    Cap 571O s 5 Particular record keeping requirements for dealing in securities 01/04/2003   
    Cap 571O s 6 Particular record keeping requirements for leveraged foreign exchange trading 01/04/2003   
    Cap 571O s 7 Particular record keeping requirements for providing securities margin financing or other financial accommodation and entering into margined transactions 01/04/2003   
    Cap 571O s 8 Particular record keeping requirements for asset management 01/04/2003   
    Cap 571O s 9 Form in which records are to be kept 01/04/2003   
    Cap 571O s 10 Record retention period 01/04/2003   
    Cap 571O s 11 Reporting of non-compliance with certain provisions of these Rules 01/04/2003   
    Cap 571O s 12 Penalties 01/04/2003   
    Cap 571O SCHEDULE 01/04/2003   
    CAP 571P SECURITIES AND FUTURES (ACCOUNTS AND AUDIT) RULES 
    Cap 571P Empowering section 01/04/2003   
    Cap 571P s 1 (Omitted as spent) 01/04/2003   
    Cap 571P s 2 Interpretation 01/04/2003   
    Cap 571P s 3 Financial statements and other documents to be prepared by licensed corporations and associated entities of intermediaries 01/04/2003   
    Cap 571P s 4 Auditor's report 01/04/2003   

Cap 571P s 5 Matters reportable by auditors under section 157 of the Ordinance 01/04/2003   
    CAP 571Q SECURITIES AND FUTURES (CONTRACT NOTES, STATEMENTS OF ACCOUNT AND RECEIPTS) RULES 
    Cap 571Q Empowering section 01/04/2003   
    Cap 571Q s 1 (Omitted as spent) 01/04/2003   
    Cap 571Q s 2 Interpretation 01/04/2003   
    Cap 571Q s 3 Application 01/04/2003   
    Cap 571Q s 4 Avoidance of duplication 01/04/2003   
    Cap 571Q s 5 Preparation and provision of contract notes 01/04/2003   
    Cap 571Q s 6 Consolidation of contract notes with daily statements of account 01/04/2003   
    Cap 571Q s 7 Information required in all statements of account 01/04/2003   
    Cap 571Q s 8 Preparation and provision of daily statements of account relating to financial accommodation 01/04/2003   
    Cap 571Q s 9 Preparation and provision of daily statements of account relating to margined transactions 01/04/2003   
    Cap 571Q s 10 Consolidation of daily statements of account 01/04/2003   
    Cap 571Q s 11 Preparation and provision of monthly statements of account 01/10/2006   
    Cap 571Q s 12 Duty to provide statements of account upon request 01/04/2003   
    Cap 571Q s 13 Preparation and provision of receipts 01/04/2003   
    Cap 571Q s 14 Duty to provide copies of certain documents 01/04/2003   
    Cap 571Q s 15 Language of documents 01/04/2003   
    Cap 571Q s 16 Retention of copies 01/04/2003   
    Cap 571Q s 17 Provision of documents to clients 01/04/2003   
    Cap 571Q s 18 Reporting of non-compliance with certain provisions of these Rules 01/04/2003   
    Cap 571Q s 19 Penalties 01/04/2003   
    Cap 571Q Sched 1 SPECIFIED JURISDICTIONS 01/04/2003   
    CAP 571R SECURITIES AND FUTURES (SHORT SELLING AND SECURITIES BORROWING AND LENDING (MISCELLANEOUS)) RULES 
    Cap 571R Empowering section 01/04/2003   
    Cap 571R s 1 (Omitted as spent) 01/04/2003   
    Cap 571R s 2 Interpretation 01/04/2003   
    Cap 571R s 3 Classes of transactions to which section 170(3)(e) of the Ordinance not to apply 01/04/2003   
    Cap 571R s 4 Classes of persons and circumstances in which certain requirements of section 171 of the Ordinance not to have effect
Cap 571R s 5 Record keeping by lenders under securities borrowing and lending agreements 01/04/2003   
    CAP 571S SECURITIES AND FUTURES (LICENSING AND REGISTRATION) (INFORMATION) RULES 
    Cap 571S Empowering section 01/04/2003   
    Cap 571S s 1 (Omitted as spent) 01/04/2003   
    Cap 571S s 2 Interpretation 01/04/2003   
    Cap 571S s 3 Information to be provided with applications to Commission 01/04/2003   
    Cap 571S s 4 Changes to be notified by intermediaries, licensed representatives and substantial shareholders 01/04/2003   
    Cap 571S s 5 Information to be contained in annual returns 01/04/2003   
    Cap 571S s 6 Information and particulars to be entered in register of licensed persons and registered institutions 01/04/2003   
    Cap 571S s 7 Correction of errors in register 01/04/2003   
    Cap 571S Sched 1 MEANING OF TERMS "BASIC INFORMATION" AND "RELEVANT INFORMATION" 10/12/2007   
    Cap 571S Sched 2 INFORMATION TO BE PROVIDED WITH APPLICATIONS TO COMMISSION 01/04/2003   
    Cap 571S Sched 3 NOTIFICATION OF CHANGES 01/04/2003   
    Cap 571S Sched 4 PARTICULARS TO BE CONTAINED IN REGISTER 01/04/2003   
    CAP 571T SECURITIES AND FUTURES (INVESTOR COMPENSATION-CLAIMS) RULES 
    Cap 571T Empowering section 01/04/2003   
    Cap 571T s 1 (Omitted as spent) 01/04/2003   
    Cap 571T s 2 Interpretation 01/04/2003   
    Cap 571T s 3 Notice inviting claims 01/04/2003   
    Cap 571T s 4 Making a claim for compensation 25/09/2006   
    Cap 571T s 5 Submission of claims 01/04/2003   
    Cap 571T s 6 Commission may require records 01/04/2003   
    Cap 571T s 7 Determination by Commission 01/04/2003   
    Cap 571T s 8 Notice of determination 01/04/2003   
    Cap 571T s 9 Payment of compensation 01/04/2003   
    Cap 571T s 10 Financial arrangements 01/04/2003   
    Cap 571T s 11 Provision where the money available to the compensation fund is insufficient to meet claims 01/04/2003   
    Cap 571T s 12 Discharge of claims 01/04/2003   
    Cap 571T s 13 Appointed day
CAP 571U SECURITIES AND FUTURES (MISCELLANEOUS) RULES 
    Cap 571U Empowering section 01/04/2003   
    Cap 571U s 1 (Omitted as spent) 01/04/2003   
    Cap 571U s 2 Service of documents on Commission 30/06/2004   
    Cap 571U s 3 Licence or certificate of registration to be exhibited 01/04/2003   
    Cap 571U s 4 Return of licence or certificate of registration 01/04/2003   
    Cap 571U s 5 Persons prescribed as auditors for purposes of section 179 of Ordinance 08/09/2004   
    CAP 571V SECURITIES AND FUTURES (STOCK MARKET LISTING) RULES 
    Cap 571V Empowering section 01/04/2003   
    Cap 571V s 1 (Omitted as spent) 01/04/2003   
    Cap 571V s 2 Interpretation 01/04/2003   
    Cap 571V s 3 Requirements for listing applications 01/04/2003   
    Cap 571V s 4 Exemptions from sections 3 and 5 01/04/2003   
    Cap 571V s 5 Copy of application to be filed with the Commission 01/04/2003   
    Cap 571V s 6 Powers of the Commission to require further information and to object to listing 01/04/2003   
    Cap 571V s 7 Copy of ongoing disclosure materials to be filed with the Commission 01/04/2003   
    Cap 571V s 8 Suspension of dealings in securities 01/04/2003   
    Cap 571V s 9 Powers of the Commission upon the suspension under this Part of dealings in any securities 01/04/2003   
    Cap 571V s 10 Provisions supplementary to sections 8 and 9 01/04/2003   
    Cap 571V s 11 Restriction on re-listing 01/04/2003   
    Cap 571V s 12 Approval of share registrars 01/04/2003   
    Cap 571V s 13 Securities not to be listed where approved share registrar not employed 01/04/2003   
    Cap 571V s 14 Suspension of dealings on cessation of employment, etc. of approved share registrar 01/04/2003   
    Cap 571V s 15 Power to exempt 01/04/2003   
    Cap 571V s 16 Appeal against suspension 01/04/2003   
    Cap 571V s 17 Waiver of requirements of Parts 2 and 3 01/04/2003   
    Cap 571V s 18 Suspensions, etc. by a recognized exchange company to be notified to the Commission 01/04/2003   
    Cap 571V s 19 Notices, etc. to be in writing 01/04/2003   
    Cap 571V s 20 Transitional

01/04/2003   
    CAP 571W SECURITIES AND FUTURES (PRICE STABILIZING) RULES 
    Cap 571W Empowering section 01/04/2003   
    Cap 571W s 1 (Omitted as spent) 01/04/2003   
    Cap 571W s 2 Interpretation 14/12/2007   
    Cap 571W s 3 Application 07/01/2005   
    Cap 571W s 4 Conduct not to constitute market misconduct 01/04/2003   
    Cap 571W s 5 Conduct not to constitute offences under Part XIV of the Ordinance 01/04/2003   
    Cap 571W s 6 Primary stabilizing action 01/04/2003   
    Cap 571W s 7 Ancillary stabilizing action 01/04/2003   
    Cap 571W s 8 Disclosure of stabilizing action 01/04/2003   
    Cap 571W s 9 Interim and post-stabilization disclosure 01/04/2003   
    Cap 571W s 10 Restrictions on stabilizing action 01/04/2003   
    Cap 571W s 11 Limits on pricing in stabilizing action 01/04/2003   
    Cap 571W s 12 Management of stabilization 01/04/2003   
    Cap 571W s 13 Record keeping for stabilizing actions taken 01/04/2003   
    Cap 571W s 14 Inspection of register 01/04/2003   
    Cap 571W s 15 Overseas stabilization 01/04/2003   
    Cap 571W Sched 1 RELEVANT COMMUNICATIONS 01/04/2003   
    Cap 571W Sched 2 PRICING LIMITS 01/04/2003   
    Cap 571W Sched 3 POST-STABILIZATION DISCLOSURE 01/04/2003   
    Cap 571W Sched 4 OVERSEAS STABILIZATION 06/02/2004   
    CAP 571X SECURITIES AND FUTURES (DISCLOSURE OF INTERESTS-SECURITIES BORROWING AND LENDING) RULES 
    Cap 571X Empowering section 01/04/2003   
    Cap 571X s 1 (Omitted as spent) 01/04/2003   
    Cap 571X s 2 Interpretation 01/04/2003   
    Cap 571X s 3 Exclusion for a person lending through an approved lending agent 01/04/2003   
    Cap 571X s 4 Notification by an approved lending agent 01/04/2003   
    Cap 571X s 5 Exclusion for an approved lending agent and a person controlling an approved lending agent 01/04/2003   
    Cap 571X s 6 Exclusion of certain particulars to be specified in notification
Cap 571X s 7 Prescribed interests and short positions in shares of a regulated person to be disregarded for the purpose of notification 01/04/2003   
    Cap 571X s 8 Approved lending agents 01/04/2003   
    Cap 571X s 9 Records to be kept by an approved lending agent 01/04/2003   
    Cap 571X s 10 Records to be kept by a regulated person 01/04/2003   
    CAP 571Y SECURITIES AND FUTURES (CONTRACTS LIMITS AND REPORTABLE POSITIONS) RULES 
    Cap 571Y Empowering section 01/04/2003   
    Cap 571Y s 1 (Omitted as spent) 01/04/2003   
    Cap 571Y s 2 Interpretation 01/04/2003   
    Cap 571Y s 3 Application 01/04/2003   
    Cap 571Y s 4 Restrictions on number of contracts held or controlled 21/12/2007   
    Cap 571Y s 5 Prescribed limits 01/04/2003   
    Cap 571Y s 6 Notice of reportable positions 30/04/2004   
    Cap 571Y s 7 Compliance by certain persons 30/04/2004   
    Cap 571Y s 8 Penalties 01/04/2003   
    Cap 571Y Sched 1 PRESCRIBED LIMIT AND REPORTING LEVEL FOR FUTURES CONTRACTS 30/03/2007   
    Cap 571Y Sched 2 PRESCRIBED LIMIT AND REPORTING LEVEL FOR STOCK OPTIONS CONTRACTS 10/02/2006   
    CAP 571Z SECURITIES AND FUTURES (LEVY) ORDER 
    Cap 571Z Empowering section 01/04/2003   
    Cap 571Z s 1 (Omitted as spent) 01/04/2003   
    Cap 571Z s 2 Interpretation 01/04/2003   
    Cap 571Z s 3 Application of Part 2 01/04/2003   
    Cap 571Z s 4 Securities 01/12/2006   
    Cap 571Z s 5 Stock options 01/04/2003   
    Cap 571Z s 6 Pilot programme securities 01/12/2006   
    Cap 571Z s 7 Exchange traded funds 01/12/2006   
    Cap 571Z s 8 Application of Part 3 01/04/2003   
    Cap 571Z s 9 Futures contracts 01/12/2006   
    Cap 571Z s 10 Mini-Hang Seng Index Futures Contracts and Mini-Hang Seng Index Options Contracts 01/12/2006   
    Cap 571Z s 11 Currency futures contracts

Cap 571Z s 12 New futures contracts 01/04/2003   
    Cap 571Z s 13 Stock futures contracts 01/12/2006   
    CAP 571AA SECURITIES AND FUTURES (LEVY) RULES 
    Cap 571AA Empowering section 01/04/2003   
    Cap 571AA s 1 (Omitted as spent) 01/04/2003   
    Cap 571AA s 2 Interpretation 01/04/2003   
    Cap 571AA s 3 Payment of levy 01/04/2003   
    Cap 571AA s 4 Exchange Company to remit levies 01/04/2003   
    Cap 571AA s 5 Returns relating to remittance 01/04/2003   
    Cap 571AA s 6 Adjustment of remittance and returns 01/04/2003   
    Cap 571AA s 7 Late remittance charge 01/04/2003   
    Cap 571AA s 8 Accounts 01/04/2003   
    Cap 571AA s 9 Inspection of accounts 01/04/2003   
    Cap 571AA s 10 Report 01/04/2003   
    Cap 571AA s 11 Refund of levy 01/04/2003   
    Cap 571AA s 12 Notification of failure to pay levy 01/04/2003   
    CAP 571AB SECURITIES AND FUTURES (INVESTOR COMPENSATION-LEVY) RULES 
    Cap 571AB Empowering section 01/04/2003   
    Cap 571AB s 1 (Omitted as spent) 01/04/2003   
    Cap 571AB s 2 Interpretation 28/10/2005   
    Cap 571AB s 3 Application of Part 2 28/10/2005   
    Cap 571AB s 4 Securities 01/04/2003   
    Cap 571AB s 5 No levy on stock options 01/04/2003   
    Cap 571AB s 6 Pilot programme securities 01/04/2003   
    Cap 571AB s 7 Exchange traded funds 01/04/2003   
    Cap 571AB s 8 Application of Part 3 28/10/2005   
    Cap 571AB s 9 Futures contracts 01/04/2003   
    Cap 571AB s 10 Mini-Hang Seng Index Futures Contracts and Mini-Hang Seng Index Options Contracts 01/04/2003   
    Cap 571AB s 11 Stock futures contracts 01/04/2003   


Cap 571AB s 12 Payment of levies 01/04/2003   
    Cap 571AB s 13 Exchange Company to collect and remit levy 01/04/2003   
    Cap 571AB s 14 Exchange Company to deposit levies in bank pending remittance 01/04/2003   
    Cap 571AB s 15 Returns relating to remittance 01/04/2003   
    Cap 571AB s 16 Adjustment of remittance and returns 01/04/2003   
    Cap 571AB s 17 Late remittance charge 01/04/2003   
    Cap 571AB s 18 Accounts 01/04/2003   
    Cap 571AB s 19 Inspection of accounts 01/04/2003   
    Cap 571AB s 20 Report 28/10/2005   
    Cap 571AB s 21 Refund of levy 01/04/2003   
    Cap 571AB s 22 Notification of failure to pay levy 01/04/2003   
    Cap 571AB s 23 Provision of information 01/04/2003   
    Cap 571AB s 24 Commission to cause financial statement to be audited 28/10/2005   
    Cap 571AB s 25 Commission to publish exemption notice 28/10/2005   
    Cap 571AB s 26 Commission to publish termination of exemption notice 28/10/2005   
    CAP 571AC SECURITIES AND FUTURES (INVESTOR COMPENSATION - COMPENSATION LIMITS) RULES 
    Cap 571AC Empowering section 01/04/2003   
    Cap 571AC s 1 (Omitted as spent) 01/04/2003   
    Cap 571AC s 2 Interpretation 01/04/2003   
    Cap 571AC s 3 Limits on compensation to be made to claimants 01/04/2003   
    CAP 571AD SECURITIES AND FUTURES (TRANSFER OF FUNCTIONS-INVESTOR COMPENSATION COMPANY) ORDER 
    Cap 571AD Empowering section 01/04/2003   
    Cap 571AD s 1 (Omitted as spent) 01/04/2003   
    Cap 571AD s 2 Interpretation 01/04/2003   
    Cap 571AD s 3 Transfer of functions of the Commission 01/04/2003   
    Cap 571AD SCHEDULE 01/04/2003   
    CAP 571AE SECURITIES AND FUTURES (TRANSFER OF FUNCTIONS-STOCK EXCHANGE COMPANY) ORDER 
    Cap 571AE Empowering section 01/04/2003   
    Cap 571AE s 1 (Omitted as spent)
Cap 571AE s 2 Application 01/04/2003   
    Cap 571AE s 3 Transfer of functions of the Commission 01/04/2003   
    Cap 571AE s 4 Fees 01/04/2003   
    CAP 571AF SECURITIES AND FUTURES (FEES) RULES 
    Cap 571AF Empowering section 01/04/2003   
    Cap 571AF s 1 (Omitted as spent) 01/04/2003   
    Cap 571AF s 2 Annual fees, application fees, etc. 01/04/2003   
    Cap 571AF s 3 Time for payment of fees 01/04/2003   
    Cap 571AF s 4 Interpretation of Part 3 01/04/2003   
    Cap 571AF s 5 Fees relating to offer documents, off-market share repurchase circulars and whitewash documents 01/04/2003   
    Cap 571AF s 6 Fees for applications to Takeovers Panel or Takeovers Appeal Committee 01/04/2003   
    Cap 571AF s 7 Fees for hearings concerning compliance with Codes or any rulings under them 01/04/2003   
    Cap 571AF s 8 Fees for miscellaneous applications 01/04/2003   
    Cap 571AF s 9 Time for payment of fees 01/04/2003   
    Cap 571AF s 10 Fees which under Ordinance are prescribed by rules 01/04/2003   
    Cap 571AF s 11 Waiver of fees 01/04/2003   
    Cap 571AF Sched 1 FEES PRESCRIBED FOR PURPOSES OF SECTION 395(1)(a)(i), (iii) AND (iv) OF ORDINANCE 01/04/2003   
    Cap 571AF Sched 2 FEES PRESCRIBED FOR PURPOSES OF SECTION 395(1)(a)(ii) OF ORDINANCE 27/02/2004   
    Cap 571AF Sched 3 FEES PRESCRIBED FOR PURPOSES OF SECTION 395(1)(b) OF ORDINANCE 01/04/2003   
    CAP 571AG SECURITIES AND FUTURES (DISCLOSURE OF INTERESTS-EXCLUSIONS) REGULATION 
    Cap 571AG Empowering section 01/04/2003   
    Cap 571AG s 1 (Omitted as spent) 01/04/2003   
    Cap 571AG s 2 Interpretation 01/04/2003   
    Cap 571AG s 3 Prescribed interests and short positions to be disregarded for the purpose of notification 01/04/2003   
    Cap 571AG s 4 Prescribed interests and short positions to be disregarded for the purpose of notification by director and chief executive 01/04/2003   
    Cap 571AG s 5 Exclusion from requirements
for notification in certain circumstances of change in nature of interest 01/04/2003   
    CAP 571AH SECURITIES AND FUTURES (OFFENCES AND PENALTIES) REGULATION 
    Cap 571AH Empowering section 01/04/2003   
    Cap 571AH s 1 (Omitted as spent)
Cap 571AH s 2 Offences 01/04/2003   
    Cap 571AH SCHEDULE 01/04/2003   
    CAP 571AI SECURITIES AND FUTURES (INSURANCE) RULES 
    Cap 571AI Empowering section 01/04/2003   
    Cap 571AI s 1 (Omitted as spent) 01/04/2003   
    Cap 571AI s 2 Interpretation 01/04/2003   
    Cap 571AI s 3 Application 01/04/2003   
    Cap 571AI s 4 Duty of specified licensed corporations to take out and maintain insurance 01/04/2003   
    Cap 571AI s 5 Commission may approve master policy of insurance 01/04/2003   
    Cap 571AI Sched 1 SPECIFIED RISKS 01/04/2003   
    Cap 571AI Sched 2 SPECIFIED AMOUNT 01/04/2003   
    Cap 571AI Sched 3 SPECIFIED CREDIT RATINGS

 

Chapter: 571 Title: SECURITIES AND FUTURES ORDINANCE Gazette Number: L.N. 12 of 2003
  Heading: Long title Version Date: 01/04/2003


An Ordinance to consolidate and amend the law relating to financial products, the securities and futures market and the securities and futures industry, the regulation of activities and other matters connected with financial products, the securities and futures market and the securities and futures industry, the protection of investors, and other matters incidental thereto or connected therewith, and for connected purposes.

[1 April 2003] L.N. 12 of 2003

(Originally 5 of 2002)

PART I

PRELIMINARY


(1) This Ordinance may be cited as the Securities and Futures Ordinance.
(2) (Omitted as spent)

2 Heading: Interpretation Version Date: 01/04/2003



(1) Schedule 1 contains interpretation provisions which apply to this Ordinance in accordance with their terms.
(2) Individual Parts and provisions of this Ordinance contain interpretation provisions which have application in accordance with their terms.
(3) The Commission may, by notice published in the Gazette, amend Parts 2, 3, 4 and 5 of Schedule 1.

3 Heading: Securities and Futures Commission Version Date: 01/04/2003



PART II

SECURITIES AND FUTURES COMMISSION

Division 1-The Commission

(1) Notwithstanding the repeal of the Securities and Futures Commission Ordinance (Cap 24) under section 406, the body established by section 3 of that Ordinance as the Securities and Futures Commission shall continue in existence in its original name as a body corporate with power to sue and be sued in that name.
(2) Subject to the provisions of this Ordinance, the corporate identity of the Commission, and the rights, privileges, powers, obligations and liabilities of the Commission and those of others in relation to the Commission, are not affected by the repeal of the Securities and Futures Commission Ordinance (Cap 24) under section 406, and any reference to the Commission (whether by reference to that Ordinance or otherwise) in any Ordinance or any instrument, record or document, or in or for the purposes of any proceedings, agreement or arrangement (whether in writing or not) shall be construed accordingly.
(3) The receipts of the Commission are not subject to taxation under the Inland Revenue Ordinance (Cap 112).
(4) Part 1 of Schedule 2 contains provisions relating to the constitution and proceedings of and other matters relating to the Commission.
4 Heading: Regulatory objectives of Commission Version Date: 01/04/2003



The regulatory objectives of the Commission are-
(a) to maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry;
(b) to promote understanding by the public of the operation and functioning of the securities and futures industry;
(c) to provide protection for members of the public investing in or holding financial products;
(d) to minimize crime and misconduct in the securities and futures industry;
(e) to reduce systemic risks in the securities and futures industry; and
(f) to assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the securities and futures industry.
5 Heading: Functions and powers of Commission Version Date: 01/04/2003



(1) The functions of the Commission are, so far as reasonably practicable-
(a) to take such steps as it considers appropriate to maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry;
(b) to supervise, monitor and regulate-
(i) the activities carried on by recognized exchange companies, recognized clearing houses, recognized exchange controllers or recognized investor compensation companies, or by persons carrying on activities regulated by the Commission under any of the relevant provisions, other than registered institutions; and
(ii) such of the activities carried on by registered institutions as are required to be regulated by the Commission under any of the relevant provisions;
(c) to promote and develop an appropriate degree of self-regulation in the securities and futures industry;
(d) to promote, encourage and enforce the proper conduct, competence and integrity of persons carrying on activities regulated by the Commission under any of the relevant provisions in the conduct of such activities;
(e) to encourage the provision of sound, balanced and informed advice regarding transactions or activities related to financial products;
(f) to take such steps as it considers appropriate to ensure that the relevant provisions are complied with;
(g) to maintain and promote confidence in the securities and futures industry in such manner as it considers appropriate, including by the exercise of its discretion to disclose to the public any matter relating or incidental to the performance of any of its functions;
(h) to co-operate with and provide assistance to regulatory authorities or organizations, whether formed or established in Hong Kong or elsewhere;
(i) to promote understanding by the public of the securities and futures industry and of the benefits, risks and liabilities associated with investing in financial products;
(j) to encourage the public to appreciate the relative benefits of investing in financial products through persons carrying on activities regulated by the Commission under any of the relevant provisions;
(k) to promote understanding by the public of the importance of making informed decisions regarding transactions or activities related to financial products and of taking responsibility therefor;
(l) to secure an appropriate degree of protection for members of the public investing in or holding financial products, having regard to their degree of understanding and expertise in respect of investing in or holding financial products;
(m) to promote, encourage and enforce-
(i) the adoption of appropriate internal controls and risk management systems by persons carrying on activities regulated by the Commission under any of the relevant provisions, other than registered institutions; and
(ii) the adoption of appropriate internal controls and risk management systems by registered institutions in the conduct of activities regulated by the Commission under any of the relevant provisions;
(n) to suppress illegal, dishonourable and improper practices in the securities and futures industry;
(o) to take appropriate steps in relation to the securities and futures industry further to any requirement of the Financial Secretary for the purpose of providing assistance in maintaining the financial stability of Hong Kong;
(p) to recommend reforms of the law relating to the securities and futures industry;
(q) to advise the Financial Secretary on matters relating to the securities and futures industry and provide him with such information in relation thereto as it considers appropriate; and
(r) to perform functions conferred or imposed on it by or under this or any other Ordinance.
(2) Subsection (1)(c) does not limit or otherwise affect any other function of the Commission.
(3) The Commission, in performing any of its functions in relation to-
(a) any authorized financial institution as a registered institution or as an associated entity of an intermediary; or
(b) any person as an associated entity of an authorized financial institution that is a registered institution,
may rely, in whole or in part, on the supervision of such authorized financial institution or person (as the case may be) by the Monetary Authority.
(4) For the purposes of this Ordinance, the Commission may-
(a) acquire, hold and dispose of property of any description;
(b) make contracts or other agreements;
(c) receive and expend moneys;
(d) with the approval of the Financial Secretary, borrow money on security or other conditions;
(e) publish or otherwise make available materials (however described) indicating to persons who are, or who carry on activities, regulated by the Commission under any of the relevant provisions and, where the Commission considers appropriate, to any other persons the manner in which, in the absence of any particular consideration or circumstance, the Commission proposes to perform any of its functions; and
(f) publish or otherwise make available materials (however described) indicating to the public any matter relating or incidental to the performance of any of the functions of the Commission.
(5) Materials published or otherwise made available under subsection (4)(e) or (f) are not subsidiary legislation.

6 Heading: General duties of Commission Version Date: 01/04/2003



(1) In performing its functions, the Commission shall, so far as reasonably practicable, act in a way which-
(a) is compatible with its regulatory objectives; and
(b) it considers most appropriate for the purpose of meeting those objectives.
(2) In pursuing its regulatory objectives and performing its functions, the Commission shall have regard to-
(a) the international character of the securities and futures industry and the desirability of maintaining the status of Hong Kong as a competitive international financial centre;
(b) the desirability of facilitating innovation in connection with financial products and with activities regulated by the Commission under any of the relevant provisions;
(c) the principle that competition among persons carrying on activities regulated by the Commission under any of the relevant provisions should not be impeded unnecessarily;
(d) the importance of acting in a transparent manner, having regard to its obligations of preserving secrecy and confidentiality; and
(e) the need to make efficient use of its resources.

7 Heading: Advisory Committee Version Date: 01/04/2003



(1) There shall be an Advisory Committee to advise the Commission on matters of policy regarding any of its regulatory objectives and functions.
(2) The Advisory Committee is constituted in accordance with Part 1 of Schedule 2 and shall conduct its business in accordance with that Part.
(3) The Advisory Committee shall meet at least once every 3 months to advise the Commission.
(4) The Commission may request the Advisory Committee to advise it on matters of policy regarding any of its regulatory objectives and functions.
8 Heading: Commission may establish committees Version Date: 01/04/2003



(1) The Commission may establish-
(a) standing committees; and
(b) special committees.
(2) The Commission may refer a matter to a committee established under this section for consideration, inquiry or management.
(3) The Commission may appoint a person to be a member of a committee established under this section, whether or not the person is a member of the Commission, and may appoint a member of the committee to be the chairman of the committee.
(4) A reference of a matter to a committee under subsection (2) does not prevent the Commission from performing any of its functions.
(5) The Commission may-
(a) withdraw a reference under subsection (2) from a committee;
(b) revoke an appointment of a member or chairman of a committee under subsection (3).
(6) A committee established under this section may elect one of its members-
(a) to be its chairman if a chairman has not been appointed by the Commission under subsection (3); or
(b) to act as its chairman for any period during which a chairman appointed by the Commission under subsection (3) is unable to act as chairman due to illness, absence from Hong Kong or any other cause,
and may at any time remove the member so elected from the office of the chairman.
(7) A committee established under this section may, subject to the provisions of this Ordinance, regulate its own procedure and business.
(8) A committee established under this section shall meet when and where the chairman of the committee determines, subject to any procedure fixed by the committee and any direction given by the Commission under subsection (9).
(9) The Commission may give directions to a committee established under this section, whether generally or in any particular case, and whether regarding the manner in which it shall act or otherwise, and the committee shall act in accordance with any such directions.
9 Heading: Staff of Commission Version Date: 01/04/2003



(1) The Commission may employ persons for such remuneration and allowances, and on such other terms and conditions, as the Commission determines.
(2) The Commission may provide and maintain schemes (whether contributory or not) for the payment of retirement benefits, gratuities or other allowances to its employees and their dependants.
(3) The Commission may engage consultants, agents and advisers to assist it in the performance of its functions.
10 Heading: Delegation and sub-delegation of Commission's functions Version Date: 01/04/2003



(1) Subject to subsection (2), the Commission may delegate any of its functions to-
(a) a member of the Commission;
(b) a committee established under section 8; or
(c) an employee of the Commission, whether by reference to his name or to the office held by him.
(2) No delegation shall be made under subsection (1) in respect of-
(a) the power of the Commission to delegate under this section; or
(b) a function specified in Part 2 of Schedule 2.
(3) Where the Commission delegates a function under this section, it may at the same time authorize the delegate to sub-delegate the function and the authorization may contain restrictions or conditions on the exercise of the power to sub-delegate.
(4) A delegation or sub-delegation under this section does not prevent the Commission or its delegate from concurrently performing the function delegated or sub-delegated.
(5) The Commission may-
(a) revoke a delegation under this section;
(b) revoke an authorization in respect of a sub-delegation under this section,
whereupon the delegation or sub-delegation (as the case may be) shall cease to have effect.
(6) Where a person or committee purports to act pursuant to a delegation or sub-delegation under this section, he or it shall be presumed, unless the contrary is proved, to be acting in accordance with the terms of the delegation or sub-delegation.
(7) Without prejudice to subsection (4), where there is a delegation or sub-delegation under this section in respect of a function of the Commission, any reference in this or any other Ordinance to the Commission in connection with the performance of the function shall, unless the context otherwise requires, be construed accordingly.
(8) The Legislative Council may by resolution amend Part 2 of Schedule 2.
11 Heading: Directions to Commission Version Date: 23/06/2006



(1) After consultation with the chief executive officer of the Commission, the Chief Executive may, upon being satisfied that it is in the public interest to do so, give the Commission written directions as to the furtherance of any of its regulatory objectives or the performance of any of its functions. (Amended 15 of 2006 s. 2)
(2) The Commission shall comply with any written direction given under subsection (1).
(3) Where any written direction is given under subsection (1), any requirement under any other provision of this or any other Ordinance that the Commission shall, for the purpose of performing any of the functions to which the written direction relates-
(a) form any opinion;
(b) be satisfied as to any matter (including existence of particular circumstances); or
(c) consult any person,
shall not apply for all purposes connected with the performance of functions pursuant to, or consequent upon, the written direction.
(4) Written directions given under subsection (1) are not subsidiary legislation.
12 Heading: Commission to furnish information Version Date: 01/04/2003



The Commission shall, when required by the Financial Secretary, furnish to the Financial Secretary such information as he specifies on the principles, practices and policy it is pursuing or adopting, or proposes to pursue or adopt, in furthering any of its regulatory objectives or performing any of its functions, and the reasons therefor.
13 Heading: Financial year and estimates Version Date: 01/04/2003



Division 2-Accounting and financial arrangements

(1) The financial year of the Commission commences on 1 April in each year.
(2) The Commission shall, not later than 31 December in each financial year of the Commission, submit to the Chief Executive for his approval estimates of its income and expenditure for the next financial year.
(3) The Financial Secretary shall cause the estimates as approved pursuant to subsection (2) to be laid on the table of the Legislative Council.
14 Heading: Appropriation Version Date: 01/04/2003



For each financial year of the Commission, the Government shall pay to the Commission out of the general revenue the moneys appropriated by the Legislative Council for that purpose.
15 Heading: Accounts and annual report Version Date: 23/06/2006



(1) The Commission shall keep proper accounts and records of its transactions.
(2) The Commission shall, as soon as reasonably practicable after the end of each financial year of the Commission, prepare financial statements which shall-
(a) give a true and fair view of the state of affairs of the Commission as at the end of the financial year and of the results of its operations and cash flows in the financial year; and
(b) be signed by the chairman and the chief executive officer of the Commission. (Amended 15 of 2006 s. 3)
(3) The Commission shall, as soon as reasonably practicable after the end of each financial year of the Commission, prepare a report on its activities during the financial year and send a copy of the report to the Financial Secretary who shall cause a copy thereof to be laid on the table of the Legislative Council.
16 Heading: Auditors and audit Version Date: 01/04/2003



(1) The Commission shall, with the approval of the Financial Secretary, appoint auditors.
(2) The Commission shall, as soon as reasonably practicable after the end of each financial year of the Commission, submit to the auditors appointed under subsection (1) for audit the financial statements prepared for the financial year under section 15(2).
(3) The auditors appointed under subsection (1) shall prepare a report on the financial statements submitted to them under subsection (2) and send the report to the Commission which shall, as soon as reasonably practicable after its receipt, send to the Financial Secretary a copy of the report and a copy of the financial statements to which the report relates.
(4) The auditors appointed under subsection (1) shall include in their report a statement as to whether, in their opinion, the financial statements to which the report relates give a true and fair view of the state of affairs of the Commission as at the end of the financial year for which the financial statements are prepared and of the results of its operations and cash flows in the financial year.
(5) An auditor appointed under subsection (1) has a right of access at all reasonable times to the books, accounts, vouchers, records and documents kept by the Commission and is entitled to require from the officers of the Commission such information and explanations as he considers necessary for the performance of his duties as auditor.
(6) The Financial Secretary shall cause a copy of the report referred to in subsection (3), and a copy of the financial statements to which the report relates, to be laid on the table of the Legislative Council.
(7) The Director of Audit or another public officer authorized by the Director under subsection (8) may at any reasonable time-
(a) examine any books, accounts, vouchers, records or documents kept by the Commission; and
(b) if the Director or the public officer (as the case may be) considers appropriate, make a copy of the whole of, or any entry in, such books, accounts, vouchers, records or documents.
(8) The Director of Audit may authorize any public officer to perform any function for the purposes of subsection (7).

17 Heading: Investment of funds Version Date: 01/04/2003



The Commission may invest its funds which are not immediately required in the manner that the Financial Secretary approves.


本条例旨在综合和修订关于金融产品、证券期货市场及证券期货业的法律、关于规管与金融产品、证券期货市场及证券期货业有关连的活动及其他事宜的法律、关于保障投资者的法律，以及关于附带或相关事宜的法律，并就有关连的目的订定条文。

[2003年4月1日] 2003年第12号法律公告

(本为2002年第5号)

第I部

导言

1.
(1) 本条例可引称为《证券及期货条例》。
(2) (已失时效而略去)
2.
(1) 附表1所载释义条文，按其内容适用于本条例。
(2) 本条例各部及各条文所载释义条文的适用范围，按该等释义条文的内容而定。
(3) 证监会可藉宪报公告修订附表1第2、3、4及5部。
3.第II部

证券及期货事务监察委员会

第1分部─证监会


(1) 尽管《证券及期货事务监察委员会条例》(第24章)根据第406条被废除，该条例第3条以“证券及期货事务监察委员会”名称设立的团体，仍以原来的名称持续作为法人团体存在，并可以该名称起诉及被起诉。
(2) 在本条例条文的规限下，证监会的法团身分，以及属于证监会的或属于其他人士而与证监会有关的权利、特权、权力、义务及法律责任，不因《证券及期货事务监察委员会条例》(第24章)根据第406条被废除而受影响。不论在任何条例中，或在任何文书、纪录或文件中，或在任何以书面或其他方式进行的程序或作出的协议或安排中，或为任何以书面或其他方式进行的程序或作出的协议或安排的目的，凡提述证监会之处(不论是否以提述《证券及期货事务监察委员会条例》(第24章)的方式提述)，均须据此解释。
(3) 证监会的收入无须根据《税务条例》(第112章)课税。
(4) 附表2第1部载有关于证监会的组成、处事程序以及其他与证监会有关的事宜的条文。
4,证监会的规管目标是─
(a) 维持和促进证券期货业的公平性、效率、竞争力、透明度及秩序；
(b) 提高公众对证券期货业的运作及功能的了解；
(c) 向投资于或持有金融产品的公众提供保障；
(d) 尽量减少在证券期货业内的犯罪行为及失当行为；
(e) 减低在证券期货业内的系统风险；及
(f) 采取与证券期货业有关的适当步骤，以协助财政司司长维持香港在金融方面的稳定性。
5. 5 条文标题： 证监会的职能及权力 版本日期： 01/04/2003



(1) 证监会的职能是在合理地切实可行的范围内─
(a) 采取该会认为适当的步骤，以维持和促进证券期货业的公平性、效率、竞争力、透明度及秩序；
(b) 监管、监察和规管─
(i) 认可交易所、认可结算所、认可控制人或认可投资者赔偿公司所进行的活动，以及进行受证监会根据任何有关条文规管的活动的人(注册机构除外)所进行的活动；及
(ii) 注册机构所进行并须受证监会根据任何有关条文规管的活动；
(c) 促进和发展证券期货业内适当程度的自律规管；
(d) 促进、鼓励和以强制方式确保进行受证监会根据任何有关条文规管的活动的人在进行该等活动时操守正当、力足胜任和廉洁自持；
(e) 鼓励就与金融产品有关的交易或活动提供明智的、不偏不倚的和有根据的意见；
(f) 采取该会认为适当的步骤，以确保有关条文获得遵守；
(g) 以该会认为适当的方式维持和提高公众对证券期货业的信心，包括酌情决定向公众披露与证监会执行其任何职能有关的事宜，或在该会执行其任何职能方面附带引起的事宜；
(h) 与在香港或其他地方组成或设立的规管当局或机构合作，并向它们提供协助；
(i) 提高公众对证券期货业及对与投资于金融产品有关联的利益、风险及法律责任的了解；
(j) 鼓励公众理解透过进行受证监会根据任何有关条文规管的活动的人而投资于金融产品的相对利益；
(k) 提高公众对就与金融产品有关的交易或活动作出有根据的决定和为该等决定负责的重要性的了解；
(l) 在顾及投资于或持有金融产品的公众对该等投资或持有的认知水平和专门知识所达程度后，确保他们获得适当程度的保障；
(m) 促进、鼓励和以强制方式确保─
(i) 进行受证监会根据任何有关条文规管的活动的人(注册机构除外)采用适当的内部监控及风险管理制度；及
(ii) 注册机构在进行受证监会根据任何有关条文规管的活动时，采用适当的内部监控及风险管理制度；
(n) 遏止在证券期货业内的非法、不名誉和不正当行为；
(o) 应财政司司长的任何要求，采取与证券期货业有关的适当步骤，以协助维持香港在金融方面的稳定性；
(p) 倡议与证券期货业有关的法律的改革；
(q) 就与证券期货业有关的事宜，向财政司司长提供意见，并向财政司司长提供该会认为适当的与该等事宜有关的资料；及
(r) 执行本条例或其他条例授予或委予或根据本条例或其他条例授予或委予该会的职能。
(2) 第(1)(c)款并不局限或以其他方式影响证监会的任何其他职能。
(3) 证监会就─
(a) 任何属注册机构的认可财务机构，或任何属中介人的有联系实体的认可财务机构；或
(b) 任何属(a)段首述的认可财务机构的有联系实体的人，
执行其任何职能时，可完全或局部依赖金融管理专员对该认可财务机构或该人(视属何情况而定)的监管。
(4) 为施行本条例，证监会可─
(a) 取得、持有和处置任何种类的财产；
(b) 订立合约或其他协议；
(c) 收取和支出款项；
(d) 在财政司司长的批准下，以提供保证的方式或以其他条件借入款项；
(e) 发表或以其他方式提供材料(不论实际如何称述)，向受该会根据任何有关条文规管的人或进行受该会根据任何有关条文规管的活动的人及(如该会认为适当的话)其他人表明，在没有任何特定考虑因素或情况下，该会拟执行其任何职能的方式；及
(f) 发表或以其他方式提供材料(不论实际如何称述)，向公众表明与该会执行其任何职能有关的事宜，或在该会执行其任何职能方面附带引起的事宜。
(5) 根据第(4)(e)或(f)款发表或提供的材料不是附属法例。
6. 6 条文标题： 证监会的一般责任 版本日期： 01/04/2003



(1) 证监会在执行其职能时，须在合理地切实可行的范围内采取符合以下说明的行事方式─
(a) 能配合其规管目标；及
(b) 是该会认为就达致该等目标而言属最适当的。
(2) 证监会在寻求达致其规管目标和执行其职能时，须顾及─
(a) 证券期货业的国际性质，及维持香港作为具竞争力的国际金融中心的地位的适切性；
(b) 对与金融产品及受该会根据任何有关条文规管的活动有关连的创新提供利便的适切性；
(c) 以下原则：如非必要，不应妨碍进行受该会根据任何有关条文规管的活动的人之间的竞争；
(d) 在履行该会的保密责任之余，以开放透明的方式行事的重要性；及
(e) 有效率地运用该会资源的需要。
7. 7 条文标题： 谘询委员会 版本日期： 01/04/2003



(1) 现设立谘询委员会，就关于证监会任何规管目标及任何职能的政策事宜向证监会提供意见。
(2) 谘询委员会按照附表2第1部组成，并须按照该部处理其事务。
(3) 谘询委员会须至少每3个月举行会议一次，以向证监会提供意见。
(4) 证监会可请求谘询委员会就关于证监会任何规管目标及任何职能的政策事宜，向证监会提供意见。
8. 8 条文标题： 证监会可设立委员会 版本日期： 01/04/2003



(1) 证监会可设立─
(a) 常设委员会；及
(b) 特别委员会。
(2) 证监会可将某事宜交付根据本条设立的委员会考虑、查讯或处理。
(3) 证监会可委任某人担任根据本条设立的委员会的委员，不论该人是否证监会的成员，并可委任该委员会某委员担任该委员会的主席。
(4) 根据第(2)款向委员会作出的交付，并不妨碍证监会自行执行其职能。
(5) 证监会可─
(a) 从委员会撤回根据第(2)款作出的交付；
(b) 撤销根据第(3)款作出的委员会委员或主席的委任。
(6) 根据本条设立的委员会可从其委员中选出一人─
(a) (如没有根据第(3)款委任的该委员会主席)担任该委员会主席；或
(b) 在根据第(3)款委任的该委员会主席因伤病、不在香港或其他因由而不能担任主席的期间，署理主席职位，
并可随时免去如此选出的委员的主席职位。
(7) 根据本条设立的委员会可在本条例条文的规限下，规管本身的处事程序和事务。
(8) 根据本条设立的委员会须在该委员会订定的程序及证监会根据第(9)款发出的指示的规限下，按照该委员会主席所定的时间和地点举行会议。
(9) 证监会可一般地或就任何个别个案向根据本条设立的委员会发出指示(不论该等指示是否与规定该委员会的行事方式有关)，而该委员会须按照该等指示行事。
9. 9 条文标题： 证监会的职员 版本日期： 01/04/2003



(1) 证监会可按该会决定的报酬、津贴和其他条款及条件雇用任何人。
(2) 证监会可设立和维持需供款或不需供款的计划，向雇员及雇员的受养人支付退休福利、酬金或其他津贴。
(3) 证监会可聘用顾问及代理人，协助该会执行职能。
10. 10 条文标题： 证监会职能的转授及再转授 版本日期： 01/04/2003



(1) 除第(2)款另有规定外，证监会可将其职能转授予─
(a) 该会成员；
(b) 根据第8条设立的委员会；或
(c) 指名的或担任指明职位的该会雇员。
(2) 证监会不得根据第(1)款转授─
(a) 该会根据本条转授职能的权力；或
(b) 附表2第2部指明的职能。
(3) 证监会如根据本条转授职能，可同时授权获转授职能者再转授该职能，而该项授权可载有对再转授职能的权力的行使的限制或规限条件。
(4) 根据本条作出的转授或再转授，并不妨碍证监会或获转授职能者同时执行已转授或已再转授的职能。
(5) 证监会可─
(a) 撤销根据本条作出的转授；
(b) 撤销就根据本条作出的再转授而作出的授权，
而该项转授或再转授(视属何情况而定)随即不再具有效力。
(6) 凡任何人或委员会看来是依据在本条下作出的转授或再转授而行事，除非相反证明成立，否则须推定该人或该委员会是按照该项转授或再转授的条款而行事的。
(7) 在不损害第(4)款的原则下，凡根据本条就证监会任何职能作出转授或再转授，则在本条例或其他条例中就该职能的执行而提述证监会之处，除文意另有所指外，均须据此解释。
(8) 立法会可藉决议修订附表2第2部。
11. 11 条文标题： 向证监会发出指示 版本日期： 23/06/2006



(1) 行政长官在谘询证监会行政总裁后，如信纳就达致证监会任何规管目标或执行该会任何职能而向该会发出书面指示，是符合公众利益的，则可如此发出书面指示。 (由2006年第15号第2条修订)
(2) 证监会须遵从根据第(1)款发出的书面指示。
(3) 如行政长官根据第(1)款发出书面指示且该指示关乎证监会某项职能，而本条例其他条文或其他条例规定该会为执行该职能须─
(a) 得出意见；
(b) 确定是否信纳某事宜(包括信纳某种情况是否存在)；或
(c) 谘询某人，
则就与依据或由于该指示而执行职能一事有关连的所有目的而言，该等规定并不适用。
(4) 根据第(1)款发出的书面指示不是附属法例。
12. 12 条文标题： 证监会须提交资料 版本日期： 01/04/2003



证监会须在财政司司长提出要求时，就该会达致其任何规管目标或执行其任何职能时所依循或采取或拟依循或拟采取的原则、实务及政策，向财政司司长提交他指明的资料，以及该会依循或采取或拟依循或拟采取该等原则、实务及政策的理由。
13, 13 条文标题： 财政年度及预算 版本日期： 01/04/2003



第2分部─会计及财务安排

(1) 证监会的财政年度由每年的4月1日开始。
(2) 证监会须在其每个财政年度的12月31日或之前，将下一个财政年度的收支预算呈交行政长官批准。
(3) 财政司司长须安排将已依据第(2)款批准的预算提交立法会会议席上省览。
14. 14 条文标题： 拨款 版本日期： 01/04/2003



政府须就证监会每个财政年度，将立法会拨予证监会的款项，从政府一般收入中支付证监会
15. 15 条文标题： 帐目及年报 版本日期： 23/06/2006



(1) 证监会须备存其财务往来的妥善帐目及纪录。
(2) 证监会须在其每个财政年度终结后，在合理地切实可行的范围内尽快拟备财务报表，该报表须─
(a) 真实而中肯地反映该会在该年度终结时的事务状况，以及该会在该年度的业绩及现金流量；及
(b) 由证监会的主席及行政总裁签署。 (由2006年第15号第3条修订)
(3) 证监会须在其每个财政年度终结后，在合理地切实可行的范围内尽快拟备在该年度内该会事务的报告，并将该报告的文本送交财政司司长，而财政司司长须安排将一份文本提交立法会会议席上省览。
16. 16 条文标题： 核数师及审计 版本日期： 01/04/2003



(1) 证监会须在财政司司长批准下委任核数师。
(2) 证监会须在其每个财政年度终结后，在合理地切实可行的范围内尽快将根据第15(2)条就该年度拟备的财务报表送交根据第(1)款委任的核数师审计。
(3) 根据第(1)款委任的核数师须就根据第(2)款送交他们的财务报表拟备报告，并将该报告送交证监会。证监会在收到该报告后，须在合理地切实可行的范围内尽快将该报告及该报告所关乎的财务报表的文本各一份送交财政司司长。
(4) 根据第(1)款委任的核数师须在其报告内包括一项陈述，说明他们是否认为该报告所关乎的财务报表真实而中肯地反映证监会在该报表所关乎的财政年度终结时的事务状况，以及该会在该年度的业绩及现金流量。
(5) 根据第(1)款委任的核数师有权于任何合理时间取览证监会备存的簿册、帐目、凭单、纪录及文件，并有权要求证监会的人员提供该核数师认为为执行其核数师职责而需要的资料及解释。
(6) 财政司司长须安排将第(3)款提述的核数师报告及该报告所关乎的财务报表的文本各一份提交立法会会议席上省览。
(7) 审计署署长或他根据第(8)款授权的另一名公职人员，可于任何合理时间─
(a) 审查证监会备存的簿册、帐目、凭单、纪录或文件；及
(b) (如审计署署长或该人员(视属何情况而定)认为适当)将该簿册、帐目、凭单、纪录或文件的整份或其中任何记项复制副本。
(8) 审计署署长可为施行第(7)款授权任何公职人员执行任何职能。
17. 17 条文标题： 资金的投资 版本日期： 01/04/2003



证监会可将该会非即时需用的资金，按财政司司长批准的方式投资。

18. 18 条文标题： 第III部的释义 版本日期： 01/04/2003





18 Heading: Interpretation of Part III Version Date: 01/04/2003

PART III

EXCHANGE COMPANIES, CLEARING HOUSES, EXCHANGE
CONTROLLERS, INVESTOR COMPENSATION COMPANIES
AND AUTOMATED TRADING SERVICES

Division 1-Interpretation

(1) In this Part, unless the context otherwise requires-
"associated person" (相联者), in relation to a person entitled to exercise, or control the exercise of, voting power in relation to, or holding securities in, a corporation-
(a) subject to paragraph (c), means any other person in respect of whom that first-mentioned person has an agreement or arrangement, whether oral or in writing, express or implied, with respect to the acquisition, holding or disposal of securities or other interests in that corporation or under which they act together in exercising their voting power in relation to it;
(b) subject to paragraph (c), includes, in relation to such provisions of Division 4 as are specified in Part 2 of Schedule 3, a person, or a person belonging to a class of persons, specified in that Part to be an associated person;
(c) excludes, in relation to such provisions of Division 4 as are specified in Part 3 of Schedule 3, a person, or a person belonging to a class of persons, specified in that Part not to be an associated person;
"controller" (控制人), in relation to a corporation, means any person who is-
(a) a shareholder controller of the corporation; or
(b) an indirect controller of the corporation;
"default proceedings" (违责处理程序) means any proceedings or other action taken by a recognized clearing house under its default rules;
"default rules" (违责处理规则), in relation to a recognized clearing house, means the rules of the clearing house required by section 40(2);
"defaulter" (违责者) means a clearing participant who is the subject of any default proceedings;
"indirect controller" (间接控制人), in relation to a corporation-
(a) subject to paragraph (b), means a person 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;
(b) excludes, in relation to such provisions of Division 4 as are specified in Part 4 of Schedule 3, a person, or a person belonging to a class of persons, specified in that Part not to be an indirect controller;
"market charge" (市场押记) means a charge, whether fixed or floating, granted in favour of a recognized clearing house-
(a) over any property which is held by or deposited with the clearing house; and
(b) for the purpose of securing liabilities arising directly in connection with the clearing house's ensuring the settlement of a market contract;
"market collateral" (市场抵押品) means any property which is held by or deposited with a recognized clearing house for the purpose of securing liabilities arising directly in connection with the clearing house's ensuring the settlement of a market contract;
"relevant corporation" (相关法团) means a corporation of which a relevant recognized exchange controller is a controller;
"relevant office-holder" (有关人员) means-
(a) the Official Receiver;
(b) a person acting in relation to a company as its liquidator, receiver or manager;
(c) a person acting in relation to an individual as his trustee in bankruptcy or interim receiver of his property; or
(d) a person appointed pursuant to an order for the administration in bankruptcy of an insolvent estate of a deceased person;
"relevant recognized exchange controller" (相关认可控制人) means a recognized exchange controller which is a controller of the Stock Exchange Company;
"settlement" (交收), in relation to a market contract, includes partial settlement;
"shareholder controller" (股东控制人), in relation to a corporation, means any person who, either alone or with any associated person or persons, is entitled to exercise, or control the exercise of, more than 35% of the voting power at any general meeting of the corporation or of another corporation of which it is a subsidiary.
(2) Where a charge is granted partly for the purpose specified in the definition of "market charge" in subsection (1) and partly for other purposes, the charge is in Division 3 a market charge in so far as it has effect for that specified purpose.
(3) Where any collateral is granted partly for the purpose specified in the definition of "market collateral" in subsection (1) and partly for other purposes, the collateral is in Division 3 market collateral in so far as it has been provided for that specified purpose.
(4) In Division 3, a reference to the law of insolvency includes a reference to every provision made by or under-
(a) the Bankruptcy Ordinance (Cap 6);
(b) the Companies Ordinance (Cap 32); and
(c) any other enactment which is concerned with or in any way related to the insolvency of a person.
(5) In Division 3, a reference to settlement in relation to a market contract is a reference to the discharge of the rights and liabilities of the parties to the contract, whether by performance, compromise or otherwise.
(6) Where there is a reference in this or any other Ordinance to a controller of a recognized exchange company or recognized clearing house (however expressed), the term controller shall be construed in accordance with the provisions of this section.

19 Heading: Recognition of exchange company Version Date: 01/04/2003

Division 2-Exchange companies

(1) No person shall-
(a) operate a stock market unless the person is-
(i) the Stock Exchange Company;
(ii) a recognized exchange company of which a relevant recognized exchange controller is a controller; or
(iii) a relevant recognized exchange controller which is itself a recognized exchange company;
(b) operate a futures market unless the person is a recognized exchange company;
(c) assist in the operation of a stock market which is operated in contravention of this subsection;
(d) assist in the operation of a futures market which is operated in contravention of this subsection.
(2) Where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
it may, after consultation with the public and then the Financial Secretary, by notice in writing served on a company, recognize the company as an exchange company-
(i) subject to such conditions as it considers appropriate specified in the notice; and
(ii) with effect from a date specified in the notice for the purpose.
(3) Without limiting the generality of conditions which may be specified in a notice under subsection (2), the Commission may, by notice in writing served on a recognized exchange company, amend or revoke any condition specified in the first-mentioned notice or impose new conditions, where the Commission-
(a) is satisfied that it is appropriate to do so on a ground specified in paragraph (a) or (b) of that subsection; and
(b) has consulted the Financial Secretary.
(4) Where the Commission amends or revokes any condition or imposes any new condition by a notice under subsection (3), the amendment, revocation or imposition takes effect at the time of service of the notice or at the time specified in the notice, whichever is the later.
(5) A person who, without reasonable excuse, contravenes subsection (1) commits an offence 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.
(6) Where a company becomes a recognized exchange company, the Commission shall cause notice of that fact to be published in the Gazette.
(7) Where a company is seeking to be a recognized exchange company and the Commission is minded not to recognize the company under subsection (2), the Commission shall give the company a reasonable opportunity of being heard before making a decision not to recognize the company.
(8) Where the Commission refuses to recognize a company as an exchange company under subsection (2), the Commission shall, by notice in writing served on the company, inform the company of the refusal and of the reasons for it.
(9) A person shall not be regarded as contravening-
(a) subsection (1)(b) by reason only of-
(i) carrying on a business of providing automated trading services that constitutes an operation of a futures market if-
(A) that person is authorized to provide the services under section 95(2) or is an intermediary licensed or registered for Type 7 regulated activity; and
(B) by virtue of the authorization, licence or registration, that person is permitted to engage in activities that constitute an operation of a futures market; or
(ii) carrying on a business of dealing in futures contracts that constitutes an operation of a futures market if-
(A) that person is an intermediary licensed or registered for Type 2 regulated activity; and
(B) by virtue of the licence or registration, that person is permitted to engage in activities that constitute an operation of a futures market; or
(b) subsection (1)(d) by reason only of assisting in carrying on a business of providing automated trading services that constitutes an operation of a futures market or carrying on a business of dealing in futures contracts that constitutes an operation of a futures market if the conditions referred to in paragraph (a)(i)(A) and (B) or (ii)(A) and (B) (as the case may be) are fulfilled in relation to the business of providing automated trading services or the business of dealing in futures contracts.
(10) In subsection (1), "stock market" (证券市场) shall have the meaning assigned to it in the definition of "stock market" in section 1 of Part 1 of Schedule 1, except that a reference to securities in that definition shall be construed as not including a reference to interests in any collective investment scheme.
20 Heading: Transactions that may be conducted on recognized stock market and recognized futures market Version Date: 01/04/2003

(1) No transaction may be conducted on a recognized stock market other than dealings in-
(a) securities; and
(b) other financial products which are approved by the Commission by notice published in the Gazette, either generally or in a particular case.
(2) No transaction may be conducted on a recognized futures market other than dealings in-
(a) futures contracts; and
(b) other financial products,
which are approved by the Commission by notice published in the Gazette, either generally or in a particular case.
(3) A notice under subsection (1) or (2) is not subsidiary legislation.
21 Heading: Duties of recognized exchange company Version Date: 01/04/2003

(1) It shall be the duty of a recognized exchange company to ensure-
(a) so far as reasonably practicable, an orderly, informed and fair market-
(i) in the case of a recognized exchange company which operates a stock market, in securities that are traded on that stock market or through the facilities of that company; or
(ii) in the case of a recognized exchange company which operates a futures market, in futures contracts that are traded on that futures market or through the facilities of that company; and
(b) that risks associated with its business and operations are managed prudently.
(2) In discharging its duty under subsection (1), a recognized exchange company shall-
(a) act in the interest of the public, having particular regard to the interest of the investing public; and
(b) ensure that the interest of the public prevails where it conflicts with the interest of the recognized exchange company.
(3) A recognized exchange company shall operate its facilities in accordance with the rules made under section 23 and approved under section 24.
(4) A recognized exchange company shall formulate and implement appropriate procedures for ensuring that its exchange participants comply with the rules of the company.
(5) A recognized exchange company shall immediately notify the Commission if it becomes aware-
(a) that any of its exchange participants is unable to comply with any rules of the company or any financial resources rules; or
(b) of a financial irregularity or other matter which in the opinion of the company may indicate that the financial standing or integrity of an exchange participant is in question, or that an exchange participant may not be able to meet his legal obligations.
(6) A recognized exchange company shall at all times provide and maintain-
(a) adequate and properly equipped premises;
(b) competent personnel; and
(c) automated systems with adequate capacity, facilities to meet contingencies or emergencies, security arrangements and technical support,
for the conduct of its business.
22 Heading: Immunity, etc. Version Date: 01/04/2003

(1) Without limiting the generality of section 380(1), no civil liability, whether arising in contract, tort, defamation, equity or otherwise, shall be incurred by-
(a) a recognized exchange company; or
(b) any person acting on behalf of a recognized exchange company, including-
(i) any member of the board of directors of the company; or
(ii) any member of any committee established by the company,
in respect of anything done or omitted to be done in good faith in the discharge or purported discharge of the duties of the company under section 21 or in the performance or purported performance of its functions under its rules.
(2) Where, in the discharge or purported discharge of its duties under section 63, a recognized exchange controller gives an instruction or direction or makes a request to a recognized exchange company of which it is a controller, the company's duties under section 21 or under its rules are not applicable to the company in respect of anything done or omitted to be done in good faith by the company in compliance with the instruction, direction or request.

23 Heading: Rules by recognized exchange company Version Date: 08/09/2004

(1) Without limiting any of its other powers to make rules, a recognized exchange company may make rules for such matters as are necessary or desirable-
(a) for the proper regulation and efficient operation of the market which it operates;
(b) for the proper regulation of its exchange participants and holders of trading rights;
(c) for the establishment and maintenance of compensation arrangements for the investing public.
(2) Without limiting the generality of subsection (1), a recognized exchange company which may operate a stock market may make rules for-
(a) applications for the listing of securities and the requirements to be met before securities may be listed;
(b) the entering into of agreements between the recognized exchange company and other persons in connection with the listing of securities, and the enforcement of those agreements by the company;
(c) the cancellation and withdrawal of the listing of, and the suspension and resumption of dealings in, securities listed on the recognized stock market operated by the recognized exchange company;
(d) the imposition on any person of obligations to observe specified standards of conduct or to perform, or refrain from performing, specified acts reasonably imposed in connection with the listing or continued listing of securities;
(e) the admission of securities which are regulated in a jurisdiction outside Hong Kong to trading on a recognized stock market operated by the recognized exchange company;
(f) the penalties or sanctions which may be imposed by the recognized exchange company for a breach of rules made under this section;
(g) procedures or conditions which may be imposed, or circumstances which are required to exist, in relation to matters which are provided for in the rules made under this section;
(h) dealing with possible conflicts of interest that might arise where a relevant corporation or a relevant recognized exchange controller seeks to be or is a listed corporation;
(i) such other matters as are necessary or desirable for the proper and efficient operation and management of the recognized exchange company.
(3) The Commission may, by notice in writing served on a recognized exchange company, request the company-
(a) to make rules specified in the request within the period specified in that request; or
(b) to amend rules referred to in the request in the manner and within the period specified in that request.
(4) Before making a request under subsection (3), the Commission shall consult the Financial Secretary and the recognized exchange company to which the request relates.
(5) Where the Commission is satisfied that a recognized exchange company has not complied with a request referred to in subsection (3) within the period specified in the request, the Commission may make or amend the rules specified in the request instead of the company.
(6) The following persons or anyone who seeks to become any such person shall, if required to do so by the rules of a recognized exchange company, make a statutory declaration concerning such matters as may be specified in the rules-
(a) an exchange participant or holder of trading rights of the company;
(b) a director of a corporation which uses the facilities of the company;
(c) a director of a corporation which is seeking to have any of its securities listed; and
(d) a director or adviser of a listed corporation.
(7) In making rules under this section, a recognized exchange company shall take into account that a solicitor or certified public accountant acting in his professional capacity in private practice has duties imposed by law and under rules of professional conduct. (Amended 23 of 2004 s. 56)
(8) A recognized exchange company shall, in circumstances stipulated in arrangements agreed from time to time between it and The Law Society of Hong Kong or the Hong Kong Institute of Certified Public Accountants, refer breaches of rules made under this section- (Amended 23 of 2004 s. 56)
(a) which are alleged to have been committed by a solicitor or certified public accountant in private practice; and (Amended 23 of 2004 s. 56)
(b) which may also constitute a breach of duty imposed by law or under rules of professional conduct,
to The Law Society of Hong Kong or the Hong Kong Institute of Certified Public Accountants (as the case may be), for determination of whether to make a finding, impose a penalty or sanction or take other disciplinary action. (Amended 23 of 2004 s. 56)
(9) For the purposes of subsections (7) and (8), a person shall be regarded as acting in the capacity of a solicitor or certified public accountant in private practice if in the course of private practice he provides legal or professional accountancy services to a client, but shall not be regarded as so acting where, in respect of a matter governed by rules made under this section, he is also connected with the matter in any other capacity. (Amended 23 of 2004 s. 56)

24 Heading: Approval of rules or amendments to rules of recognized exchange company Version Date: 01/04/2003

(1) Subject to subsection (7), no rule (whether or not made under section 23) of a recognized exchange company or any amendment thereto shall have effect unless it has the approval in writing of the Commission.
(2) A recognized exchange company shall submit or cause to be submitted to the Commission-
(a) for its approval the rules and every amendment thereto that require approval under subsection (1), together with explanations of their purpose and likely effect, including their effect on the investing public, in sufficient detail to enable the Commission to decide whether to approve them or refuse to approve them; and
(b) for its information the rules which belong to a class the subject of a declaration under subsection (7) and every amendment to the rules, as soon as reasonably practicable after they have been made.
(3) The Commission shall, not later than 6 weeks after the receipt of a submission under subsection (2)(a) from a recognized exchange company, by notice in writing served on the company, give its approval or refuse to give its approval (together with its reasons for the refusal) to the rules or amendment of the rules (as the case may be) or any part thereof, the subject of the submission.
(4) The Commission may give its approval under subsection (3) subject to requirements which shall be satisfied before the rules or amendment of the rules or any part thereof take effect.
(5) The Commission may in a particular case, with the agreement of the recognized exchange company concerned, extend the time prescribed in subsection (3).
(6) The Financial Secretary may, after consultation with the Commission and the recognized exchange company concerned, extend the time prescribed in subsection (3).
(7) The Commission may, by notice published in the Gazette, declare any class of rules of a recognized exchange company to be a class of rules which are not required to be approved under subsection (1) and, accordingly, any rules of the company which belong to that class (including any amendment thereto) shall have effect notwithstanding that they have not been so approved.
(8) Neither the rules under section 23 nor a notice under subsection (7) is subsidiary legislation.
25 Heading: Transfer and resumption of functions of Commission Version Date: 01/04/2003

(1) The Commission may request the Chief Executive in Council to transfer, by order ("transfer order") published in the Gazette, to a recognized exchange company ("designated exchange company")-
(a) a function to which this section applies; or
(b) that function in so far as it applies to the exchange participants or applicants to be exchange participants of the designated exchange company,
if the Commission is satisfied that the designated exchange company is willing and able to perform the function.
(2) This section applies to a function of the Commission under-
(a) Part V;
(b) section 145; and
(c) Parts II and XII of the Companies Ordinance (Cap 32).
(3) A function to which this section applies may be transferred by a transfer order either in whole or in part, and the transfer may be subject to-
(a) a reservation that the Commission is to perform the function concurrently with the designated exchange company; and
(b) such other conditions as the Commission considers appropriate.
(4) A transfer order may contain such incidental, supplemental and consequential provisions as may be necessary or expedient for the purpose of giving full effect to the order.
(5) The Commission shall not request that a transfer order be made in respect of the making of financial resources rules unless the proposed designated exchange company has first supplied the Commission with a draft of the financial resources rules which it proposes to make, and the Commission is satisfied that the rules, if made, will afford the investing public an adequate level of protection.
(6) The Commission may at the request or with the consent of a designated exchange company resume a function transferred by a transfer order, but the resumption takes effect only by order of the Chief Executive in Council.
(7) The Chief Executive in Council may order that the Commission resume a function transferred to a designated exchange company by a transfer order if the Commission so requests and if it appears to the Chief Executive in Council to be in the public interest to do so.
(8) A transfer order may provide for a designated exchange company to retain all or any of the fees payable in relation to the performance of a transferred function, and an order made under subsection (6) or (7) may provide for the Commission to retain all or any such fees, from a date specified in the order.

26 Heading: Appointment of chief executive of recognized exchange company requires approval of Commission Version Date: 01/04/2003

No appointment of a person as chief executive of a recognized exchange company shall have effect unless the appointment has the approval in writing of the Commission.
27 Heading: Production of records, etc. by recognized exchange company Version Date: 01/04/2003

(1) The Commission may, by notice in writing served on a recognized exchange company, require the company to provide to the Commission, within such period as the Commission may specify in the notice-
(a) such books and records kept by it in connection with or for the purposes of its business or in respect of any trading in securities or futures contracts; and
(b) such other information relating to its business or any trading in securities or futures contracts,
as the Commission may reasonably require for the performance of its functions.
(2) A recognized exchange company served with a notice under subsection (1) which, without reasonable excuse, fails to comply with the notice commits an offence and is liable on conviction to a fine at level 5.

28 Heading: Withdrawal of recognition of exchange company and direction to cease to provide facilities or services Version Date: 01/04/2003

(1) Subject to subsections (4), (5) and (6), the Commission may, after consultation with the Financial Secretary, by notice in writing served on a recognized exchange company-
(a) withdraw the company's recognition as an exchange company with effect from a date specified in the notice for the purpose; or
(b) direct the company to cease with effect from a date specified in the notice for the purpose-
(i) to provide or operate such facilities as are specified therein; or
(ii) to provide such services as are specified therein.
(2) The Commission may by the notice served under subsection (1) permit the recognized exchange company to continue, on or after the date on which the withdrawal or direction is to take effect, to carry on such activities affected by the withdrawal or direction as the Commission may specify in the notice for the purpose of-
(a) closing down the operations of the company or ceasing to provide the services specified in the notice; or
(b) protecting the interest of the investing public or the public interest.
(3) Where the Commission has granted a permission to a recognized exchange company under subsection (2), the company shall not, by reason of its carrying on the activities in accordance with the permission, be regarded as having contravened section 19(1).
(4) The Commission may only serve a notice under subsection (1) in relation to a recognized exchange company that-
(a) fails to comply with any requirement of this Ordinance or with a condition imposed under section 19;
(b) is being wound up;
(c) ceases to operate a market that it has been authorized to operate by virtue of section 19; or
(d) requests the Commission to do so.
(5) Except where responding to a request under subsection (4)(d), the Commission shall not exercise its power under subsection (1) in relation to a recognized exchange company unless it has given the company a reasonable opportunity of being heard.
(6) Except where responding to a request under subsection (4)(d), the Commission shall give the recognized exchange company not less than 14 days' notice in writing of its intention to serve a notice under subsection (1) and the grounds for doing so.
(7) Where the Commission withdraws a company's recognition as an exchange company under subsection (1)(a), it shall cause notice of that fact to be published in the Gazette.
(8) A notice served under subsection (1)(a) shall not take effect-
(a) subject to paragraph (b), until the expiration of the period within which an appeal against the notice may be made under section 33; or
(b) if an appeal against the notice is made under section 33, until the appeal is withdrawn, abandoned or determined.
(9) A notice served under subsection (1)(b) shall take effect immediately.
29 Heading: Direction to cease to provide facilities or services in emergencies Version Date: 01/04/2003

(1) In addition to the powers of the Commission under section 28, the Commission may, after consultation with a recognized exchange company, by notice in writing served on the company, direct the company to cease to provide or operate such facilities or cease to provide such services as are specified in the notice for a period not exceeding 5 business days.
(2) The Commission may only serve a notice under subsection (1) if it is of the opinion that the orderly transaction of business on the stock market or futures market (as the case may be) is being, or is likely to be, impeded because-
(a) an emergency or natural disaster has occurred in Hong Kong; or
(b) there exists an economic or financial crisis, whether in Hong Kong or elsewhere, or any other circumstances, which is likely to prejudice orderly transaction of business on the stock market or futures market (as the case may be).
(3) The Commission may, by notice in writing served on the recognized exchange company, extend the direction under subsection (1) for further periods not exceeding 10 business days in all.
(4) A notice served under this section shall take effect immediately
30 Heading: Contravention of notice constitutes offence Version Date: 01/04/2003

A person who, without reasonable excuse-
(a) provides or operates facilities; or
(b) provides services,
in contravention of a notice under section 28(1)(b) or 29(1) or (3) commits an offence and is liable-
(i) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(ii) on summary conviction to a fine at level 6 and to imprisonment for 6 months.

31 Heading: Prevention of entry into closed trading markets Version Date: 01/04/2003

(1) The Commission may take all necessary steps to ensure compliance with a notice under section 28(1)(b) or 29(1) or (3) and may, in particular, secure-
(a) the facilities to which the notice relates; or
(b) the premises on which such facilities are kept or the premises on which the services to which the notice relates are provided,
against use for dealings in securities or futures contracts or other purposes.
(2) A person commits an offence and is liable on conviction to a fine at level 5 if, without the authority of the Commission or reasonable excuse, he-
(a) makes use of any facilities or services to which the notice under section 28(1)(b) or 29(1) or (3) relates; or
(b) enters the premises on which such facilities are kept or the premises on which such services are provided.

32 Heading: Publication of directions Version Date: 01/04/2003

Where the Commission-
(a) directs a recognized exchange company under section 28(1)(b) or 29(1) to cease to provide or operate any facilities or cease to provide any services; or
(b) extends under section 29(3) a direction referred to in that section,
it shall cause notice of the particulars of the direction or extension (as the case may be) to be published in the Gazette.
33 Heading: Appeals Version Date: 01/04/2003

(1) A company served with a notice under section 28(1) or 29(1) or (3) may appeal against the notice to the Chief Executive in Council not later than 14 days after the date of service of the notice or such longer period (if any) as the Commission specifies in the notice.
(2) The decision of the Chief Executive in Council on an appeal under subsection (1) shall be final.
34 Heading: Restriction on use of titles relating to exchanges, markets, etc. Version Date: 01/04/2003

(1) A person commits an offence if he, without the authority of the Commission or reasonable excuse, takes or uses the title-
(a) "stock exchange";
(b) "stock market";
(c) "commodity exchange";
(d) "futures exchange";
(e) "futures market";
(f) "unified exchange";
(g) "united exchange";
(h) "证券交易所";
(i) "股票交易所";
(j) "证券市场";
(k) "股票市场";
(l) "商品交易所";
(m) "期货交易所";
(n) "期货市场";
(o) "联合交易所",
or anything which closely resembles any such title.
(2) A person who commits an offence under this section is liable-
(a) on conviction on indictment to a fine of $200000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 5 and to imprisonment for 6 months.

35 Heading: Contract limits and reportable open position Version Date: 01/04/2003

(1) Without prejudice to section 398(7) and (8), the Commission may make rules to-
(a) prescribe limits on, or conditions relating to, the number of futures contracts which may be held or controlled, directly or indirectly, by any person, whether or not such contracts are traded on a recognized futures market or through the facilities of a recognized exchange company;
(b) prescribe limits on, or conditions relating to, the number of options contracts which may be held or controlled, directly or indirectly, by any person, whether or not such contracts are traded on a recognized stock market or recognized futures market or through the facilities of a recognized exchange company;
(c) require a person holding or controlling a reportable position to lodge a notice of that reportable position with a recognized exchange company or the Commission;
(d) prescribe the manner in which and the period within which a notice of a reportable position is to be lodged;
(e) prescribe the information by which a notice of a reportable position is to be accompanied.
(2) The Commission shall consult the Financial Secretary before making rules under subsection (1)(e).
(3) Subsection (1) does not prohibit the Commission from prescribing different limits or conditions, or different reportable positions, for different types or classes of futures or options contracts, or from exempting specified futures or options contracts.
(4) Without limiting the generality of subsection (1) and without prejudice to section 398(7) and (8), the Commission may make rules for the purposes of this section to prohibit a person from-
(a) directly or indirectly entering, during a specified period, into transactions of a specified class in excess of a specified amount; or
(b) directly or indirectly holding or controlling positions of a specified class in excess of a specified position limit.
(5) Rules made under this section may provide that a person who, without reasonable excuse, contravenes any specified provision of the rules that applies to the person commits an offence and is liable to a specified penalty not exceeding-
(a) on conviction on indictment a fine at level 6 and a term of imprisonment of 2 years;
(b) on summary conviction a fine at level 3 and a term of imprisonment of 6 months.
(6) In this section "reportable position" (须申报的持仓量) means an open position in futures or options contracts the number or total value of which is in excess of a number or total value specified by rules made under this section.
36 Heading: Rules by Commission Version Date: 01/04/2003

(1) Without prejudice to section 398(7) and (8), the Commission may make rules in respect of the following matters-
(a) the listing of securities, and in particular-
(i) prescribing the requirements to be met before securities may be listed;
(ii) prescribing the procedure for dealing with applications for the listing of securities;
(iii) providing for the cancellation of the listing of any specified securities if the Commission's requirements for listing, or the requirements of the undertaking referred to in paragraph (e), are not complied with or the Commission considers that such action is necessary to maintain an orderly market in Hong Kong;
(b) the conditions subject to which, and the circumstances in which, a recognized exchange company shall suspend dealings in securities or shall direct that dealings in securities recommence;
(c) the procedure for and the method of allotment of any securities arising out of an offer made to members of the public in respect of those securities;
(d) persons who may be admitted as an exchange participant of a recognized exchange company;
(e) requiring companies the securities of which are listed or accepted for listing to enter into an undertaking in the form prescribed in the rules with a recognized exchange company which may operate a stock market under section 19 to provide such information at such times as may be specified, and to carry out such duties in relation to its securities as may be imposed, in the undertaking;
(f) requiring a recognized exchange company which has become aware of any matter which adversely affects, or is likely to adversely affect, the ability of any exchange participant of the company to meet its obligations as an exchange participant, to make a report concerning the matter to the Commission as soon as reasonably practicable after becoming aware of the matter;
(g) requiring a recognized exchange company when it expels any of its exchange participants, or suspends any of its exchange participants from trading on the recognized stock market or recognized futures market it operates or through its facilities, or requests any of its exchange participants to resign as an exchange participant, to notify the Commission of that fact within 3 business days after the expulsion, suspension or making of the request (as the case may be) and, in addition, to cause the expulsion, suspension or request to be notified to the public in such manner and within such period as may be prescribed in the rules;
(h) any matter which is to be or may be prescribed by rules made under section 23.
(2) Before making any rules in respect of any matter specified in subsection (1), the Commission shall consult-
(a) the Financial Secretary; and
(b) the recognized exchange company or all the recognized exchange companies (as the case may be) to which that matter relates.
(3) Nothing in this section prevents a recognized exchange company from making rules under section 23 on any matter referred to in subsection (1), but any such rules shall have effect only to the extent that they are not repugnant to any rule made by the Commission under subsection (1).

37 Heading: Recognition of clearing house Version Date: 01/04/2003

第2分部─交易所公司

(1) 任何人─
(a) 如不是─
(i) 联交所；
(ii) 以相关认可控制人作为控制人的认可交易所；或
(iii) 本身属认可交易所的相关认可控制人，
则不得营办证券市场；
(b) 如不是认可交易所，则不得营办期货市场；
(c) 不得协助在违反本款的情况下营办的证券市场的运作；
(d) 不得协助在违反本款的情况下营办的期货市场的运作。
(2) 凡证监会信纳认可某公司为交易所公司─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则可在先谘询公众人士继而谘询财政司司长后，藉送达书面通知予该公司，认可该公司为交易所公司，而该项认可─
(i) 受该会认为适当并在该通知中指明的条件规限；及
(ii) 自该通知指明的生效日期起生效。
(3) 在不局限根据第(2)款送达的通知指明的条件的一般性的原则下，证监会─
(a) 在基于该款(a)或(b)段指明的理由信纳如此行事是适当的情况下；及
(b) 在谘询财政司司长后，
可藉送达书面通知予认可交易所，修订或撤销任何该等条件或施加任何新的条件。
(4) 凡证监会藉根据第(3)款送达通知修订或撤销任何条件或施加任何新的条件，该项修订、撤销或施加在该通知送达时或在该通知指明的时间(两者以较迟者为准)生效。
(5) 任何人无合理辩解而违反第(1)款，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。
(6) 凡某公司成为认可交易所，证监会须安排在宪报刊登公告以公布此事。
(7) 凡某公司寻求成为认可交易所，而证监会有意拒绝根据第(2)款认可该公司，则该会在决定不认可该公司前，须给予该公司合理的陈词机会。
(8) 凡证监会拒绝根据第(2)款认可某公司为交易所公司，证监会须藉送达书面通知予该公司，将拒绝一事及拒绝的理由告知该公司。
(9) 任何人不得─
(a) 仅因以下原因而视为违反第(1)(b)款─
(i) 在以下情况下经营提供构成营办期货市场的自动化交易服务的业务─
(A) 该人根据第95(2)条获认可提供该服务或该人是就第7类受规管活动获发牌或获注册的中介人；及
(B) 凭借该项认可、牌照或注册，该人获准从事构成营办期货市场的活动；或
(ii) 在以下情况下经营构成营办期货市场的期货合约交易业务─
(A) 该人是就第2类受规管活动获发牌或获注册的中介人；及
(B) 凭借该项牌照或注册，该人获准从事构成营办期货市场的活动；或
(b) 仅因协助经营提供构成营办期货市场的自动化交易服务的业务或经营构成营办期货市场的期货合约交易业务而视为违反第(1)(d)款，但前提是就提供自动化交易服务的业务或期货合约交易业务而言，(a)(i)(A)及(B)或(ii)(A)及(B)段(视属何情况而定)提述的条件获符合。
(10) 在第(1)款中，“证券市场”(stock market) 具有在附表1第1部第1条中的“证券市场”的定义中给予该词的涵义，但在该定义中对证券的提述须解释为不包括对任何集体投资计划的权益的提述。
20. 20 条文标题： 可在认可证券市场及认可期货市场进行的交易 版本日期： 01/04/2003

(1) 在认可证券市场只可进行─
(a) 证券交易；及
(b) 证监会一般地或就个别个案藉宪报公告批准的其他金融产品的交易。
(2) 在认可期货市场只可进行证监会一般地或就个别个案藉宪报公告批准的─
(a) 期货合约的交易；及
(b) 其他金融产品的交易。
(3) 第(1)或(2)款提述的公告不是附属法例。

21 条文标题： 认可交易所的责任 版本日期： 01/04/2003

(1) 认可交易所有责任确保─
(a) 在合理地切实可行的范围内─
(i) (就营办证券市场的认可交易所而言)在该市场或透过该交易所的设施买卖证券；或
(ii) (就营办期货市场的认可交易所而言)在该市场或透过该交易所的设施买卖期货合约，
是在有秩序、信息灵通和公平的市场中进行的；及
(b) 审慎管理与其业务及营运有关联的风险。
(2) 认可交易所在履行第(1)款所指的责任时，须─
(a) 以维护公众利益为原则而行事，尤其须顾及投资大众的利益；及
(b) 确保一旦公众利益与该交易所的利益有冲突时，优先照顾公众利益。
(3) 认可交易所须按照在第23条下订立并根据第24条获批准的规章运作其设施。
(4) 认可交易所须制订及实施适当的程序以确保其交易所参与者遵守该交易所的规章。
(5) 认可交易所如察觉有以下情况，须立即通知证监会─
(a) 该交易所的任何交易所参与者不能遵守该交易所任何规章或任何财政资源规则；或
(b) 有任何在财务方面欠妥之处或其他事情，而该交易所认为该欠妥之处或该事情可能显示某交易所参与者在财务状况或处理财务事宜的操守方面出现问题，或显示某交易所参与者可能不能履行其法律义务。
(6) 认可交易所须时刻提供和维持─
(a) 足以应付其业务的需求和设备妥善的处所以进行该交易所的业务；
(b) 称职的人员以进行该交易所的业务；及
(c) 具有足够处理能力、应变或应急设施、保安安排及技术支援的自动系统，以进行该交易所的业务。
22 条文标题： 豁免承担法律责任等 版本日期： 01/04/2003

(1) 以下人士─
(a) 认可交易所；或
(b) 任何代表认可交易所行事的人，包括─
(i) 该交易所的董事局的任何成员；或
(ii) 该交易所设立的任何委员会的任何成员，
在履行或其本意是履行第21条所规定的该交易所的责任时，或在执行或其本意是执行该交易所的规章授予该交易所的职能时，如出于真诚而作出或不作出任何作为，则在不局限第380(1)条的一般性的原则下，无须就该等作为或不作为承担任何民事法律责任，不论是在合约法、侵权法、诽谤法、衡平法或是在其他法律下产生的民事法律责任。
(2) 凡认可交易所的认可控制人在履行或其本意是履行第63条所规定的该控制人的责任时，向该交易所发出指令或指示或作出要求，而该交易所按照该等指令、指示或要求出于真诚而作出或不作出任何作为，则就该作为或不作为而言，第21条或该交易所的规章所规定的该交易所的责任不适用于该交易所。
23 条文标题： 认可交易所订立规章 版本日期： 08/09/2004

(1) 在不局限认可交易所订立规章的其他权力的原则下，该交易所可为以下目的而就有需要或可取的事宜订立规章─
(a) 该交易所营办的市场的妥善规管和有效率的运作；
(b) 该交易所的交易所参与者及交易权持有人的妥善规管；
(c) 为投资大众设立和维持赔偿安排。
(2) 在不局限第(1)款的一般性的原则下，可营办证券市场的认可交易所可就以下事宜订立规章─
(a) 证券上市的申请，以及在证券上市前须符合的规定；
(b) 该交易所与其他人就证券的上市订立协议，以及由该交易所强制执行该等协议；
(c) 在该交易所营办的认可证券市场上市的证券取消上市及撤回上市，以及该等证券暂停交易及恢复交易；
(d) 向任何人施加就证券的上市或维持上市而合理施加的义务，规定该人遵守指明的操守标准，或作出或不得作出指明的作为；
(e) 容许在任何香港以外的司法管辖区内受到规管的证券在任何认可交易所营办的认可证券市场进行交易；
(f) 该交易所可就违反根据本条订立的规章而施加的罚则或制裁；
(g) 可就根据本条订立的规章规定的事宜施加的程序或条件，或须就该等事宜存在的情况；
(h) 处理相关法团或相关认可控制人属上市法团或寻求成为上市法团而可能引起的利益冲突；
(i) 为妥善及有效率地营办及管理该交易所而有需要或可取的其他事项。
(3) 证监会可藉送达书面通知予认可交易所，要求该交易所─
(a) 在该要求指明的期间内订立该要求指明的规章；或
(b) 在该要求指明的期间内按该要求指明的方式修订该要求提述的规章。
(4) 证监会在根据第(3)款提出要求之前，须谘询财政司司长及该要求所关乎的认可交易所。
(5) 凡证监会信纳某认可交易所没有在第(3)款提述的要求指明的期间内遵从该要求，则该会可取代该交易所而订立或修订该要求指明的规章。
(6) 如认可交易所的规章规定以下任何人或任何寻求成为该等人士的人就规章指明的事宜作出法定声明，该人须作出该声明─
(a) 该交易所的交易所参与者或交易权持有人；
(b) 使用该交易所设施的法团的董事；
(c) 寻求将本身的证券上市的法团的董事；及
(d) 上市法团的董事或顾问。
(7) 认可交易所在根据本条订立规章时，须顾及作私人执业的律师或会计师以专业身分行事时，负有法律施加的和根据专业操守规则施加的责任。 (由2004年第23号第56条修订)
(8) 认可交易所须在它与香港律师会或香港会计师公会不时协定的安排中所订定的情况下，将符合以下说明的个案，交付该会或该公会(视属何情况而定)以决定是否作出裁断、施加处罚或制裁或采取其他纪律行动─
(a) 指称作私人执业的律师或会计师作出并属违反根据本条订立的规章的；及 (由2004年第23号第56条修订)
(b) 该项违反亦可能构成违反法律施加的或根据专业操守规则施加的责任的。
(9) 就第(7)及(8)款而言，任何人如在私人执业过程中向客户提供法律服务或专业会计服务，即视为以作私人执业的律师或会计师(视属何情况而定)身分行事，但如就根据本条订立的规章所管限的任何事宜而言，他亦以任何其他身分与该事宜有关连，则他不得视为以作私人执业的律师或会计师(视属何情况而定)身分行事。 (由2004年第23号第56条修订)
24 条文标题： 批准认可交易所规章或对该等规章的修订 版本日期： 01/04/2003

(1) 除第(7)款另有规定外，认可交易所的规章(不论是否根据第23条订立)或对该等规章的修订须获证监会书面批准，否则不具效力。
(2) 认可交易所须─
(a) 将或安排将任何根据第(1)款须取得批准的规章及修订，呈交证监会批准；呈交的规章及修订须附有就该等规章及修订的目的及相当可能会有的影响(包括对投资大众的影响)而作出的解释，该等解释的详细程度，须足以使该会能够决定是否批准该等规章及修订；及
(b) 在属根据第(7)款宣布的类别的规章订立后，及在对该等规章的修订作出后，在合理地切实可行的范围内尽快向证监会呈交或安排向该会呈交该等规章及修订，让该会知悉。
(3) 证监会须在收到认可交易所根据第(2)(a)款呈交的规章或修订后的6个星期内，藉送达书面通知予该交易所，批准或拒绝批准该等规章或修订(视属何情况而定)，或批准或拒绝批准其中任何部分；如该会拒绝批准，须在有关通知中说明拒绝批准的理由。
(4) 证监会根据第(3)款给予的批准，可受某些在该等规章或修订或其中任何部分生效前须符合的要求所规限。
(5) 证监会可在有关的认可交易所的同意下，在任何个别个案中延展第(3)款订明的期限。
(6) 财政司司长可在谘询证监会及有关的认可交易所后，延展第(3)款订明的期限。
(7) 证监会可藉宪报公告宣布认可交易所的某类别的规章无须根据第(1)款获批准，而任何属于该类别的该交易所规章(包括对该等规章的修订)即使没有根据第(1)款获批准，仍属有效。
(8) 根据第23条订立的规章及第(7)款提述的公告均不是附属法例。
25 条文标题： 证监会职能的转移及收回 版本日期： 01/04/2003

(1) 证监会如信纳某认可交易所(“指定交易所”)愿意和有能力执行以下职能，则可请求行政长官会同行政会议藉在宪报刊登的命令(“转移令”)，将以下职能转移予该交易所─
(a) 本条适用的职能；或
(b) 在本条适用的职能适用于指定交易所的交易所参与者或交易所参与者申请人的范围内的该职能。
(2) 本条适用于以下条文授予证监会的职能─
(a) 第V部；
(b) 第145条；及
(c) 《公司条例》(第32章)第II及XII部。
(3) 本条适用的职能可藉转移令完全或局部转移，而该项转移可─
(a) 受保留条款规限，根据该条款，证监会可与指定交易所同时执行该职能；及
(b) 受证监会认为适当的其他条件规限。
(4) 转移令可载有为使该命令得以全面施行而有需要或合宜的附带条文、补充条文及相应修订。
(5) 除非拟成为指定交易所的交易所事先向证监会提供该交易所拟订立的财政资源规则的草拟本，且该会信纳如该等规则得以订立，会为投资大众提供足够程度的保障，否则该会不得请求就该等规则的订立而作出转移令。
(6) 证监会可应指定交易所的请求或在该交易所的同意下，收回已藉转移令转移的职能，但职能的收回须凭借行政长官会同行政会议作出的命令进行，方具效力。
(7) 如证监会请求收回一项已藉转移令转移的职能，而行政长官会同行政会议觉得如此收回是符合公众利益的，则行政长官会同行政会议可命令该会收回该职能。
(8) 转移令可订明由指定交易所保留全部或部分就执行经转移的职能而须缴付予该交易所的费用，而根据第(6)或(7)款作出的命令可订明由证监会自命令指明的日期起，保留上述费用。
26 条文标题： 认可交易所最高行政人员的委任须经证监会核准 版本日期： 01/04/2003

除非获证监会书面核准，否则任何人担任认可交易所的最高行政人员的委任，均属无效。
27 条文标题： 认可交易所交出纪录等 版本日期： 01/04/2003

(1) 证监会可藉送达书面通知予认可交易所，要求该交易所在通知指明的期间内，向该会提供该会为执行其职能而合理地要求的以下资料─
(a) 该交易所在与其业务有关连的情况下或为其业务而备存的，或就任何证券或期货合约的交易而备存的簿册及纪录；及
(b) 与该交易所的业务或任何证券或期货合约的交易有关的其他资料。
(2) 根据第(1)款获送达通知的认可交易所如无合理辩解而没有遵从该通知，即属犯罪，一经定罪，可处第5级罚款。
28 条文标题： 撤回对交易所公司的认可和指令停止提供设施或服务 版本日期： 01/04/2003

(1) 在第(4)、(5)及(6)款的规限下，证监会可在谘询财政司司长后，藉送达书面通知予认可交易所─
(a) 撤回该公司作为交易所公司的认可，自该通知指明的生效日期起生效；或
(b) 指令该公司自该通知指明的日期起停止─
(i) 提供或运作该通知指明的设施；或
(ii) 提供该通知指明的服务。
(2) 证监会可藉根据第(1)款送达的通知准许有关的认可交易所在有关撤回或指令的生效日期当日或之后，为─
(a) 结束该交易所的运作或停止提供该通知指明的服务的目的；或
(b) 保障投资大众的利益或公众利益的目的，
而继续进行证监会在该通知中指明的受该项撤回或指令所影响的活动。
(3) 凡认可交易所获得证监会根据第(2)款给予的准许，则该交易所不得因其按照准许进行有关的活动而视为违反第19(1)条。
(4) 证监会只可在以下情况下根据第(1)款向某认可交易所送达通知─
(a) 该交易所没有遵从本条例的任何规定或根据第19条施加的条件；
(b) 该交易所正在清盘；
(c) 该交易所不再营办它凭借第19条获授权营办的市场；或
(d) 该交易所请求该会如此送达通知。
(5) 证监会在根据第(1)款就某公司行使权力前，须给予该公司合理的陈词机会，但如该会是回应根据第(4)(d)款作出的请求，则属例外。
(6) 证监会须给予认可交易所不少于14日的书面通知，以告知该交易所该会拟根据第(1)款送达通知的意向及如此行事的理由，但如该会是回应根据第(4)(d)款作出的请求，则属例外。
(7) 凡证监会根据第(1)(a)款撤回某公司作为交易所公司的认可，该会须安排在宪报刊登公告以公布此事。
(8) 根据第(1)(a)款送达的通知─
(a) 在不抵触(b)段的条文下，在根据第33条针对该通知提出上诉的限期届满之前，不得生效；或
(b) 在有关公司根据第33条针对该通知提出上诉的情况下，在上诉撤回、放弃或裁定之前，不得生效。
(9) 根据第(1)(b)款送达的通知即时生效。
29 条文标题： 在紧急情况下指令停止提供设施或服务 版本日期： 01/04/2003

(1) 证监会除了具有第28条所赋权力外，亦可在谘询某认可交易所后，藉送达书面通知予该交易所，指令该交易所在一段不超逾5个营业日的期间内，停止提供或运作该通知指明的设施，或停止提供该通知指明的服务。
(2) 证监会如认为因有以下情况而致阻碍或相当可能会阻碍证券市场或期货市场的业务有秩序地进行，方可根据第(1)款送达通知─
(a) 香港已发生紧急事故或自然灾害；或
(b) 香港或其他地方出现经济或金融危机，或有其他情况，而该危机或情况相当可能会妨害该业务有秩序地进行。
(3) 证监会可藉送达书面通知予认可交易所，延展根据第(1)款作出的指令所涉的期间，但延展的总日数不得超逾10个营业日。
(4) 根据本条送达的通知即时生效。
30 条文标题： 违反通知构成罪行 版本日期： 01/04/2003

任何人无合理辩解而在违反根据第28(1)(b)或29(1)或(3)条送达的通知的情况下─
(a) 提供或运作设施；或
(b) 提供服务，
即属犯罪─
(i) 一经循公诉程序定罪，可处罚款$1000000及监禁2年；或
(ii) 一经循简易程序定罪，可处第6级罚款及监禁6个月。

31 条文标题： 防止进入停开的交易市场 版本日期： 01/04/2003

(1) 证监会可采取一切所需步骤以确保根据第28(1)(b)或29(1)或(3)条送达的通知获得遵从，尤其可确保─
(a) 该通知所关乎的设施；或
(b) 该等设施所在的处所，或提供该通知所关乎的服务的处所，
不会用作进行证券或期货合约交易或其他用途。
(2) 任何人未经证监会授权亦无合理辩解而─
(a) 使用根据第28(1)(b)或29(1)或(3)条送达的通知所关乎的设施或服务；或
(b) 进入该等设施所在的处所，或提供该等服务的处所，
即属犯罪，一经定罪，可处第5级罚款。
32 条文标题： 指令的刊登 版本日期： 01/04/2003

凡证监会─
(a) 根据第28(1)(b)或29(1)条指令认可交易所停止提供或运作设施或停止提供服务；或
(b) 根据第29(3)条延展该条提述的指令所涉的期间，
该会须安排在宪报刊登载有该指令或延展(视属何情况而定)的详情的公告。
33 条文标题： 上诉 版本日期： 01/04/2003

(1) 如证监会于某日根据第28(1)或29(1)或(3)条向某公司送达通知，该公司可在该日后14日内，或在该会在该通知指明的较长限期(如有的话)内，针对该通知向行政长官会同行政会议提出上诉。
(2) 行政长官会同行政会议就第(1)款提述的上诉所作的决定，即为最终决定。

34 条文标题： 限制使用与交易所、市场等有关的称衔 版本日期： 01/04/2003

(1) 任何人未经证监会授权亦无合理辩解而采用或使用以下任何称衔或与之相似的称衔，即属犯罪─
(a) “stock exchange”；
(b) “stock market”；
(c) “commodity exchange”；
(d) “futures exchange”；
(e) “futures market”；
(f) “unified exchange”；
(g) “united exchange”；
(h) “证券交易所”；
(i) “股票交易所”；
(j) “证券市场”；
(k) “股票市场”；
(l) “商品交易所”；
(m) “期货交易所”；
(n) “期货市场”；
(o) “联合交易所”。
(2) 任何人犯本条所订罪行─
(a) 一经循公诉程序定罪，可处罚款$200000及监禁2年；或
(b) 一经循简易程序定罪，可处第5级罚款及监禁6个月。

35 条文标题： 合约限量及须申报的持仓量 版本日期： 01/04/2003

(1) 在不损害第398(7)及(8)条的原则下，证监会可订立规则以─
(a) 订明任何人可直接或间接持有或控制的期货合约的数目上限，或与该等数目有关的条件，不论该等合约是否在认可期货市场或透过认可交易所的设施买卖的；
(b) 订明任何人可直接或间接持有或控制的期权合约的数目上限，或与该等数目有关的条件，不论该等合约是否在认可证券市场或认可期货市场买卖或透过认可交易所的设施买卖的；
(c) 规定持有或控制某须申报的持仓量的人向认可交易所或证监会提交关于该持仓量的通知；
(d) 订明提交关于须申报的持仓量的通知的方式及时限；
(e) 订明关于须申报的持仓量的通知须附有的资料。
(2) 证监会在根据第(1)(e)款订立规则前须谘询财政司司长。
(3) 第(1)款并不禁止证监会为不同类型或类别的期货或期权合约订明不同的合约限量或条件或须申报的持仓量，亦不禁止该会豁免指明的期货或期权合约。
(4) 在不局限第(1)款的一般性及不损害第398(7)及(8)条的原则下，证监会可为施行本条而订立规则，禁止任何人─
(a) 在指明期间直接或间接进行超逾指明限量的指明类别交易；或
(b) 直接或间接持有或控制超逾指明持仓限量的指明类别持仓量。
(5) 根据本条订立的规则，可订明任何人无合理辩解而违反该等规则中适用于该人的指明条文，即属犯罪─
(a) 一经循公诉程序定罪，可处不超过第6级罚款及监禁2年的指明罚则；
(b) 一经循简易程序定罪，可处不超过第3级罚款及监禁6个月的指明罚则。
(6) 在本条中，“须申报的持仓量”(reportable position) 指数目或总值超逾根据在本条下订立的规则指明的数目或总值的期货或期权合约的持仓量。

36 条文标题： 证监会订立规则 版本日期： 01/04/2003

(1) 在不损害第398(7)及(8)条的原则下，证监会可就以下事宜订立规则─
(a) 证券的上市，尤其是─
(i) 订明在证券上市前须符合的规定；
(ii) 订明处理证券上市申请的程序；
(iii) 订定条文，在该会所订的上市规定或关于(e)段提述的承诺的规定不获遵从时，或在该会认为有需要取消某指明证券的上市以在香港维持一个有秩序的市场时，取消该证券的上市；
(b) 认可交易所须在何等条件规限下及在何等情况下暂停证券交易或指示恢复证券交易；
(c) 因向公众就任何证券提出要约而作出的分配的程序及方法；
(d) 可接纳为认可交易所的交易所参与者的人；
(e) 规定有证券上市或获接纳上市的公司，以规则订明的格式向根据第19条可营办证券市场的认可交易所作出承诺，在该承诺指明的时间提供该承诺指明的资料，并履行该承诺中委以的关于该公司的证券的责任；
(f) 规定认可交易所如察觉有任何事宜对该交易所任何交易所参与者履行其作为交易所参与者的义务的能力有或相当可能有不良影响，则须于察觉该事宜后，在合理地切实可行的范围内尽快向该会作出关于该事宜的报告；
(g) 规定认可交易所在开除其任何交易所参与者时，或使任何交易所参与者暂停在该交易所营办的认可证券市场或认可期货市场或透过该交易所的设施进行交易时，或在要求任何交易所参与者辞去该参与者的身分时，须在如此行事后3个营业日内，向该会具报此事，此外，并须安排将此事以规则订明的方式在规则订明的期间内向公众公布；
(h) 根据第23条订立的规章须予订明或可予订明的任何事情。
(2) 证监会在根据第(1)款就任何该款指明的事宜订立规则前，须谘询─
(a) 财政司司长；及
(b) 与该事宜有关的认可交易所。
(3) 本条并不阻止认可交易所根据第23条就第(1)款提述的事宜订立规章，但该等规章具有的效力，以不抵触证监会根据第(1)款订立的规则为限。
37 条文标题： 结算所的认可 版本日期： 01/04/2003

Division 3-Clearing houses

(1) Where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
it may, after consultation with the Financial Secretary, by notice in writing served on a company, recognize the company as a clearing house-
(i) subject to such conditions as it considers appropriate specified in the notice; and
(ii) with effect from a date specified in the notice for the purpose.
(2) Without limiting the generality of conditions which may be specified in a notice under subsection (1), the Commission may, by notice in writing served on a recognized clearing house, amend or revoke any condition specified in the first-mentioned notice or impose new conditions, where the Commission-
(a) is satisfied that it is appropriate to do so on a ground specified in paragraph (a) or (b) of that subsection; and
(b) has consulted the Financial Secretary.
(3) Where the Commission amends or revokes any condition or imposes any new condition by a notice under subsection (2), the amendment, revocation or imposition takes effect at the time of service of the notice or at the time specified in the notice, whichever is the later.
(4) Where a company becomes a recognized clearing house, the Commission shall cause notice of that fact to be published in the Gazette.
(5) Where a company is seeking to be a recognized clearing house and the Commission is minded not to recognize the company under subsection (1), the Commission shall give the company a reasonable opportunity of being heard before making a decision not to recognize the company.
(6) Where the Commission refuses to recognize a company as a clearing house under subsection (1), the Commission shall, by notice in writing served on the company, inform the company of the refusal and of the reasons for it.
38 Heading: Duties of recognized clearing house Version Date: 01/04/2003



(1) It shall be the duty of a recognized clearing house to ensure-
(a) so far as reasonably practicable, that there are orderly, fair and expeditious clearing and settlement arrangements for any transactions in securities or futures contracts cleared or settled through its facilities; and
(b) that risks associated with its business and operations are managed prudently.
(2) In discharging its duty under subsection (1), a recognized clearing house shall-
(a) act in the interest of the public, having particular regard to the interest of the investing public; and
(b) ensure that the interest of the public prevails where it conflicts with the interest of the recognized clearing house.
(3) A recognized clearing house shall operate its facilities in accordance with the rules made under section 40 and approved under section 41.
(4) A recognized clearing house shall formulate and implement appropriate procedures for ensuring that its clearing participants comply with the rules of the clearing house.
(5) A recognized clearing house shall at all times provide and maintain-
(a) adequate and properly equipped premises;
(b) competent personnel; and
(c) automated systems with adequate capacity, facilities to meet contingencies or emergencies, security arrangements and technical support,
for the conduct of its business.

39 Heading: Immunity, etc. Version Date: 01/04/2003



(1) Without limiting the generality of section 380(1), no civil liability, whether arising in contract, tort, defamation, equity or otherwise, shall be incurred by-
(a) a recognized clearing house; or
(b) any person acting on behalf of a recognized clearing house, including-
(i) any member of the board of directors of the clearing house; or
(ii) any member of any committee established by the clearing house,
in respect of anything done or omitted to be done in good faith in the discharge or purported discharge of the duties of the clearing house under sections 38 and 47 or in the performance or purported performance of its functions under its rules, including its default rules.
(2) Where, in the discharge or purported discharge of its duties under section 63, a recognized exchange controller gives an instruction or direction or makes a request to a recognized clearing house of which it is a controller, the clearing house's duties under sections 38 and 47 or under its rules (including its default rules) are not applicable to the clearing house in respect of anything done or omitted to be done in good faith by the clearing house in compliance with the instruction, direction or request.
(3) Without limiting the generality of section 380(1), no civil liability, whether arising in contract, tort, defamation, equity or otherwise, shall be incurred by-
(a) a person performing, by virtue of a delegation under the default rules of a recognized clearing house, a function of the clearing house in connection with any default proceedings; or
(b) any person acting on behalf of a person referred to in paragraph (a), including-
(i) any member of the board of directors of that person; or
(ii) any member of any committee established by that person,
in respect of anything done or omitted to be done in good faith in the performance and purported performance of that function.
(4) Any failure by a recognized clearing house to comply with its rules in relation to a matter does not prevent the matter from being treated for the purposes of this Ordinance as done in accordance with the rules so long as the failure does not substantially affect the rights of a person entitled to require compliance with the rules.
(5) Where a relevant office-holder takes action in relation to property of a defaulter which is liable to be dealt with in accordance with the default rules of a recognized clearing house, and believes on reasonable grounds that he is entitled to take that action, he is not liable to any person in respect of any loss or damage resulting from his action except in so far as the loss or damage (as the case may be) is caused by the office-holder's own negligence.
40 Heading: Rules by recognized clearing houses Version Date: 01/04/2003



(1) Without limiting any of its other powers to make rules, a recognized clearing house may make rules for such matters as are necessary or desirable-
(a) for the proper regulation and efficient operation of the clearing or settlement facilities which it operates;
(b) for the proper regulation of its clearing participants;
(c) for the establishment and maintenance of compensation arrangements for the investing public.
(2) A recognized clearing house shall make rules which-
(a) provide for the taking of proceedings or other action if a clearing participant appears to be unable, or likely to become unable, to meet his obligations in respect of all unsettled or open market contracts to which he is a party; and
(b) comply with Part 5 of Schedule 3.
(3) Where a recognized clearing house takes default proceedings, all subsequent proceedings or other action taken under its rules for the settlement of market contracts to which the defaulter is a party shall be treated as taken under the default rules.
(4) The Commission may, by notice in writing served on a recognized clearing house, request the clearing house-
(a) to make rules specified in the request within the period specified in that request; or
(b) to amend rules referred to in the request in the manner and within the period specified in that request.
(5) Before making a request under subsection (4), the Commission shall consult the Financial Secretary and the recognized clearing house to which the request relates.
(6) Where the Commission is satisfied that a recognized clearing house has not complied with a request referred to in subsection (4) within the period specified in the request, the Commission may make or amend the rules specified in the request instead of the recognized clearing house.

41 Heading: Approval of rules or amendments to rules of recognized clearing house Version Date: 01/04/2003



(1) Subject to subsection (7), no rule (whether or not made under section 40) of a recognized clearing house or any amendment thereto shall have effect unless it has the approval in writing of the Commission.
(2) A recognized clearing house shall submit or cause to be submitted to the Commission-
(a) for its approval the rules and every amendment thereto that require approval under subsection (1), together with explanations of their purpose and likely effect, including their effect on the investing public, in sufficient detail to enable the Commission to decide whether to approve them or refuse to approve them; and
(b) for its information the rules which belong to a class the subject of a declaration under subsection (7) and every amendment to the rules, as soon as reasonably practicable after they have been made.
(3) The Commission shall, not later than 6 weeks after the receipt of a submission under subsection (2)(a) from a recognized clearing house, by notice in writing served on the clearing house, give its approval or refuse to give its approval (together with its reasons for the refusal) to the rules or amendment of the rules (as the case may be) or any part thereof, the subject of the submission.
(4) The Commission may give its approval under subsection (3) subject to requirements which shall be satisfied before the rules or amendment of the rules or any part thereof take effect.
(5) The Commission may in a particular case, with the agreement of the recognized clearing house concerned, extend the time prescribed in subsection (3).
(6) The Financial Secretary may, after consultation with the Commission and the recognized clearing house concerned, extend the time prescribed in subsection (3).
(7) The Commission may, by notice published in the Gazette, declare any class of rules of a recognized clearing house (except any default rules of the clearing house) to be a class of rules which are not required to be approved under subsection (1) and, accordingly, any rules of the clearing house which belong to that class (including any amendment thereto) shall have effect notwithstanding that they have not been so approved.
(8) Neither the rules under section 40 nor a notice under subsection (7) is subsidiary legislation.
42 Heading: Production of records, etc. by recognized clearing house Version Date: 01/04/2003



(1) The Commission may, by notice in writing served on a recognized clearing house, require the clearing house to provide to the Commission, within such period as the Commission may specify in the notice-
(a) such books and records kept by it in connection with or for the purposes of its business or in respect of any clearing and settlement arrangements for any transactions in securities or futures contracts; and
(b) such other information relating to its business or any clearing and settlement arrangements for any transactions in securities or futures contracts,
as the Commission may reasonably require for the performance of its functions.
(2) A recognized clearing house served with a notice under subsection (1) which, without reasonable excuse, fails to comply with the notice commits an offence and is liable on conviction to a fine at level 5.
43 Heading: Withdrawal of recognition of clearing house and direction to cease to provide facilities Version Date: 01/04/2003



(1) Subject to subsections (3), (4) and (5), the Commission may, after consultation with the Financial Secretary, by notice in writing served on a recognized clearing house-
(a) withdraw the company's recognition as a clearing house with effect from a date specified in the notice for the purpose; or
(b) direct the clearing house to cease to provide or operate with effect from a date specified in the notice for the purpose such clearing or settlement facilities as are specified therein.
(2) The Commission may by the notice served under subsection (1) permit the recognized clearing house to continue, on or after the date on which the withdrawal or direction is to take effect, to carry on such activities affected by the withdrawal or direction as the Commission may specify in the notice for the purpose of-
(a) closing down the operations of the clearing house; or
(b) protecting the interest of the investing public or the public interest.
(3) The Commission may only serve a notice under subsection (1) in relation to a recognized clearing house that-
(a) fails to comply with any requirement of this Ordinance or with a condition imposed under section 37;
(b) is being wound up;
(c) ceases to operate as a clearing house; or
(d) requests the Commission to do so.
(4) Except where responding to a request under subsection (3)(d), the Commission shall not exercise its power under subsection (1) in relation to a recognized clearing house unless it has given the clearing house a reasonable opportunity of being heard.
(5) Except where responding to a request under subsection (3)(d), the Commission shall give the recognized clearing house not less than 14 days' notice in writing of its intention to serve a notice under subsection (1) and the grounds for doing so.
(6) Where the Commission withdraws a company's recognition as a clearing house under subsection (1)(a), it shall cause notice of that fact to be published in the Gazette.
(7) Where the Commission directs under subsection (1)(b) a recognized clearing house to cease to provide or operate any clearing or settlement facilities, it shall cause notice of the particulars of the direction to be published in the Gazette.
(8) A notice served under subsection (1)(a) shall not take effect-
(a) subject to paragraph (b), until the expiration of the period within which an appeal against the notice may be made under section 44; or
(b) if an appeal against the notice is made under section 44, until the appeal is withdrawn, abandoned or determined.
(9) A notice served under subsection (1)(b) shall take effect immediately.
44 Heading: Appeals Version Date: 01/04/2003



(1) A company served with a notice under section 43(1) may appeal against the notice to the Chief Executive in Council not later than 14 days after the date of service of the notice or such longer period (if any) as the Commission specifies in the notice.
(2) The decision of the Chief Executive in Council on an appeal under subsection (1) shall be final.

45 Heading: Proceedings of recognized clearing house take precedence over law of insolvency Version Date: 01/04/2003



(1) None of the following shall be regarded as to any extent invalid at law on the ground of inconsistency with the law relating to distribution of the assets of a person on insolvency, bankruptcy or winding up, or on the appointment of a receiver over any of the assets of a person-
(a) a market contract;
(b) the rules of a recognized clearing house relating to the settlement of a market contract;
(c) any proceedings or other action taken under the rules of a recognized clearing house relating to the settlement of a market contract;
(d) a market charge;
(e) the default rules of a recognized clearing house; or
(f) any default proceedings.
(2) The powers of a relevant office-holder in his capacity as such, and the powers of a court acting under the law of insolvency, shall not be exercised in such a way as to prevent or interfere with-
(a) the settlement in accordance with the rules of a recognized clearing house of a market contract; or
(b) any default proceedings.
(3) Subsection (2) shall not operate to prevent a relevant office-holder from recovering an amount under section 51 after the completion of a matter referred to in paragraph (a) or (b) of that subsection.
46 Heading: Supplementary provisions as to default proceedings Version Date: 01/04/2003



(1) A court may, on an application by a relevant office-holder, make such order as it considers appropriate altering or releasing him from compliance with the functions of his office that are affected by the fact that default proceedings are pending or could be taken, or have been or could have been taken.
(2) The functions of the relevant office-holder referred to in subsection (1) shall be construed subject to an order made under that subsection.
(3) Section 12, 14 or 20 to 20K of the Bankruptcy Ordinance (Cap 6) and sections 166, 181, 183, 186 and 254 of the Companies Ordinance (Cap 32) do not prevent or interfere with any default proceedings.
47 Heading: Duty to report on completion of default proceedings Version Date: 01/04/2003



(1) A recognized clearing house shall, upon the completion by it of any default proceedings, make a report on such proceedings stating in respect of each defaulter-
(a) the net sum (if any) certified by the clearing house to be payable by or to the defaulter; or
(b) the fact that no sum is so payable,
(as the case may be) and the clearing house may include in that report such other particulars in respect of such proceedings as it considers appropriate.
(2) A recognized clearing house which has made a report pursuant to subsection (1) shall supply the report to-
(a) the Commission; and
(b) (i) any relevant office-holder acting in relation to-
(A) the defaulter to whom the report relates; or
(B) that defaulter's estate; or
(ii) if there is no relevant office-holder referred to in subparagraph (i), the defaulter to whom the report relates.
(3) Where the Commission receives pursuant to subsection (2) a report made pursuant to subsection (1), it may publish notice of that fact in such manner as it considers appropriate to bring it to the attention of creditors of the defaulter to whom the report relates.
(4) Where a relevant office-holder or defaulter receives pursuant to subsection (2) a report made pursuant to subsection (1), he shall, at the request of a creditor of the defaulter to whom the report relates-
(a) make the report available for inspection by the creditor;
(b) on payment of such reasonable fee as the relevant office-holder or defaulter (as the case may be) determines, supply to the creditor all or any part of that report.
(5) In subsections (2), (3) and (4), "report" (报告) includes a copy of a report.
48 Heading: Net sum payable on completion of default proceedings Version Date: 01/04/2003



(1) This section applies with respect to any net sum referred to in section 47(1)(a).
(2) Where a bankruptcy or winding-up order has been made, or a resolution for voluntary winding up has been passed, any net sum shall, notwithstanding any provision of section 34 or 35 of the Bankruptcy Ordinance (Cap 6) or section 264 of the Companies Ordinance (Cap 32), be-
(a) provable in the bankruptcy or winding up or (as the case may be) payable to the relevant office-holder; and
(b) taken into account, where appropriate, under section 35 of the Bankruptcy Ordinance (Cap 6) or that section as applied in the case of a winding-up order under the Companies Ordinance (Cap 32).

49 Heading: Disclaimer of property, rescission of contracts, etc. Version Date: 01/04/2003



(1) Section 59 of the Bankruptcy Ordinance (Cap 6) and section 268 of the Companies Ordinance (Cap 32) do not apply in relation to-
(a) a market contract;
(b) a contract effected by a recognized clearing house for the purpose of realizing property provided as market collateral;
(c) a market charge; or
(d) any default proceedings.
(2) Section 42 of the Bankruptcy Ordinance (Cap 6) and section 182 of the Companies Ordinance (Cap 32) do not apply in relation to any act, matter or thing which has been done pursuant to-
(a) a market contract;
(b) a disposal of property pursuant to a market contract;
(c) the provision of market collateral;
(d) a contract effected by a recognized clearing house for the purpose of realizing property provided as market collateral, or any disposal of property pursuant to such a contract;
(e) a disposal of property in accordance with the rules of a recognized clearing house as to the application of property provided as market collateral;
(f) a disposal of property as a result of which the property becomes subject to a market charge, or any transaction pursuant to which that disposal is made;
(g) a disposal of property made in enforcing a market charge;
(h) a market charge; or
(i) any default proceedings.

50 Heading: Adjustment of prior transactions Version Date: 01/04/2003



(1) No order shall be made pursuant to-
(a) section 49 or 50 of the Bankruptcy Ordinance (Cap 6);
(b) section 266 of the Companies Ordinance (Cap 32); or
(c) section 60 of the Conveyancing and Property Ordinance (Cap 219),
in relation to any matter to which this section applies.
(2) The matters to which this section applies are-
(a) a market contract;
(b) a disposal of property pursuant to a market contract;
(c) the provision of market collateral;
(d) a contract effected by a recognized clearing house for the purpose of realizing property provided as market collateral;
(e) a disposal of property in accordance with the rules of a recognized clearing house as to the application of property provided as market collateral;
(f) a market charge; and
(g) any default proceedings.

51 Heading: Right of relevant office-holder to recover certain amounts arising from certain transactions Version Date: 13/02/2004



(1) Where a clearing participant ("the first participant") enters into a transaction for the sale or purchase of securities with another clearing participant ("the second participant") at an undervalue or an over-value in circumstances described in subsection (2), and thereafter a relevant office-holder is acting in relation to-
(a) the second participant;
(b) the person who was, in respect of the transaction, the principal of the second participant ("the second principal"); or
(c) the estate of the second participant or the second principal,
then, unless a court otherwise orders, the relevant office-holder may recover, from the first participant, or the person who was, in respect of the transaction, the principal of the first participant ("the first principal"), an amount equal to the prescribed gain obtained under the transaction by the first participant or the first principal (as the case may be). The amount is recoverable even if the transaction may have been discharged in accordance with the rules of a recognized clearing house and replaced by a market contract.
(2) The circumstances referred to in subsection (1) in which a transaction is entered into occur when-
(a) a prescribed event has occurred in relation to the second participant or the second principal; or
(b) the first participant or the first principal knew or ought reasonably to have known-
(i) in the case of the first participant, that a prescribed event was likely to occur in relation to the second participant or the second principal;
(ii) in the case of the first principal, that a prescribed event was likely to occur in relation to the second principal,
and the event occurs within the period of 6 months immediately following the date on which the transaction was so entered into.
(3) In this section-
"prescribed event" (订明事件), in relation to a second participant or a second principal, means-
(a) grounds exist for a creditor to present a bankruptcy petition against the second participant or the second principal (as the case may be);
(b) the making of a statement in the specified form in respect of the second participant or the second principal (as the case may be) pursuant to section 228A(1) of the Companies Ordinance (Cap 32); (Amended 28 of 2003 s. 129)
(c) a meeting of creditors summoned in relation to the second participant or the second principal (as the case may be) pursuant to section 241 of the Companies Ordinance (Cap 32); or
(d) the presentation of a petition for the winding up of the second participant or the second principal (as the case may be) by a court;
"prescribed gain" (订明收益), in relation to a transaction referred to in subsection (1), means the difference between-
(a) the market value of the securities the subject of the transaction; and
(b) the value of the consideration for the transaction,
as at the time the transaction was entered into.
52 Heading: Application of market collateral not affected by certain other interests, etc. Version Date: 01/04/2003



(1) The provisions of this section have effect with respect to the application by a recognized clearing house of property provided as market collateral.
(2) So far as necessary to enable the property to be applied in accordance with the rules of a recognized clearing house, it may be so applied notwithstanding any prior equitable interest or right, or any right or remedy arising from a breach of fiduciary duty, unless the clearing house had actual notice of the interest, right or breach of duty (as the case may be) at the time the property was provided as market collateral.
(3) No right or remedy arising subsequently to the property being provided as market collateral may be enforced so as to prevent or interfere with the application of the property by the recognized clearing house in accordance with its rules.
(4) Where a recognized clearing house has power by virtue of the provisions of this section to apply property notwithstanding an interest, right or remedy, a person to whom the clearing house disposes of the property in accordance with its rules takes free from that interest, right or remedy.

53 Heading: Enforcement of judgments over property subject to market charge, etc. Version Date: 01/04/2003



(1) Where property is subject to a market charge or has been provided as market collateral, no execution or other legal process for the enforcement of a judgment or order may be commenced or continued, and no distress may be levied, against the property by a person not seeking to enforce any interest in or security over the property, except with the consent of the recognized clearing house concerned.
(2) Where by virtue of this section a person would not be entitled to enforce a judgment or order against any property, any injunction or other remedy granted with a view to facilitating the enforcement of any such judgment or order shall not extend to that property.

54 Heading: Law of insolvency in other jurisdictions Version Date: 01/04/2003



(1) A court shall not, pursuant to any enactment or rule of law, recognize or give effect to-
(a) an order of a court exercising jurisdiction under the law of insolvency in a place outside Hong Kong; or
(b) an act of a person appointed in that place to perform a function under the law of insolvency there,
in so far as making the order or doing the act would be prohibited in the case of a court in Hong Kong or a relevant office-holder by provisions made by or under this Ordinance.
(2) In this section, "law of insolvency" (破产清盘法), in relation to a place outside Hong Kong, means any law of that place which is similar to, or serves the same purposes as, any part of the law of insolvency in Hong Kong.
55 Heading: Clearing participant to be party to certain transactions as principal Version Date: 01/04/2003



(1) Where a clearing participant-
(a) in his capacity as such enters into any transaction (including a market contract) with a recognized clearing house; and
(b) but for this subsection, would be a party to that transaction as agent,
then, notwithstanding any other enactment or rule of law, as between, but only as between, the clearing house and any other person (including the clearing participant and the person who is his principal in respect of that transaction), the clearing participant shall for all purposes (including any action, claim or demand, either civil or criminal)-
(i) be deemed not to be a party to that transaction as agent; and
(ii) be deemed to be a party to that transaction as principal.
(2) Where-
(a) 2 or more clearing participants in their capacities as such enter into any transaction; and
(b) but for this subsection, any such clearing participant would be a party to that transaction as agent,
then, notwithstanding any other enactment or rule of law, any such clearing participant to whom paragraph (b) applies shall for all purposes (including any action, claim or demand, either civil or criminal), except as between, but only as between, him and the person who is his principal in respect of that transaction-
(i) be deemed not to be a party to that transaction as agent; and
(ii) be deemed to be a party to that transaction as principal.
56 Heading: Property deposited with recognized clearing house Version Date: 01/04/2003



(1) Subject to subsections (2) and (3), where any property is deposited as market collateral by a clearing participant with a recognized clearing house in accordance with the rules of the clearing house, then, notwithstanding any other enactment or rule of law, no action, claim or demand, either civil or criminal, in respect of any right, title or interest in such property held or enjoyed by any person lies, or shall be commenced or allowed, against the clearing house or its nominees.
(2) The operation of subsection (1) in respect of any property deposited as market collateral with a recognized clearing house is subject to the modifications and exclusions provided in the rules of the clearing house.
(3) This section does not operate to prejudice the operation of section 100 of the Companies Ordinance (Cap 32).
57 Heading: Preservation of rights, etc. Version Date: 01/04/2003



Except to the extent that they expressly provide, the provisions of this Division do not operate to limit, restrict or otherwise affect-
(a) any right, title, interest, privilege, obligation or liability of a person;
(b) any investigation, legal proceeding or remedy in respect of any such right, title, interest, privilege, obligation or liability.
58 Heading: Amendment of Schedule 3 Version Date: 01/04/2003



(1) The Financial Secretary may, by notice published in the Gazette, amend Part 5 of Schedule 3.
(2) For the avoidance of doubt, it is hereby declared that the power of the Financial Secretary under subsection (1) to amend Part 5 of Schedule 3 may be exercised in such a way as to include in that Part a provision which requires a recognized clearing house to have, as part of its default rules, rules which prohibit the clearing house from taking any proceedings or other action specified in the provision, either generally or in a particular case.


第3分部─结算所

37 条文标题： 结算所的认可 版本日期： 01/04/2003

(1) 凡证监会信纳认可某公司为结算所─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则可在谘询财政司司长后，藉送达书面通知予该公司，认可该公司为结算所，而该项认可─
(i) 受该会认为适当并在该通知中指明的条件规限；及
(ii) 自该通知指明的生效日期起生效。
(2) 在不局限根据第(1)款送达的通知指明的条件的一般性的原则下，证监会─
(a) 在基于该款(a)或(b)段指明的理由信纳如此行事是适当的情况下；及
(b) 在谘询财政司司长后，
可藉送达书面通知予认可结算所，修订或撤销任何该等条件或施加任何新的条件。
(3) 凡证监会藉根据第(2)款送达通知修订或撤销任何条件或施加任何新的条件，该项修订、撤销或施加在该通知送达时或在该通知指明的时间(两者以较迟者为准)生效。
(4) 凡某公司成为认可结算所，证监会须安排在宪报刊登公告以公布此事。
(5) 凡某公司寻求成为认可结算所，而证监会有意拒绝根据第(1)款认可该公司，则该会在决定不认可该公司前，须给予该公司合理的陈词机会。
(6) 凡证监会拒绝根据第(1)款认可某公司为结算所，证监会须藉送达书面通知予该公司，将拒绝一事及拒绝的理由告知该公司。
38 条文标题： 认可结算所的责任 版本日期： 01/04/2003



(1) 认可结算所有责任确保─
(a) 在合理地切实可行的范围内，透过其设施结算或交收任何证券或期货合约的交易是在有秩序、公平和快捷的结算及交收安排下进行的；及
(b) 审慎管理与其业务及营运有关联的风险。
(2) 认可结算所在履行第(1)款所指的责任时，须─
(a) 以维护公众利益为原则而行事，尤其须顾及投资大众的利益；及
(b) 确保一旦公众利益与该结算所的利益有冲突时，优先照顾公众利益。
(3) 认可结算所须按照在第40条下订立并根据第41条获批准的规章运作其设施。
(4) 认可结算所须制订及实施适当的程序以确保其结算所参与者遵守该结算所的规章。
(5) 认可结算所须时刻提供和维持─
(a) 足以应付其业务的需求和设备妥善的处所以进行该结算所的业务；
(b) 称职的人员以进行该结算所的业务；及
(c) 具有足够处理能力、应变或应急设施、保安安排及技术支援的自动系统，以进行该结算所的业务。
39 条文标题： 豁免承担法律责任等 版本日期： 01/04/2003



(1) 以下人士─
(a) 认可结算所；或
(b) 任何代表认可结算所行事的人，包括─
(i) 该结算所的董事局的任何成员；或
(ii) 该结算所设立的任何委员会的任何成员，
在履行或其本意是履行第38及47条所规定的该结算所的责任时，或在执行或其本意是执行该结算所的规章授予该结算所的职能时(包括其违责处理规则所授予的职能)，如出于真诚而作出或不作出任何作为，则在不局限第380(1)条的一般性的原则下，无须就该等作为或不作为承担任何民事法律责任，不论是在合约法、侵权法、诽谤法、衡平法或是在其他法律下产生的民事法律责任。
(2) 凡认可结算所的认可控制人在履行或其本意是履行第63条所规定的该控制人的责任时，向该结算所发出指令或指示或作出要求，而该结算所按照该等指令、指示或要求出于真诚而作出或不作出任何作为，则就该作为或不作为而言，第38及47条或该结算所的规章(包括其违责处理规则)所规定的该结算所的责任不适用于该结算所。
(3) 以下人士─
(a) 凭借认可结算所的违责处理规则所作的一项转授而执行与违责处理程序有关连的结算所职能的人；或
(b) 任何代表(a)段提述的人行事的人，包括─
(i) 该人的董事局的任何成员；或
(ii) 该人设立的任何委员会的任何成员，
在执行或其本意是执行该职能时，如出于真诚而作出或不作出任何作为，则在不局限第380(1)条的一般性的原则下，无须就该等作为或不作为承担任何民事法律责任，不论是在合约法、侵权法、诽谤法、衡平法或是在其他法律下产生的民事法律责任。
(4) 如认可结算所在某事宜上没有遵守其规章，则只要此事没有在实质上影响任何有权要求它遵守该规章的人的权利，此事并不阻止该事宜就本条例的目的而言视作按照该规章作出。
(5) 凡违责者的财产可按照认可结算所的违责处理规则处理，而有关人员就该财产采取行动，并基于合理理由相信他有权采取该行动，则他不须就该行动所引起的损失或损害而对任何人负上法律责任，但如该损失或损害(视属何情况而定)是因有关人员本身的疏忽而导致的，则属例外。
40 条文标题： 认可结算所订立规章 版本日期： 01/04/2003



(1) 在不局限认可结算所订立规章的其他权力的原则下，该结算所可为以下目的而就有需要或可取的事宜订立规章─
(a) 该结算所运作的结算或交收设施的妥善规管和有效率的运作；
(b) 该结算所的结算所参与者的妥善规管；
(c) 为投资大众设立和维持赔偿安排。
(2) 认可结算所须订立符合以下说明的规章─
(a) 规定在任何结算所参与者看来没有能力或相当可能会丧失能力履行他作为合约一方的未交收或未平仓市场合约的义务时，须采取程序或其他行动；及
(b) 符合附表3第5部的规定。
(3) 凡认可结算所采取违责处理程序，则它为使有关违责者属合约一方的市场合约得以交收而根据其规章所采取的所有随后的程序或其他行动，须视作根据违责处理规则作出。
(4) 证监会可藉送达书面通知予认可结算所，要求该结算所─
(a) 在该要求指明的期间内订立该要求指明的规章；或
(b) 在该要求指明的期间内按该要求指明的方式修订该要求提述的规章。
(5) 证监会在根据第(4)款提出要求之前，须谘询财政司司长及该要求所关乎的认可结算所。
(6) 凡证监会信纳某认可结算所没有在第(4)款提述的要求指明的期间内遵从该要求，则该会可取代该结算所而订立或修订该要求指明的规章。
41 条文标题： 批准认可结算所规章或对该等规章的修订 版本日期： 01/04/2003



(1) 除第(7)款另有规定外，认可结算所的规章(不论是否根据第40条订立)或对该等规章的修订须获证监会书面批准，否则不具效力。
(2) 认可结算所须─
(a) 将或安排将任何根据第(1)款须取得批准的规章及修订，呈交证监会批准；呈交的规章及修订须附有就该等规章及修订的目的及相当可能会有的影响(包括对投资大众的影响)而作出的解释，该等解释的详细程度，须足以使该会能够决定是否批准该等规章及修订；及
(b) 在属根据第(7)款宣布的类别的规章订立后，及在对该等规章的修订作出后，在合理地切实可行的范围内尽快向证监会呈交或安排向该会呈交该等规章及修订，让该会知悉。
(3) 证监会须在收到认可结算所根据第(2)(a)款呈交的规章或修订后的6个星期内，藉送达书面通知予该结算所，批准或拒绝批准该等规章或修订(视属何情况而定)，或批准或拒绝批准其中任何部分；如该会拒绝批准，须在有关通知中说明拒绝批准的理由。
(4) 证监会根据第(3)款给予的批准，可受某些在该等规章或修订或其中任何部分生效前须符合的要求所规限。
(5) 证监会可在有关的认可结算所的同意下，在任何个别个案中延展第(3)款订明的期限。
(6) 财政司司长可在谘询证监会及有关的认可结算所后，延展第(3)款订明的期限。
(7) 证监会可藉宪报公告宣布认可结算所的某类别的规章(违责处理规则除外)无须根据第(1)款获批准，而任何属于该类别的该结算所规章(包括对该等规章的修订)即使没有根据第(1)款获批准，仍属有效。
(8) 根据第40条订立的规章及第(7)款提述的公告均不是附属法例。
42 条文标题： 认可结算所交出纪录等 版本日期： 01/04/2003



(1) 证监会可藉送达书面通知予认可结算所，要求该结算所在通知指明的期间内，向该会提供该会为执行其职能而合理地要求的以下资料─
(a) 该结算所在与其业务有关连的情况下或为其业务而备存的，或就任何证券或期货合约的交易的结算及交收安排而备存的簿册及纪录；及
(b) 与该结算所的业务或任何证券或期货合约的交易的结算及交收安排有关的其他资料。
(2) 根据第(1)款获送达通知的认可结算所如无合理辩解而没有遵从该通知，即属犯罪，一经定罪，可处第5级罚款。
43 条文标题： 撤回对结算所的认可和指令停止提供设施 版本日期： 01/04/2003



(1) 在第(3)、(4)及(5)款的规限下，证监会可在谘询财政司司长后，藉送达书面通知予认可结算所─
(a) 撤回该公司作为结算所的认可，自该通知指明的生效日期起生效；或
(b) 指令该公司自该通知指明的日期起，停止提供或运作该通知指明的结算或交收设施。
(2) 证监会可藉根据第(1)款送达的通知准许有关的认可结算所在有关撤回或指令的生效日期当日或之后，为─
(a) 结束该结算所的运作的目的；或
(b) 保障投资大众的利益或公众利益的目的，
而继续进行证监会在该通知中指明的受该项撤回或指令所影响的活动。
(3) 证监会只可在以下情况下根据第(1)款向某认可结算所送达通知─
(a) 该结算所没有遵从本条例的任何规定或根据第37条施加的条件；
(b) 该结算所正在清盘；
(c) 该结算所已停止以结算所的形式营办；或
(d) 该结算所请求该会如此送达通知。
(4) 证监会在根据第(1)款就某认可结算所行使权力前，须给予该结算所合理的陈词机会，但如该会是回应根据第(3)(d)款作出的请求，则属例外。
(5) 证监会须给予认可结算所不少于14日的书面通知，以告知该结算所该会拟根据第(1)款送达通知的意向及如此行事的理由，但如该会是回应根据第(3)(d)款作出的请求，则属例外。
(6) 凡证监会根据第(1)(a)款撤回某公司作为结算所的认可，该会须安排在宪报刊登公告以公布此事。
(7) 凡证监会根据第(1)(b)款指令某认可结算所停止提供或运作任何结算或交收设施，该会须安排在宪报刊登关于该指令的详情的公告。
(8) 根据第(1)(a)款送达的通知─
(a) 在不抵触(b)段的条文下，在根据第44条针对该通知提出上诉的限期届满之前，不得生效；或
(b) 在有关公司根据第44条针对该通知提出上诉的情况下，在上诉撤回、放弃或裁定之前，不得生效。
(9) 根据第(1)(b)款送达的通知即时生效。
44 条文标题： 上诉 版本日期： 01/04/2003



(1) 如证监会于某日根据第43(1)条向某公司送达通知，该公司可在该日后14日内，或在该会在该通知指明的较长限期(如有的话)内，针对该通知向行政长官会同行政会议提出上诉。
(2) 行政长官会同行政会议就第(1)款提述的上诉所作的决定，即为最终决定。
45 条文标题： 认可结算所的处事程序凌驾破产清盘法 版本日期： 01/04/2003



(1) 以下各项不得由于与分发无偿债能力、破产或清盘的人的资产有关的法律有抵触，或与在任何人的资产的接管人获委任后分发该等资产有关的法律有抵触，而在任何程度上视为在法律上无效─
(a) 市场合约；
(b) 关于市场合约交收的认可结算所规章；
(c) 根据关于市场合约交收的认可结算所规章而采取的程序或其他行动；
(d) 市场押记；
(e) 认可结算所的违责处理规则；或
(f) 违责处理程序。
(2) 有关人员或根据破产清盘法行事的法庭不得行使其权力以阻止或干预─
(a) 按照认可结算所的规章作出的市场合约交收；或
(b) 任何违责处理程序。
(3) 第(2)款并不阻止有关人员在该款(a)或(b)段提述的事宜完结后，根据第51条追讨任何款额。
46 条文标题： 关于违责处理程序的补充条文 版本日期： 01/04/2003



(1) 如因为有待决的违责处理程序或可能、已经或本可采取的违责处理程序，以致影响有关人员的职能，则法庭可应该人员的申请，作出它认为适当的命令，改动或免除该人员执行该等受影响的职能。
(2) 第(1)款提述的有关人员的职能，须在不抵触根据该款作出的命令下予以解释。
(3) 《破产条例》(第6章)第12、14或20至20K条及《公司条例》(第32章)第166、181、183、186及254条并不阻止或干预任何违责处理程序。

47 条文标题： 完成违责处理程序后作出报告的责任 版本日期： 01/04/2003



(1) 认可结算所完成违责处理程序后，须就该等程序作出报告，就每名违责者按情况述明─
(a) 经该结算所证明须由该违责者支付或须支付予该违责者的净款额(如有的话)；或
(b) 并无款项须予支付的事实，
视属何情况而定，而该结算所可将它认为适当的其他关于该等程序的详情包括在报告内。
(2) 认可结算所依据第(1)款作出报告后，须将该报告提供予─
(a) 证监会；及
(b) (i) 就─
(A) 该报告所关乎的违责者；或
(B) 该违责者的产业，
而行事的任何有关人员；或
(ii) (如没有第(i)节提述的有关人员)该报告所关乎的违责者。
(3) 证监会如依据第(2)款收到依据第(1)款作出的报告，可以该会认为适当的方式发表公告，促请该报告所关乎的违责者的债权人注意该事实。
(4) 凡有关人员或违责者依据第(2)款收到依据第(1)款作出的报告，他须在该报告所关乎的违责者的任何债权人提出请求时─
(a) 提供该报告予该债权人查阅；
(b) 在该人员或违责者(视属何情况而定)厘定的合理费用获缴付后，将该报告的整份或任何部分提供予该债权人。
(5) 在第(2)、(3)及(4)款中，“报告”(report) 包括报告的副本。
48 条文标题： 违责处理程序完成后须支付的净款额 版本日期： 01/04/2003



(1) 本条就第47(1)(a)条提述的净款额而适用。
(2) 不论《破产条例》(第6章)第34或35条或《公司条例》(第32章)第264条的任何条文有任何规定，凡破产令或清盘令已作出，或自动清盘决议已获通过，则任何净款额─
(a) 可于破产或清盘案中予以证明，或须支付予有关人员，视属何情况而定；及
(b) (如适当的话)须根据《破产条例》(第6章)第35条计算在内，或在该条适用于根据《公司条例》(第32章)作出清盘令的个案中，根据该条计算在内。

49 条文标题： 放弃财产、撤销合约等 版本日期： 01/04/2003



(1) 《破产条例》(第6章)第59条及《公司条例》(第32章)第268条不适用于─
(a) 市场合约；
(b) 认可结算所为将提供作市场抵押品的财产变现而达成的合约；
(c) 市场押记；或
(d) 任何违责处理程序。
(2) 《破产条例》(第6章)第42条及《公司条例》(第32章)第182条并不就依据以下各项而作出的作为或事情而适用─
(a) 市场合约；
(b) 依据市场合约作出的财产处置；
(c) 市场抵押品的提供；
(d) 认可结算所为将提供作市场抵押品的财产变现而达成的合约，或依据该等合约作出的财产处置；
(e) 按照关乎提供作市场抵押品的财产的运用的认可结算所规章而作出的财产处置；
(f) 导致有关财产受市场押记规限的财产处置，或作出该项处置所依据的交易；
(g) 强制执行市场押记时作出的财产处置；
(h) 市场押记；或
(i) 任何违责处理程序。
50 条文标题： 优先交易的调整 版本日期： 01/04/2003



(1) 任何人不得就本条适用的事宜而依据以下条文作出命令─
(a) 《破产条例》(第6章)第49或50条；
(b) 《公司条例》(第32章)第266条；或
(c) 《物业转易及财产条例》(第219章)第60条。
(2) 本条适用于以下事宜─
(a) 市场合约；
(b) 依据市场合约作出的财产处置；
(c) 市场抵押品的提供；
(d) 认可结算所为将提供作市场抵押品的财产变现而达成的合约；
(e) 按照关乎提供作市场抵押品的财产的运用的认可结算所规章而作出的财产处置；
(f) 市场押记；及
(g) 任何违责处理程序。

51 条文标题： 有关人员追讨得自某些交易的某些款额的权利 版本日期： 13/02/2004



(1) 凡一名结算所参与者(“第一参与者”)与另一名结算所参与者(“第二参与者”)在第(2)款描述的情况下以低于或高于证券的价值进行证券买卖的交易，而其后有关人员就以下的人或产业而行事─
(a) 第二参与者；
(b) 该项交易中第二参与者的主事人(“第二主事人”)；或
(c) 第二参与者或第二主事人的产业，
则除非法庭另有命令，否则有关人员可向第一参与者或该项交易中第一参与者的主事人(“第一主事人”)，追讨相等于该人从该项交易取得的订明收益的款额。即使该项交易可能已按照认可结算所规章予以撤销而以市场合约取代，该款额仍可予追讨。
(2) 如─
(a) 与第二参与者有关或与第二主事人有关的订明事件已发生；或
(b) 第一参与者或第一主事人已知道或理应已知道─
(i) (就第一参与者而言)某订明事件相当可能会就第二参与者或第二主事人而发生；
(ii) (就第一主事人而言)某订明事件相当可能会就第二主事人而发生，
而上述事件是在紧接交易日期后的6个月内发生的，
则第(1)款提述的情况即告发生。
(3) 在本条中─
“订明收益”(prescribed gain) 就第(1)款提述的交易而言，指订立交易时以下两者之间的差额─
(a) 该项交易所买卖的证券的市值；及
(b) 该项交易的成交价；
“订明事件”(prescribed event) 就第二参与者或第二主事人而言，指─
(a) 债权人针对他提交破产呈请书的理由已存在；
(b) 有符合指明格式的陈述书依据《公司条例》(第32章)第228A(1)条就他作出； (由2003年第28号第129条修订)
(c) 有债权人会议依据《公司条例》(第32章)第241条就他召开；或
(d) 有人提出呈请，要求法庭将他清盘。
52 条文标题： 市场抵押品的运用不受某些其他权益等影响 版本日期： 01/04/2003



(1) 本条就认可结算所对提供作市场抵押品的财产的运用具有效力。
(2) 如为使提供作市场抵押品的财产能按照认可结算所规章予以运用而有此需要，则即使有任何优先的衡平法权益或权利，或有由于违反受信责任而产生的权利或补救，该财产仍可按照该等规章予以运用，但如在该财产被提供作市场抵押品时，该结算所实际得悉该权益、权利或违反责任事件(视属何情况而定)，则属例外。
(3) 在财产被提供作市场抵押品后才产生的权利或补救，不得强制执行以阻止或干预认可结算所按照其规章运用该财产。
(4) 即使有上述权益、权利或补救，如认可结算所凭借本条仍有权运用财产，则从该结算所得到按照其规章处置的财产的人，其所得财产不受该权益、权利或补救所限制。
53 条文标题： 对受市场押记等所规限的财产所作判决的强制执行 版本日期： 01/04/2003



(1) 凡财产受市场押记所规限或被提供作市场抵押品，则除非获有关的认可结算所同意，否则并非寻求强制执行该财产中的权益或就该财产而取得的保证的人不可针对该财产展开或继续进行执行程序或其他法律程序，以强制执行判决或命令，亦不可扣押该财产。
(2) 凡因本条任何人不会有权针对任何财产强制执行判决或命令，则为利便该等判决或命令的强制执行而发出的强制令或其他补救，均不得延伸适用于该财产。
54 条文标题： 其他司法管辖区的破产清盘法 版本日期： 01/04/2003



(1) 如─
(a) 在香港以外地方行使在破产清盘法下的司法管辖权的法院作出任何命令；或
(b) 在该地方获委任以根据当地破产清盘法执行职能的人作出任何作为，
而按本条例所订立或根据本条例订立的条文，香港的法院或有关人员是禁止作出该命令或作为的，则法院不得依据任何成文法则或法律规则，承认该命令或作为，或将它付诸执行。
(2) 在本条中，“破产清盘法”(law of insolvency) 就香港以外地方而言，指与香港的破产清盘法的任何部分相似，或为相同目的而施行的当地法律。
55 条文标题： 结算所参与者以主事人身分作为某些交易的一方 版本日期： 01/04/2003



(1) 凡─
(a) 结算所参与者以该身分与认可结算所订立交易(包括市场合约)；及
(b) 该参与者如非因本款便会以代理人身分作为交易的一方，
则不论任何其他成文法则或法律规则有任何规定，在该结算所与任何人(包括该参与者及他在该项交易中的主事人)之间(但只在该两者之间)，就所有目的(包括任何民事或刑事的诉讼、申索或要求)而言，该参与者须─
(i) 当作并非以代理人身分作为交易的一方；及
(ii) 当作以主事人身分作为交易的一方。
(2) 凡─
(a) 多于1名结算所参与者以该身分订立交易；及
(b) 任何该等参与者如非因本款便会以代理人身分作为交易的一方，
则不论任何其他成文法则或法律规则有任何规定，(b)段适用的参与者除在他与他在该项交易中的主事人之间(但只在该两者之间)外，就所有目的(包括任何民事或刑事的诉讼、申索或要求)而言，须─
(i) 当作并非以代理人身分作为交易的一方；及
(ii) 当作以主事人身分作为交易的一方。
56 条文标题： 存放于认可结算所的财产 版本日期： 01/04/2003



(1) 在第(2)及(3)款的规限下，凡结算所参与者按照认可结算所规章将任何财产作为市场抵押品而存放于该结算所，则不论任何其他成文法则或法律规则有任何规定，均不得就任何人在该等财产中所持有或享有的权利、所有权或权益而循民事或刑事程序针对该结算所或其代名人提出诉讼、申索或要求，而上述诉讼、申索或要求亦不可展开或获准受理。
(2) 就任何作为市场抵押品而存放于认可结算所的财产而施行第(1)款时，须受该结算所的规章所订定的变通及免除条文所规限。
(3) 本条并不损害《公司条例》(第32章)第100条的施行。
57 条文标题： 保留权利等 版本日期： 01/04/2003



除在本分部明文规定的范围外，本分部并不局限、限制或以其他方式影响─
(a) 任何人的权利、所有权、权益、特权、义务或法律责任；
(b) 关于上述权利、所有权、权益、特权、义务或法律责任的调查、法律程序或补救。
58 条文标题： 附表3的修订 版本日期： 01/04/2003



(1) 财政司司长可藉宪报公告修订附表3第5部。
(2) 为免生疑问，现宣布财政司司长行使第(1)款赋予的修订附表3第5部的权力的方式，可以是在该部中加入条文，规定认可结算所订立规章，一般地或就个别个案禁止该结算所采取该条文指明的程序或其他行动，以作为该结算所的违责处理规则的一部分。
59 条文标题： 交易所控制人的认可 版本日期： 01/04/2003

Division 4-Exchange controllers

59 Heading: Recognition of exchange controller Version Date: 01/04/2003


(1) Subject to subsection (20) and section 62, no person shall become or continue to be a controller of a recognized exchange company or recognized clearing house unless the person is a recognized exchange controller.
(2) Where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
it may, with the consent in writing of the Financial Secretary, by notice in writing served on a company, recognize the company as an exchange controller-
(i) subject to such conditions as it considers appropriate specified in the notice; and
(ii) with effect from a date specified in the notice for the purpose.
(3) Without limiting the generality of conditions which may be specified in a notice under subsection (2), the Commission may, by notice in writing served on a recognized exchange controller, amend or revoke any condition specified in the first-mentioned notice or impose new conditions, where the Commission-
(a) is satisfied that it is appropriate to do so on a ground specified in paragraph (a) or (b) of that subsection; and
(b) has the consent in writing of the Financial Secretary to do so.
(4) Where the Commission amends or revokes any condition or imposes any new condition by a notice under subsection (3), the amendment, revocation or imposition takes effect at the time of service of the notice or at the time specified in the notice, whichever is the later.
(5) Subject to subsection (6), a person who contravenes subsection (1) commits an offence 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.
(6) Where a person is charged with an offence under subsection (5), it is a defence to the charge for the person to prove that the person did not know that the acts or circumstances by virtue of which the person became a controller of the recognized exchange company or recognized clearing house concerned were such as to have that effect.
(7) Where a person-
(a) is a controller of a recognized exchange company or recognized clearing house in contravention of subsection (1) (and whether or not the person is charged with an offence under subsection (5) in relation to the contravention);
(b) did not know and had no reason to suspect the existence of any of the acts or circumstances by virtue of which the person became the controller of the recognized exchange company or recognized clearing house; and
(c) subsequently becomes aware of the fact that the person has become such a controller,
the person shall serve on the Commission, not later than 14 days after becoming aware of that fact, a notice in writing stating that the person has become such a controller.
(8) The Commission may, upon the service of a notice under subsection (7)-
(a) recognize the person as an exchange controller in accordance with subsection (2); or
(b) refuse to recognize the person as an exchange controller.
(9) Where a person is a controller of a recognized exchange company or recognized clearing house in contravention of subsection (1) (and whether or not the person is charged with an offence under subsection (5) in relation to the contravention)-
(a) the Commission may, by notice published in the Gazette-
(i) declare that any votes cast at any meeting of the recognized exchange company or recognized clearing house (as the case may be) by the person after the person became the controller shall be void and of no effect; and
(ii) give such directions as it considers appropriate for any such meetings to be reconvened for voting anew on the business on which such votes were cast;
(b) the person or any of his associated persons shall not exercise any rights conferred on the person as a holder of securities in the recognized exchange company or recognized clearing house, or any rights in securities in any such company which are otherwise controlled by the person, except for the purpose of ceasing to be such controller; and
(c) the Commission may, by notice in writing served on the person, direct the person to take such steps as are specified in the notice-
(i) for the purpose of causing the person to cease to be such controller; and
(ii) within such period as is specified in the notice for the purpose.
(10) Without limiting the generality of steps referred to in subsection (9)(c) which may be specified in a notice under that subsection to be served on a person referred to in that subsection, such steps may consist in whole or in part of steps proposed in writing to the Commission by that person.
(11) The steps specified in a notice under subsection (9)(c) may be framed so as to afford the person on whom the notice is served a choice between different ways of ceasing to be a controller of the recognized exchange company or recognized clearing house concerned.
(12) A notice served under subsection (9)(c) shall not take effect-
(a) subject to paragraph (b), until the expiration of the period within which an appeal against the notice may be made under section 73; or
(b) if an appeal against the notice is made under section 73, until the appeal is withdrawn, abandoned or determined.
(13) Subject to subsection (14), a person served with a notice under subsection (9)(c) who fails to comply with the notice commits an offence 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.
(14) It is a defence for a person charged with an offence under subsection (13) to prove that the person exercised reasonable diligence to comply with the notice concerned under subsection (9)(c) served on the person.
(15) Where a person served with a notice under subsection (9)(c) fails to comply with the notice (and whether or not the person is charged with an offence under subsection (13) in relation to the failure), the provisions of Part 6 of Schedule 3 shall immediately apply.
(16) The provisions of this section, except subsection (5), shall apply to a person who became a controller of a recognized exchange company or recognized clearing house before the commencement of this section as they apply to a person who became a controller of a recognized exchange company or recognized clearing house on or after that commencement.
(17) Where a company becomes a recognized exchange controller, the Commission shall cause notice of that fact to be published in the Gazette.
(18) Where a company is seeking to be a recognized exchange controller and the Commission is minded not to recognize the company under subsection (2), the Commission shall give the company a reasonable opportunity of being heard before making a decision not to recognize the company.
(19) Where the Commission refuses to recognize a company or a person as an exchange controller under subsection (2) or (8)(b), the Commission shall, by notice in writing served on the company or the person (as the case may be), inform the company or the person of the refusal and of the reasons for it.
(20) Subsection (1) shall not apply to a person who is a controller of a recognized exchange company or recognized clearing house if the recognized exchange company or recognized clearing house is itself a recognized exchange controller.
(21) A notice under subsection (9)(a) is not subsidiary legislation.

60 Heading: Interest of recognized exchange controller in recognized exchange company or recognized clearing house cannot be increased or decreased except with approval of Commission Version Date: 01/04/2003



Where a recognized exchange controller is a controller of a recognized exchange company or recognized clearing house, then, by virtue of this section and notwithstanding any other enactment or rule of law-
(a) any interest the recognized exchange controller has in the recognized exchange company or recognized clearing house (as the case may be) as such controller cannot be increased or decreased except with the approval in writing of the Commission;
(b) any attempt (whether in the form of an agreement or otherwise and by whomsoever) to increase or decrease any such interest in contravention of paragraph (a) is void for all purposes.
61 Heading: Person not to become minority controller of exchange controller, etc. without approval of Commission Version Date: 01/04/2003



(1) Subject to subsections (2) and (16), on or after the commencement of this section, a person shall not-
(a) be or become a minority controller of a recognized exchange controller, recognized exchange company or recognized clearing house except with the approval in writing of the Commission after consultation with the Financial Secretary; and
(b) if such approval is given, and subject to any condition specified in the approval disapplying this paragraph in whole or in part, increase the interest the person has as such minority controller except with the further approval in writing of the Commission after consultation with the Financial Secretary.
(2) The Commission shall not give an approval under subsection (1)(a) or (b) unless it is satisfied that it is appropriate to do so in the interest of the investing public or in the public interest.
(3) Where the Commission refuses to give an approval under subsection (1)(a) or (b), it shall give notice in writing of its reasons for the refusal to the person concerned.
(4) Subject to subsection (5), a person who contravenes subsection (1) commits an offence 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.
(5) Where a person is charged with an offence under subsection (4), it is a defence to the charge for the person to prove that the person-
(a) did not know that the acts or circumstances by virtue of which the person became a minority controller, or increased the interest the person has as a minority controller (as the case may be) of the recognized exchange controller, recognized exchange company or recognized clearing house concerned were such as to have that effect; or
(b) exercised reasonable diligence to avoid contravening subsection (1).
(6) Where a person-
(a) is a minority controller of a recognized exchange controller, recognized exchange company or recognized clearing house in contravention of subsection (1) (and whether or not the person is charged with an offence under subsection (4) in relation to the contravention);
(b) did not know and had no reason to suspect the existence of any of the acts or circumstances by virtue of which the person became the minority controller of that recognized exchange controller, recognized exchange company or recognized clearing house; and
(c) subsequently becomes aware of the fact that the person has become such a minority controller,
the person shall serve on the Commission, not later than 14 days after becoming aware of that fact, a notice in writing stating that the person has become such a minority controller.
(7) The Commission may, upon the service of a notice under subsection (6)-
(a) approve the person as a minority controller in accordance with subsection (1); or
(b) refuse to approve the person as a minority controller.
(8) Where a person is a minority controller of a recognized exchange controller, recognized exchange company or recognized clearing house in contravention of subsection (1) (and whether or not the person is charged with an offence under subsection (4) in relation to the contravention), the Commission may, by notice published in the Gazette-
(a) declare that any votes cast at any meeting of the recognized exchange controller, recognized exchange company or recognized clearing house (as the case may be) by the person after the person became the minority controller, shall be void and of no effect; and
(b) give such directions as it considers appropriate for any such meetings to be reconvened for voting anew on the business on which such votes were cast.
(9) Where a person is a minority controller of a recognized exchange controller, recognized exchange company or recognized clearing house in contravention of subsection (1) or has failed to comply with a condition specified in an approval under that subsection (and whether or not the person is charged with an offence under subsection (4) in relation to the contravention)-
(a) the person or any of his associated persons shall not exercise any rights conferred on the person as a holder of securities in the recognized exchange controller, recognized exchange company or recognized clearing house concerned or any rights in securities in any such company which are otherwise controlled by the person, except for the purpose of ceasing to be such controller; and
(b) the Commission may, by notice in writing served on the person, direct the person to take such steps as are specified in the notice-
(i) for the purpose of causing the person to cease to be a minority controller of the recognized exchange controller, recognized exchange company or recognized clearing house the subject of that contravention or failure; and
(ii) within such period as is specified in the notice for the purpose.
(10) Without limiting the generality of steps referred to in subsection (9)(b) which may be specified in a notice under that subsection to be served on a person referred to in that subsection, such steps may consist in whole or in part of steps proposed in writing to the Commission by that person.
(11) The steps specified in a notice under subsection (9)(b) may be framed so as to afford the person on whom the notice is served a choice between different ways of ceasing to be a minority controller of the recognized exchange controller, recognized exchange company or recognized clearing house concerned.
(12) A notice served under subsection (9)(b) shall not take effect-
(a) subject to paragraph (b), until the expiration of the period within which an appeal against the notice may be made under section 73; or
(b) if an appeal against the notice is made under section 73, until the appeal is withdrawn, abandoned or determined.
(13) Subject to subsection (14), a person served with a notice under subsection (9)(b) who fails to comply with the notice commits an offence 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.
(14) It is a defence for a person charged with an offence under subsection (13) to prove that the person exercised reasonable diligence to comply with the notice concerned under subsection (9)(b) served on the person.
(15) Where a person served with a notice under subsection (9)(b) fails to comply with the notice (and whether or not the person is charged with an offence under subsection (13) in relation to the failure), the provisions of Part 6 of Schedule 3 shall immediately apply.
(16) The Commission may, after consultation with the Financial Secretary, make rules to exempt a person, or a person belonging to a class of persons, specified in the rules from one or more of the requirements of subsection (1) subject to such conditions (if any) as are specified in the rules.
(17) Where a person is seeking to be a minority controller of a recognized exchange controller, recognized exchange company or recognized clearing house and the Commission is minded not to give approval under subsection (1) in relation thereto, the Commission shall give the person a reasonable opportunity of being heard before making a decision not to give such approval.
(18) Nothing in this section shall operate to prevent the Commission from approving under this or any other Ordinance the provisions of the constitution, or the provisions of an amendment to the constitution, of a recognized exchange controller, recognized exchange company or recognized clearing house which impose requirements additional to this section in relation to-
(a) interests held in the recognized exchange controller, recognized exchange company or recognized clearing house (as the case may be) including, but not limited to, the exercise, or the control of the exercise, of voting power at any general meeting of the recognized exchange controller, recognized exchange company or recognized clearing house (as the case may be); or
(b) steps to be taken for the purpose of causing a person to dispose of any such interest including, but not limited to, ceasing to be a minority controller (by whatever name called) of the recognized exchange controller, recognized exchange company or recognized clearing house (as the case may be).
(19) A notice under subsection (8) is not subsidiary legislation.
(20) In this section, "minority controller" (次要控制人), in relation to a recognized exchange controller, recognized exchange company or recognized clearing house-
(a) subject to paragraph (b), means any person who, either alone or with any associated person or persons, is entitled to exercise, or control the exercise of, 5% or more of the voting power at any general meeting of the recognized exchange controller, recognized exchange company or recognized clearing house (as the case may be) or of a corporation of which the recognized exchange controller, recognized exchange company or recognized clearing house (as the case may be) is a subsidiary;
(b) does not include-
(i) a recognized exchange controller; or
(ii) a person, or a person belonging to a class of persons, specified in Part 7 of Schedule 3 not to be a minority controller for the purposes of this Division.
62 Heading: Exemption from section 59(1) and revocation of exemption Version Date: 01/04/2003



(1) Where the Financial Secretary is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
he may, by notice in writing served on a person, exempt the person from section 59(1)-
(i) subject to such conditions as he considers appropriate specified in the notice; and
(ii) with effect from a date specified in the notice for the purpose.
(2) Where the Financial Secretary is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
he may, by notice in writing served on a person the subject of an exemption under subsection (1) stating the reasons in support of the ground or grounds for the notice, revoke the exemption-
(i) subject to such conditions as he considers appropriate specified in the notice; and
(ii) with effect from a date specified in the notice for the purpose, being a date reasonable in all the circumstances of the case.
(3) Subject to subsection (4), a person who fails to comply with a condition specified in a notice under subsection (1) or (2) commits an offence 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.
(4) It is a defence for a person charged with an offence under subsection (3) to prove that the person exercised reasonable diligence to comply with the notice concerned under subsection (1) or (2) served on the person.
(5) Without limiting the generality of the Financial Secretary's power under subsection (1), a person is exempt from section 59(1) in the cases specified in Part 8 of Schedule 3.
(6) For the avoidance of doubt, it is hereby declared that the Financial Secretary's power under subsection (2) to revoke an exemption under subsection (1) includes the power to revoke and replace the exemption.
63 Heading: Duties of recognized exchange controller Version Date: 01/04/2003



(1) It shall be the duty of a recognized exchange controller which is a controller of a recognized exchange company or recognized clearing house to ensure so far as reasonably practicable-
(a) an orderly, informed and fair market in securities or futures contracts traded on the stock market or futures market operated by the recognized exchange company or through the facilities of the company;
(b) that there are orderly, fair and expeditious clearing and settlement arrangements for any transactions in securities or futures contracts cleared or settled through the facilities of the recognized clearing house;
(c) that risks associated with its business and operations are managed prudently;
(d) that the recognized exchange company or recognized clearing house (as the case may be) complies with any lawful requirement placed on it under any enactment or rule of law and with any other legal requirement placed on it.
(2) In discharging its duty under subsection (1)(a), (b) or (c), a recognized exchange controller shall-
(a) act in the interest of the public, having particular regard to the interest of the investing public; and
(b) ensure that the interest of the public prevails where it conflicts with the interest of the recognized exchange controller.
64 Heading: Immunity, etc. Version Date: 01/04/2003



Without limiting the generality of section 380(1), no civil liability, whether arising in contract, tort, defamation, equity or otherwise, shall be incurred by-
(a) a recognized exchange controller; or
(b) any person acting on behalf of a recognized exchange controller, including-
(i) any member of the board of directors of the recognized exchange controller; or
(ii) any member of any committee established by the recognized exchange controller,
in respect of anything done or omitted to be done in good faith in the discharge or purported discharge of the duties of the controller under section 63 or in the performance or purported performance of its functions under its rules.
65 Heading: Establishment and functions of Risk Management Committee Version Date: 01/04/2003



(1) A recognized exchange controller shall establish and keep established a committee, to be called the Risk Management Committee, to formulate policies on risk management matters relating to the activities of the recognized exchange controller and of any recognized exchange company or recognized clearing house of which the recognized exchange controller is a controller and to submit such policies to the recognized exchange controller for its consideration.
(2) The Risk Management Committee shall consist of-
(a) the chairman of the recognized exchange controller who shall also be the chairman of the Committee; and
(b) not less than 4 or more than 7 other members.
(3) The Financial Secretary shall appoint not less than 3 or more than 5 of the members referred to in subsection (2)(b).
(4) The recognized exchange controller shall appoint not more than 2 of the members referred to in subsection (2)(b) of whom not less than one shall be a member of the board of directors of the recognized exchange controller who-
(a) is such a member otherwise than by virtue of an appointment under section 77(1); and
(b) is not the chief executive of the recognized exchange controller.
66 Heading: Rules by recognized exchange controllers Version Date: 01/04/2003



(1) Without limiting any of its other powers to make rules, a recognized exchange controller may make rules for such matters as are necessary or desirable-
(a) for the discharge of its duties under section 63;
(b) for the establishment and maintenance of compensation arrangements for the investing public.
(2) The Commission may, after consultation with the Financial Secretary, by notice published in the Gazette, declare a person or body of persons specified in the notice to be a person or body of persons (as the case may be) to which paragraph (c)(ii)(C) of the definition of "rules" in section 1 of Part 1 of Schedule 1 shall apply.
67 Heading: Approval of rules or amendments to rules of recognized exchange controller Version Date: 01/04/2003



(1) Subject to subsection (7), no rule (whether or not made under section 66) of a recognized exchange controller or any amendment thereto shall have effect unless it has the approval in writing of the Commission.
(2) A recognized exchange controller shall submit or cause to be submitted to the Commission-
(a) for its approval the rules and every amendment thereto that require approval under subsection (1), together with explanations of their purpose and likely effect, including their effect on the investing public, in sufficient detail to enable the Commission to decide whether to approve them or refuse to approve them; and
(b) for its information the rules which belong to a class the subject of a declaration under subsection (7) and every amendment to the rules, as soon as reasonably practicable after they have been made.
(3) The Commission shall, not later than 6 weeks after the receipt of a submission under subsection (2)(a) from a recognized exchange controller, by notice in writing served on the controller, give its approval or refuse to give its approval (together with its reasons for the refusal) to the rules or amendment of the rules (as the case may be) or any part thereof, the subject of the submission.
(4) The Commission may give its approval under subsection (3) subject to requirements which shall be satisfied before the rules or amendment of the rules or any part thereof take effect.
(5) The Commission may in a particular case, with the agreement of the recognized exchange controller concerned, extend the time prescribed in subsection (3).
(6) The Financial Secretary may, after consultation with the Commission and the recognized exchange controller concerned, extend the time prescribed in subsection (3).
(7) The Commission may, by notice published in the Gazette, declare any class of rules of a recognized exchange controller to be a class of rules which are not required to be approved under subsection (1) and, accordingly, any rules of the controller which belong to that class (including any amendment thereto) shall have effect notwithstanding that they have not been so approved.
(8) Neither the rules under section 66(1) nor a notice under subsection (7) is subsidiary legislation
68 Heading: Transfer and resumption of function of the Commission Version Date: 01/04/2003



(1) The Commission may request the Chief Executive in Council to transfer, by order ("transfer order") published in the Gazette, to a recognized exchange controller ("designated exchange controller"), a function to which this section applies, if the Commission is satisfied that the designated exchange controller is willing and able to perform the function.
(2) This section applies to a function of the Commission under-
(a) Part V;
(b) section 145; and
(c) Parts II and XII of the Companies Ordinance (Cap 32).
(3) A function to which this section applies may be transferred by a transfer order either in whole or in part, and the transfer may be subject to-
(a) a reservation that the Commission is to perform the function concurrently with the designated exchange controller; and
(b) such other conditions as the Commission considers appropriate.
(4) A transfer order may contain such incidental, supplemental and consequential provisions as may be necessary or expedient for the purpose of giving full effect to the order.
(5) The Commission shall not request that a transfer order be made in respect of the making of financial resources rules unless the proposed designated exchange controller has first supplied the Commission with a draft of the financial resources rules which it proposes to make, and the Commission is satisfied that the rules, if made, will afford the investing public an adequate level of protection.
(6) The Commission may at the request or with the consent of a designated exchange controller resume a function transferred by a transfer order, but the resumption takes effect only by order of the Chief Executive in Council.
(7) The Chief Executive in Council may order that the Commission resume a function transferred to a designated exchange controller by a transfer order if the Commission so requests and if it appears to the Chief Executive in Council to be in the public interest to do so.
(8) A transfer order may provide for a designated exchange controller to retain all or any of the fees payable in relation to the performance of a transferred function, and an order made under subsection (6) or (7) may provide for the Commission to retain all or any such fees, from a date specified in the order.
69 Heading: Chairman of recognized exchange controller Version Date: 01/04/2003



(1) No person shall be the chairman of a company which is a recognized exchange controller unless he has the approval in writing of the Chief Executive to hold that office.
(2) Where the Chief Executive is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
he may, by notice in writing served on a person who is the chairman of a recognized exchange controller, remove the person from that office with effect from a date specified in the notice for the purpose.
70 Heading: Appointment of chief executive or chief operating officer of recognized exchange controller requires approval of Commission Version Date: 01/04/2003



(1) No appointment of a person as chief executive or chief operating officer of a company which is a recognized exchange controller shall have effect unless the appointment has the approval in writing of the Commission.
(2) Where the Commission, after consultation with the Financial Secretary and the chairman of a recognized exchange controller, is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
it may, by notice in writing served on a person who is the chief executive or chief operating officer of the controller, remove the person from that office with effect from a date specified in the notice for the purpose.
(3) A notice served under subsection (2) shall take effect immediately.
71 Heading: Production of records, etc. by recognized exchange controller Version Date: 01/04/2003



(1) The Commission may, by notice in writing served on a recognized exchange controller, require the controller to provide to the Commission, within such period as the Commission may specify in the notice-
(a) such books and records kept by it-
(i) in connection with or for the purposes of its business;
(ii) in respect of any trading in securities or futures contracts traded on the stock market or futures market operated by the recognized exchange company of which it is a controller, or through the facilities of that company; or
(iii) in respect of any clearing and settlement arrangements for any transactions in securities or futures contracts cleared or settled through the facilities of the recognized clearing house of which it is a controller; and
(b) such other information relating to its business or any such trading or clearing and settlement arrangements,
as the Commission may reasonably require for the performance of its functions.
(2) A recognized exchange controller served with a notice under subsection (1) which, without reasonable excuse, fails to comply with the notice commits an offence and is liable on conviction to a fine at level 5.
72 Heading: Withdrawal of recognition of exchange controller Version Date: 01/04/2003



(1) Subject to subsection (2), where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
it may, with the consent in writing of the Financial Secretary, by notice in writing served on a recognized exchange controller stating the reasons in support of the ground or grounds for the notice-
(i) withdraw the company's recognition as an exchange controller with effect from a date specified in the notice for the purpose; or
(ii) direct the company to take such steps as are specified in the notice-
(A) for the purpose of causing the company to cease to be such controller; and
(B) within such period as is specified in the notice for the purpose.
(2) The Commission shall not exercise its power under subsection (1) in relation to a recognized exchange controller unless it has given the controller a reasonable opportunity of being heard.
(3) Without limiting the generality of steps referred to in subsection (1)(ii) which may be specified in a notice under that subsection to be served on a company referred to in that subsection, such steps may consist in whole or in part of steps proposed in writing to the Commission by that company.
(4) The steps specified in a notice under subsection (1)(ii) may be framed so as to afford the company on which the notice is served a choice between different ways of ceasing to be a controller of the recognized exchange company or recognized clearing house concerned.
(5) Where the Commission withdraws a company's recognition as an exchange controller under subsection (1)(i), it shall cause notice of that fact to be published in the Gazette.
(6) A notice served under subsection (1) shall not take effect-
(a) subject to paragraph (b), until the expiration of the period within which an appeal against the notice may be made under section 73; or
(b) if an appeal against the notice is made under section 73, until the appeal is withdrawn, abandoned or determined.
(7) Subject to subsection (8), a company served with a notice under subsection (1) which fails to comply with the notice commits an offence 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.
(8) It is a defence for a person charged with an offence under subsection (7) to prove that the person exercised reasonable diligence to comply with the notice concerned under subsection (1) served on the person.
(9) Where a company served with a notice under subsection (1) fails to comply with the notice (and whether or not the company is charged with an offence under subsection (7) in relation to the failure), the provisions of Part 6 of Schedule 3 shall immediately apply.
73 Heading: Appeals Version Date: 01/04/2003



(1) A person served with a notice under section 59(9)(c), 61(9)(b), 70(2), 72(1) or 75(1) may appeal against the notice to the Chief Executive in Council not later than 14 days after the date of service of the notice or such longer period (if any) as the Commission specifies in the notice.
(2) The decision of the Chief Executive in Council on an appeal under subsection (1) shall be final.

74 Heading: Provisions applicable where recognized exchange controller, etc. seeks to be listed corporation Version Date: 01/04/2003



(1) A relevant recognized exchange controller, or a relevant corporation, shall not become a listed corporation unless and until the Commission states in writing that it is satisfied that-
(a) subject to subsection (2), rules made under section 23 adequately deal with possible conflicts of interest that might arise if the relevant recognized exchange controller or relevant corporation (as the case may be) were to be a listed corporation; and
(b) the relevant recognized exchange controller or relevant corporation (as the case may be) has entered into arrangements with the Commission that adequately ensure-
(i) the integrity of the market in securities or futures contracts traded on the stock market or futures market operated by the recognized exchange company concerned or through the facilities of that recognized exchange company; and
(ii) the compliance with obligations as a listed corporation which would fall on the relevant recognized exchange controller or relevant corporation (as the case may be) if it were to become a listed corporation.
(2) Rules referred to in subsection (1)(a) shall make provision to the effect that the Commission shall, instead of the Stock Exchange Company, take all actions and make all decisions in relation to the relevant recognized exchange controller or relevant corporation that would be taken by the Stock Exchange Company in the case of a corporation that was neither a recognized exchange controller nor a relevant corporation except in the case of any action or decision in respect of which the Commission states in writing that it is satisfied that a conflict of interest will not arise if that action or decision were to be taken or made (as the case may be) by the Stock Exchange Company.
(3) By virtue of this section, the Commission shall have such functions as are provided for it under-
(a) rules made for the purposes of subsections (1)(a) and (2);
(b) arrangements referred to in subsection (1)(b).
(4) Where a fee is payable to the Stock Exchange Company by a person for the taking of an action or the making of a decision which may be taken or made (as the case may be) by the Commission by virtue of subsections (1)(a) and (2), then, notwithstanding any other enactment or rule of law, that person shall pay that fee to the Commission in any case where the Commission takes that action or makes that decision (as the case may be) by virtue of those subsections.
75 Heading: Commission may give directions to recognized exchange controller where it is satisfied that conflict of interest exists, etc. Version Date: 01/04/2003



(1) Where the Commission is satisfied that-
(a) a conflict of interest exists or may come into existence between-
(i) the interest of a recognized exchange controller or a relevant corporation; and
(ii) the interest of the proper performance of the functions conferred by this or any other Ordinance (including any rules made under any Ordinance, whether or not they are subsidiary legislation) on the controller or the relevant corporation; or
(b) such a conflict of interest has existed in circumstances that make it likely that the conflict of interest will continue or be repeated,
then the Commission may, by notice in writing served on the controller or relevant corporation (as the case may be) stating the reasons in support of the ground or grounds for the notice, direct the controller or relevant corporation (as the case may be) to forthwith take such steps as are specified in the notice (including steps in relation to any of its affairs, business and property whatsoever) for the purposes of remedying the conflict of interest or the matters occasioning the conflict of interest (as the case may be).
(2) A notice served under subsection (1) shall take effect immediately.
(3) A recognized exchange controller or relevant corporation served with a notice under subsection (1) which, without reasonable excuse, fails to comply with the notice commits an offence 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.
76 Heading: Fees to be approved by Commission Version Date: 01/04/2003



(1) No fee imposed on or after the commencement of this section by-
(a) a recognized exchange controller in its capacity as a recognized exchange controller; or
(b) a recognized exchange company or recognized clearing house-
(i) of which the recognized exchange controller is a controller; and
(ii) in its capacity as a recognized exchange company or recognized clearing house (as the case may be),
shall have effect unless the fee is specified in the rules of the recognized exchange controller, recognized exchange company or recognized clearing house (as the case may be) and has the approval in writing of the Commission.
(2) The Commission shall, in deciding whether or not to approve a fee referred to in subsection (1), have regard to, among other matters-
(a) the level of competition (if any) in Hong Kong for the matter for which the fee is to be imposed; and
(b) the level of fee (if any) imposed by another recognized exchange controller, recognized exchange company or recognized clearing house or any similar body outside Hong Kong, for the same or a similar matter to which the fee relates.
77 Heading: Financial Secretary may appoint not more than 8 persons to board of directors of HKEC Version Date: 01/04/2003



(1) Notwithstanding any enactment or rule of law but subject to subsection (2), the Financial Secretary may appoint not more than 8 persons to be members of the board of directors of the HKEC where the Financial Secretary is satisfied that it is appropriate to do so in the interest of the investing public or in the public interest.
(2) The Financial Secretary shall exercise his power under subsection (1) in such a way that immediately following the annual general meeting of the HKEC held in 2003 and thereafter, the number of members of its board of directors who are such members by virtue of an appointment under that subsection is not more than the maximum number of members of that board who may be such members otherwise than by virtue of such an appointment (but excluding the chief executive of the HKEC).
(3) Subject to subsection (4), a member of the board of directors of the HKEC who is such a member by virtue of an appointment under subsection (1) shall have the same rights, privileges, obligations and liabilities under any enactment or rule of law as a member of that board who is such a member otherwise than by virtue of such an appointment.
(4) Notwithstanding any enactment or rule of law, no person appointed under subsection (1) as a member of the board of directors of the HKEC may be removed from that office by a resolution of the other directors of the board or a special resolution of the HKEC.
(5) In this section, "HKEC" (交易结算公司) means the company incorporated under the Companies Ordinance (Cap 32) and registered under that Ordinance by the name Hong Kong Exchanges and Clearing Limited.
78 Heading: Amendment of Schedule 3 Version Date: 01/04/2003



The Chief Executive in Council may, by order published in the Gazette, amend Parts 2, 3, 4, 6, 7 or 8 of Schedule 3.

第4分部─交易所控制人

(1) 除第(20)款及第62条另有规定外，除认可控制人外，任何人不得成为或继续作为认可交易所或认可结算所的控制人。
(2) 凡证监会信纳认可某公司为交易所控制人─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则可在财政司司长的书面同意下，藉送达书面通知予该公司，认可该公司为交易所控制人，而该项认可─
(i) 受该会认为适当并在该通知中指明的条件规限；及
(ii) 自该通知指明的生效日期起生效。
(3) 在不局限根据第(2)款送达的通知指明的条件的一般性的原则下，证监会─
(a) 在基于该款(a)或(b)段指明的理由信纳如此行事是适当的情况下；及
(b) 在财政司司长的书面同意下，
可藉送达书面通知予认可控制人，修订或撤销任何该等条件或施加任何新的条件。
(4) 凡证监会藉根据第(3)款送达通知修订或撤销任何条件或施加任何新的条件，该项修订、撤销或施加在该通知送达时或在该通知指明的时间(两者以较迟者为准)生效。
(5) 除第(6)款另有规定外，任何人违反第(1)款，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。
(6) 凡任何人凭借某作为或情况而成为有关的认可交易所或认可结算所的控制人，并被控犯第(5)款所订罪行，他如证明他不知道该作为或情况是有该效果的，即可以此作为免责辩护。
(7) 凡任何人─
(a) 在违反第(1)款的情况下(不论他是否就此事被控犯第(5)款所订罪行)担任认可交易所或认可结算所的控制人；
(b) 凭借某作为或情况而成为该控制人但他既不知道亦无理由怀疑有该作为或情况的存在；而
(c) 其后察觉他成为该控制人一事，
则他须在察觉该事后14日内向证监会送达书面通知，说明他已成为该控制人。
(8) 凡任何人根据第(7)款向证监会送达通知，该会可─
(a) 按照第(2)款认可他为交易所控制人；或
(b) 拒绝认可他为交易所控制人。
(9) 凡任何人在违反第(1)款的情况下担任认可交易所或认可结算所的控制人，不论他是否就此事被控犯第(5)款所订罪行─
(a) 证监会可藉宪报公告─
(i) 宣布该人成为该控制人后在该所的任何会议上所投的票，均属无效；及
(ii) 发出该会认为适当的指令，以再度召开上述会议，就该人已投票的事宜重新进行投票；
(b) 则除非为停止作为该控制人的目的，否则该人或其任何相联者不得行使该人作为该所的证券持有人而获赋予的权利，或他以其他方式控制的该所的证券的权利；及
(c) 证监会可藉送达书面通知予该人，指令他─
(i) 采取该通知指明的步骤，以停止作为该控制人；及
(ii) 在该通知指明的限期内采取该等步骤。
(10) 在不局限根据第(9)(c)款送达某人的通知指明的步骤的一般性的原则下，该等步骤可全部或部分由他以书面向证监会建议的步骤组成。
(11) 根据第(9)(c)款送达某人的通知指明的步骤，可提供停止作为有关认可交易所或认可结算所的控制人的不同方法，让他选择。
(12) 根据第(9)(c)款送达的通知─
(a) 在不抵触(b)段的条文下，在根据第73条针对该通知提出上诉的限期届满之前，不得生效；或
(b) 在有关的人根据第73条针对该通知提出上诉的情况下，在上诉撤回、放弃或裁定之前，不得生效。
(13) 除第(14)款另有规定外，任何人没有遵从根据第(9)(c)款送达予他的通知，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。
(14) 被控犯第(13)款所订罪行的人如证明他已尽了合理的努力以遵从根据第(9)(c)款送达予他的通知，即可以此作为免责辩护。
(15) 凡任何人没有遵从根据第(9)(c)款送达予他的通知，则不论他是否就此事被控犯第(13)款所订罪行，附表3第6部的条文立即适用。
(16) 本条条文(第(5)款除外)适用于在本条生效前成为认可交易所或认可结算所的控制人的人，一如该等条文适用于在本条生效日期当日或之后成为该所的控制人的人。
(17) 凡任何公司成为认可控制人，证监会须安排在宪报刊登公告以公布此事。
(18) 凡任何公司寻求成为认可控制人，而证监会有意拒绝根据第(2)款认可该公司，则该会在决定不认可该公司前，须给予该公司合理的陈词机会。
(19) 凡证监会拒绝根据第(2)或(8)(b)款认可某公司或某人为交易所控制人，证监会须藉送达书面通知予该公司或该人(视属何情况而定)，将拒绝一事及拒绝的理由告知该公司或该人。
(20) 如任何人是认可交易所或认可结算所的控制人，而该所本身是认可控制人，则第(1)款不适用于该人。
(21) 第(9)(a)款提述的公告不是附属法例。
60 条文标题： 未经证监会批准不得增加或减少认可控制人在认可交易所或认可结算所的权益 版本日期： 01/04/2003



不论任何其他成文法则或法律规则有任何规定，凡任何认可控制人是认可交易所或认可结算所的控制人，则凭借本条的规定─
(a) 除非得到证监会的书面批准，否则该控制人以控制人身分拥有的该所的权益不得增加或减少；
(b) 任何在违反(a)段的情况下增加或减少该等权益的尝试(不论以协议或任何其他形式作出或由何人作出)，就任何目的而言，均属无效。
61 条文标题： 未经证监会核准不得成为交易所控制人等的次要控制人 版本日期： 01/04/2003



(1) 在不抵触第(2)及(16)款的条文下，在本条生效日期当日或之后─
(a) 任何人除非得到证监会在谘询财政司司长后给予的书面核准，否则不得担任或成为认可控制人、认可交易所或认可结算所的次要控制人；及
(b) 任何人如获得该核准，则在不抵触任何在该核准中指明的、使本段全部或部分条文不适用于该核准的条件的情况下，该人除非得到该会在谘询财政司司长后给予的进一步书面核准，否则不得增加以次要控制人的身分拥有的认可控制人、认可交易所或认可结算所的权益。
(2) 除非证监会信纳就维护投资大众的利益或公众利益而言，根据第(1)(a)或(b)款给予核准是适当的，否则不得如此给予核准。
(3) 凡证监会拒绝根据第(1)(a)或(b)款给予核准，则该会须向有关的人发出书面通知，说明拒绝核准的理由。
(4) 除第(5)款另有规定外，任何人违反第(1)款，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。
(5) 凡任何人被控犯第(4)款所订罪行─
(a) 而该人是凭借某作为或情况而成为有关认可控制人、认可交易所或认可结算所的次要控制人，或增加其以次要控制人的身分拥有的该控制人或该所的权益(视属何情况而定)，他如证明他不知道该作为或情况是有该效果的，即可以此作为免责辩护；或
(b) 他如证明他已尽了合理的努力以避免违反第(1)款，即可以此作为免责辩护。
(6) 凡任何人─
(a) 在违反第(1)款的情况下(不论他是否就此事被控犯第(4)款所订罪行)担任认可控制人、认可交易所或认可结算所的次要控制人；
(b) 凭借某作为或情况而成为该控制人，但他既不知道亦无理由怀疑有该作为或情况的存在；而
(c) 其后察觉他成为该控制人一事，
则他须在察觉该事后14日内向证监会送达书面通知，说明他已成为该控制人。
(7) 凡任何人根据第(6)款向证监会送达通知，该会可─
(a) 按照第(1)款核准他为次要控制人；或
(b) 拒绝核准他为次要控制人。
(8) 凡任何人在违反第(1)款的情况下担任认可控制人、认可交易所或认可结算所的次要控制人，不论他是否就此事被控犯第(4)款所订罪行，证监会可藉宪报公告─
(a) 宣布该人成为该控制人后在该控制人或该所(视属何情况而定)的任何会议上所投的票，均属无效；及
(b) 发出该会认为适当的指令，以再度召开上述会议，就该人已投票的事宜重新进行投票。
(9) 凡任何人在违反第(1)款的情况下担任认可控制人、认可交易所或认可结算所的次要控制人或没有遵从根据该款给予的核准指明的条件，则不论该人是否因该项违反而被控犯第(4)款所订罪行─
(a) 除非为停止作为该次要控制人的目的，否则该人或其任何相联者不得行使该人作为该控制人或该所的证券持有人而获赋予的权利，或该人以其他方式控制的该控制人或该所的证券的权利；及
(b) 证监会可藉送达书面通知予他，指令他─
(i) 采取该通知指明的步骤，以停止作为该控制人或该所的次要控制人；及
(ii) 在该通知指明的限期内采取该等步骤。
(10) 在不局限根据第(9)(b)款送达某人的通知指明的步骤的一般性的原则下，该等步骤可全部或部分由他以书面向证监会建议的步骤组成。
(11) 根据第(9)(b)款送达某人的通知指明的步骤，可提供停止作为有关认可控制人、认可交易所或认可结算所的次要控制人的不同方法，让他选择。
(12) 根据第(9)(b)款送达的通知─
(a) 在不抵触(b)段的条文下，在根据第73条针对该通知提出上诉的限期届满之前，不得生效；或
(b) 在有关的人根据第73条针对该通知提出上诉的情况下，在上诉撤回、放弃或裁定之前，不得生效。
(13) 除第(14)款另有规定外，任何人没有遵从根据第(9)(b)款送达予他的通知，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。
(14) 被控犯第(13)款所订罪行的人如证明他已尽了合理的努力以遵从根据第(9)(b)款送达予他的通知，即可以此作为免责辩护。
(15) 凡任何人没有遵从根据第(9)(b)款送达予他的通知，则不论他是否就此事被控犯第(13)款所订罪行，附表3第6部的条文立即适用。
(16) 证监会可在谘询财政司司长后订立规则，向规则指明的人或属于规则指明的任何类别人士的人授予豁免，使其不受第(1)款中一项或多于一项规定所规限。证监会并可就豁免施加规则中指明的条件(如有的话)。
(17) 凡任何人寻求成为认可控制人、认可交易所或认可结算所的次要控制人，而证监会有意拒绝就此给予第(1)款所指的核准，则该会在决定不给予核准前，须给予该人合理的陈词机会。
(18) 本条并不阻止证监会根据本条例或其他条例批准任何认可控制人、认可交易所或认可结算所的章程的有关条文，或对章程的任何修订的有关条文。上述“有关条文”指在本条以外就以下事宜施加额外的规定的条文─
(a) 在认可控制人、认可交易所或认可结算所(视属何情况而定)所持的权益，包括(但不限于)在该控制人或该所(视属何情况而定)的成员大会上行使投票权或控制投票权的行使；或
(b) 为使任何人处置该等权益所须采取的步骤，包括(但不限于)停止作为该控制人或该所(视属何情况而定)的次要控制人(不论实际如何称述)。
(19) 第(8)款提述的公告不是附属法例。
(20) 在本条中，“次要控制人”(minority controller) 就任何认可控制人、认可交易所或认可结算所而言─
(a) 在不抵触(b)段的情况下，指有权在该控制人或该所(视属何情况而定)的成员大会上，或在以该控制人或该所(视属何情况而定)为附属公司的另一法团的成员大会上，单独或联同任何一名或多于一名的相联者行使不少于5%投票权或控制该数量的投票权的行使的人；
(b) 不包括以下的人─
(i) 认可控制人；或
(ii) 附表3第7部指明为就本分部而言不是次要控制人的人，或属于该部指明为就本分部而言不是次要控制人的任何类别人士的人。
62 条文标题： 豁免而不受第59(1)条的规限及撤销豁免 版本日期： 01/04/2003



(1) 凡财政司司长信纳豁免某人使他不受第59(1)条规限─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则可藉送达书面通知予该人如此豁免该人，而该项豁免─
(i) 受财政司司长认为适当并在该通知中指明的条件规限；及
(ii) 自该通知指明的生效日期起生效。
(2) 凡财政司司长信纳撤销根据第(1)款授予某人的豁免─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则可藉送达述明该项撤销的理由的书面通知予该人，撤销该项豁免，而该项撤销─
(i) 受财政司司长认为适当并在该通知中指明的条件规限；及
(ii) 自该通知指明的生效日期起生效，该日期须在该个案的整体情况下属合理的。
(3) 除第(4)款另有规定外，任何人没有遵从根据第(1)或(2)款送达的通知指明的条件，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。
(4) 被控犯第(3)款所订罪行的人如证明他已尽了合理努力以遵从根据第(1)或(2)款送达予他的有关通知，即可以此作为免责辩护。
(5) 在不局限第(1)款赋予财政司司长的权力的一般性的原则下，附表3第8部指明的人在该部指明的情况下，获豁免而不受第59(1)条的规限。
(6) 为免生疑问，现宣布财政司司长根据第(2)款撤销豁免的权力，包括撤销并替换该项豁免的权力。
63 条文标题： 认可控制人的责任 版本日期： 01/04/2003



(1) 任何身为认可交易所或认可结算所的控制人的认可控制人，有责任在合理地切实可行的范围内，确保─
(a) 在该交易所营办的证券市场或期货市场或透过该交易所的设施买卖证券或期货合约是在有秩序、信息灵通和公平的市场中进行的；
(b) 透过该结算所的设施结算或交收任何证券或期货合约的交易是在有秩序、公平和快捷的结算及交收安排下进行的；
(c) 审慎管理与其业务及营运有关联的风险；
(d) 该所遵从根据任何成文法则或法律规则施加于该所的合法要求或规定，及遵从施加于该所的其他法律规定。
(2) 认可控制人在履行第(1)(a)、(b)或(c)款所指的责任时，须─
(a) 以维护公众利益为原则而行事，尤其须顾及投资大众的利益；及
(b) 确保一旦公众利益与该控制人的利益有冲突时，优先照顾公众利益。

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64 条文标题： 豁免承担法律责任等 版本日期： 01/04/2003



以下人士─
(a) 认可控制人；或
(b) 任何代表认可控制人行事的人，包括─
(i) 该控制人的董事局的任何成员；或
(ii) 该控制人设立的任何委员会的任何成员，
在履行或其本意是履行第63条所规定的该控制人的责任时，或在执行或其本意是执行该控制人的规章授予该控制人的职能时，如出于真诚而作出或不作出任何作为，则在不局限第380(1)条的一般性的原则下，无须就该等作为或不作为承担任何民事法律责任，不论是在合约法、侵权法、诽谤法、衡平法或是在其他法律下产生的民事法律责任。
65 条文标题： 风险管理委员会的设立及职能 版本日期： 01/04/2003



(1) 任何认可交易所或认可结算所的认可控制人须设立并维持一个名为“风险管理委员会”的委员会，就关于该控制人及该所的活动的风险管理的事宜，制订政策方案，并将该等政策方案呈交该控制人考虑。
(2) 风险管理委员会须由以下人士组成─
(a) 认可控制人的主席，他亦须担任委员会的主席；及
(b) 4至7名其他成员。
(3) 在第(2)(b)款提述的成员中，3至5名须由财政司司长委任。
(4) 在第(2)(b)款提述的成员中，1至2名须由认可控制人委任；其中至少1名须为该控制人董事局的成员，而该名成员须─
(a) 不是凭借第77(1)条获委任为董事局成员的；亦
(b) 不是该控制人的最高行政人员。
66 条文标题： 认可控制人订立规章 版本日期： 01/04/2003



(1) 在不局限认可控制人订立规章的其他权力的原则下，该控制人可为以下目的而就有需要或可取的事宜订立规章─
(a) 履行第63条所指的责任；
(b) 为投资大众设立和维持赔偿安排。
(2) 证监会可在谘询财政司司长后，藉宪报公告宣布在附表1第1部第1条中的“规章”的定义的(c)(ii)(C)段适用于该公告中指明的人或团体。
67 条文标题： 批准认可控制人规章或对该等规章的修订 版本日期： 01/04/2003



(1) 除第(7)款另有规定外，认可控制人的规章(不论是否根据第66条订立)或对该等规章的修订须获证监会书面批准，否则不具效力。
(2) 认可控制人须─
(a) 将或安排将任何根据第(1)款须取得批准的规章及修订，呈交证监会批准；呈交的规章及修订须附有就该等规章及修订的目的及相当可能会有的影响(包括对投资大众的影响)而作出的解释，该等解释的详细程度，须足以使该会能够决定是否批准该等规章及修订；及
(b) 在属根据第(7)款宣布的类别的规章订立后，及在对该等规章的修订作出后，在合理地切实可行的范围内尽快向证监会呈交或安排向该会呈交该等规章及修订，让该会知悉。
(3) 证监会须在收到认可控制人根据第(2)(a)款呈交的规章或修订后的6个星期内，藉送达书面通知予该控制人，批准或拒绝批准该等规章或修订(视属何情况而定)，或批准或拒绝批准其中任何部分；如该会拒绝批准，须在有关通知中说明拒绝批准的理由。
(4) 证监会根据第(3)款给予的批准，可受某些在该等规章或修订或其中任何部分生效前须符合的要求所规限。
(5) 证监会可在有关的认可控制人的同意下，在任何个别个案中延展第(3)款订明的期限。
(6) 财政司司长可在谘询证监会及有关的认可控制人后，延展第(3)款订明的期限。
(7) 证监会可藉宪报公告宣布认可控制人的某类别的规章无须根据第(1)款获批准，而任何属于该类别的该控制人规章(包括对该等规章的修订)即使没有根据第(1)款获批准，仍属有效。
(8) 根据第66(1)条订立的规章及第(7)款提述的公告均不是附属法例。
68 条文标题： 证监会职能的转移及收回 版本日期： 01/04/2003



(1) 证监会如信纳某认可控制人(“指定控制人”)愿意和有能力执行本条适用的职能，则可请求行政长官会同行政会议藉在宪报刊登的命令(“转移令”)，将该等职能转移予该控制人。
(2) 本条适用于以下条文授予证监会的职能─
(a) 第V部；
(b) 第145条；及
(c) 《公司条例》(第32章)第II及XII部。
(3) 本条适用的职能可藉转移令完全或局部转移，而该项转移可─
(a) 受保留条款规限，根据该条款，证监会可与指定控制人同时执行该职能；及
(b) 受证监会认为适当的其他条件规限。
(4) 转移令可载有为使该命令得以全面施行而有需要或合宜的附带条文、补充条文及相应修订。
(5) 除非拟成为指定控制人的控制人事先向证监会提供该控制人拟订立的财政资源规则的草拟本，且该会信纳如该等规则得以订立，会为投资大众提供足够程度的保障，否则该会不得请求就该等规则的订立而作出转移令。
(6) 证监会可应指定控制人的请求或在该控制人的同意下，收回已藉转移令转移的职能，但职能的收回须凭借行政长官会同行政会议作出的命令进行，方具效力。
(7) 如证监会请求收回一项已藉转移令转移的职能，而行政长官会同行政会议觉得如此收回是符合公众利益的，则行政长官会同行政会议可命令该会收回该职能。
(8) 转移令可订明由指定控制人保留全部或部分就执行经转移的职能而须缴付予该控制人的费用，而根据第(6)或(7)款作出的命令可订明由证监会自命令指明的日期起，保留上述费用。
69 条文标题： 认可控制人的主席 版本日期： 01/04/2003



(1) 任何人除非已获行政长官书面核准，否则不得担任属认可控制人的公司的主席。
(2) 凡行政长官信纳免除认可控制人的主席的职位─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则可藉送达书面通知予他，免除其主席职位，自该通知指明的生效日期起生效。
70 条文标题： 认可控制人的最高行政人员或最高营运人员的委任须获证监会核准 版本日期： 01/04/2003



(1) 除非获证监会书面核准，否则任何人担任属认可控制人的公司的最高行政人员或最高营运人员的委任，均属无效。
(2) 凡证监会在谘询财政司司长及某认可控制人的主席后，信纳免除该控制人的最高行政人员或最高营运人员的职位─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则可藉送达书面通知予该人员，免除该人员的职位，自该通知指明的生效日期起生效。
(3) 根据第(2)款送达的通知即时生效。
71 条文标题： 认可控制人交出纪录等 版本日期： 01/04/2003



(1) 证监会可藉送达书面通知予认可控制人，要求该控制人在通知指明的期间内，向该会提供该会为执行其职能而合理地要求的以下资料─
(a) (i) 该控制人在与其业务有关连的情况下或为其业务而备存的簿册及纪录；
(ii) 就任何在其为控制人的认可交易所营办的证券市场或期货市场或透过该交易所的设施进行的证券或期货合约的买卖而由该控制人备存的簿册及纪录；或
(iii) 就任何透过其作为控制人的认可结算所的设施结算或交收的证券或期货合约的交易的结算及交收安排而由该控制人备存的簿册及纪录；及
(b) 与该控制人的业务或任何该等买卖或结算及交收安排有关的其他资料。
(2) 根据第(1)款获送达通知的认可控制人如无合理辩解而没有遵从该通知，即属犯罪，一经定罪，可处第5级罚款。
72 条文标题： 撤回对交易所控制人的认可 版本日期： 01/04/2003



(1) 在符合第(2)款的规定下，凡证监会信纳送达有关通知─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对妥善规管证券或期货合约的市场是适当的，
则该会可在财政司司长的书面同意下，藉送达书面通知予认可控制人─
(i) 撤回该控制人作为交易所控制人的认可，自该通知指明的生效日期起生效；或
(ii) 指令该控制人─
(A) 采取该通知指明的步骤，以停止作为该控制人；及
(B) 在该通知指明的限期内采取该等步骤，
该通知须述明送达该通知的理由。
(2) 证监会在根据第(1)款就某认可控制人行使权力前，须给予该控制人合理的陈词机会。
(3) 在不局限根据第(1)(ii)款送达某公司的通知指明的步骤的一般性的原则下，该等步骤可全部或部分由该公司以书面向证监会建议的步骤组成。
(4) 根据第(1)(ii)款送达某公司的通知指明的步骤，可提供停止作为有关的认可交易所或认可结算所的控制人的不同方法，让该公司选择。
(5) 凡证监会根据第(1)(i)款撤回某公司的认可，该会须安排在宪报刊登公告以公布此事。
(6) 根据第(1)款送达的通知─
(a) 在不抵触(b)段的条文下，在根据第73条针对该通知提出上诉的限期届满之前，不得生效；或
(b) 在有关公司根据第73条针对该通知提出上诉的情况下，在上诉撤回、放弃或裁定之前，不得生效。
(7) 除第(8)款另有规定外，任何公司没有遵从根据第(1)款送达该公司的通知，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。
(8) 被控犯第(7)款所订罪行的人如证明他已尽了合理的努力以遵从根据第(1)款送达予他的通知，即可以此作为免责辩护。
(9) 凡任何公司没有遵从根据第(1)款送达该公司的通知，则不论该公司是否就此事被控犯第(7)款所订罪行，附表3第6部的条文立即适用。
73 条文标题： 上诉 版本日期： 01/04/2003



(1) 如证监会于某日根据第59(9)(c)、61(9)(b)、70(2)、72(1)或75(1)条向某人送达通知，该人可在该日后14日内，或在该会在该通知指明的较长限期(如有的话)内，针对该通知向行政长官会同行政会议提出上诉。
(2) 行政长官会同行政会议就第(1)款提述的上诉所作的决定，即为最终决定。
74 条文标题： 认可控制人等寻求成为上市法团时适用的条文 版本日期： 01/04/2003



(1) 在证监会以书面述明该会信纳以下事宜之前─
(a) 在符合第(2)款的规定下，根据第23条订立的规章，足以处理相关认可控制人或相关法团假如成为上市法团而可能引起的利益冲突；及
(b) 相关认可控制人或相关法团已与该会订立安排，而该安排足以确保─
(i) 在有关的认可交易所营办的证券市场或期货市场或透过该交易所的设施买卖证券或期货合约是在廉洁而稳健的市场中进行；及
(ii) 相关认可控制人或相关法团履行其假如成为上市法团即须履行的责任，
该控制人或法团(视属何情况而定)不得成为上市法团。
(2) 第(1)(a)款提述的规章须订定条文，规定证监会须取代联交所，就相关认可控制人或相关法团作出所有倘若某法团既非认可控制人亦非相关法团时，本应是由联交所作出的行动或决定，但如该会以书面通知，说明该会信纳由联交所作出某些行动或决定(视属何情况而定)不会引起利益冲突，则该等行动或决定属例外。
(3) 证监会凭借本条具有以下规章及安排授予该会的职能─
(a) 为施行第(1)(a)及(2)款而订立的规章；
(b) 第(1)(b)款提述的安排。
(4) 凡任何人须就联交所作出某行动或决定而向联交所缴付费用，而证监会凭借第(1)(a)及(2)款作出该行动或决定(视属何情况而定)，则不论任何其他成文法则或法律规则有任何规定，该人仍须向该会缴付该费用。
75 条文标题： 证监会如信纳存在利益冲突可向认可控制人发出指令等 版本日期： 01/04/2003



(1) 凡证监会信纳─
(a) 以下利益之间存在或可能出现利益冲突─
(i) 认可控制人或相关法团的利益；与
(ii) 本条例或其他条例(包括根据任何条例订立的规则，不论该等规则是否附属法例)授予该控制人或法团的职能可获妥善地执行的利益；或
(b) 导致存在该项利益冲突的情况，令该项利益冲突相当可能会继续存在或重覆发生，
则该会可向该控制人或法团(视属何情况而定)送达书面通知，说明支持该通知的理由的依据，并指令该控制人或法团(视属何情况而定)立即采取该通知所指明的步骤(包括关于其事务、业务或任何财产的步骤)，以纠正该项利益冲突或造成该项利益冲突的事项(视属何情况而定)。
(2) 根据第(1)款送达的通知即时生效。
(3) 任何认可控制人或相关法团无合理辩解而没有遵从根据第(1)款向其送达的通知，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。

76 条文标题： 费用须经证监会批准 版本日期： 01/04/2003



(1) 凡─
(a) 任何认可控制人以该控制人身分在本条生效日期当日或之后征收费用；或
(b) 任何认可交易所或认可结算所─
(i) 的控制人为认可控制人；而
(ii) 该交易所或结算所以该交易所或结算所(视属何情况而定)身分在本条生效日期当日或之后征收费用，
除非该控制人或该所(视属何情况而定)的规章中有指明该费用，并已获证监会书面批准，否则该费用属无效。
(2) 证监会在决定是否批准第(1)款提述的为某事项而征收的费用时，除其他事宜外，须考虑─
(a) 该事项在香港的竞争(如有的话)程度；及
(b) 其他认可控制人、认可交易所或认可结算所或香港以外地方的任何相类团体就与该事项相同或相类似的事项所征收的费用(如有的话)的水平。
77 条文标题： 财政司司长可委任不超过8人进入交易结算公司的董事局 版本日期： 01/04/2003



(1) 不论任何成文法则或法律规则有任何规定，在不抵触第(2)款的情况下，凡财政司司长信纳作出有关委任就维护投资大众的利益或公众利益而言是适当的，则可委任不超过8名人士为交易结算公司董事局的成员。
(2) 财政司司长行使第(1)款授予的权力，须达致以下效果：在紧接在2003年举行的交易结算公司的成员大会之后，在当时根据第(1)款获委任的交易结算公司的董事局的成员的数目，不得超过该董事局的其他成员(但不包括交易结算公司的最高行政人员)的最高人数限额。
(3) 除第(4)款另有规定外，任何根据第(1)款获委任的交易结算公司董事局的成员，在任何成文法则或法律规则下享有及承担的权利、特权、义务及法律责任，与该董事局的其他成员所享有及承担者相同。
(4) 不论任何成文法则或法律规则有任何规定，根据第(1)款获委任的交易结算公司董事局的成员不可藉该董事局其他成员通过的决议或交易结算公司通过的特别决议而免任。
(5) 在本条中，“交易结算公司”(HKEC) 指根据《公司条例》(第32章)成立并根据该条例以“香港交易及结算所有限公司”的名称注册的公司。
78 条文标题： 附表3的修订 版本日期： 01/04/2003



行政长官会同行政会议可藉在宪报刊登的命令修订附表3第2、3、4、6、7或8部。
79 条文标题： 投资者赔偿公司的认可 版本日期： 01/04/2003





79 Heading: Recognition of investor compensation company Version Date: 01/04/2003



Division 5-Investor compensation companies

(1) Where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the facilitation of the management and administration of the compensation fund under Part XII,
it may, after consultation with the Financial Secretary, by notice in writing served on a company, recognize the company as an investor compensation company-
(i) subject to such conditions as it considers appropriate specified in the notice; and
(ii) with effect from a date specified in the notice for the purpose.
(2) Without limiting the generality of conditions which may be specified in a notice under subsection (1), the Commission may, by notice in writing served on a recognized investor compensation company, amend or revoke any condition specified in the first-mentioned notice or impose new conditions, where the Commission-
(a) is satisfied that it is appropriate to do so on a ground specified in paragraph (a) or (b) of that subsection; and
(b) has consulted the Financial Secretary.
(3) Where the Commission amends or revokes any condition or imposes any new condition by a notice under subsection (2), the amendment, revocation or imposition takes effect at the time of service of the notice or at the time specified in the notice, whichever is the later.
(4) Where a company becomes a recognized investor compensation company, the Commission shall cause notice of that fact to be published in the Gazette.
(5) Where a company is seeking to be a recognized investor compensation company and the Commission is minded not to recognize the company under subsection (1), the Commission shall give the company a reasonable opportunity of being heard before making a decision not to recognize the company.
(6) Where the Commission refuses to recognize a company as an investor compensation company under subsection (1), the Commission shall, by notice in writing served on the company, inform the company of the refusal and of the reasons for it.
80 Heading: Transfer and resumption of functions of Commission Version Date: 01/04/2003



(1) The Commission may request the Chief Executive in Council to transfer, by order ("transfer order") published in the Gazette, to a recognized investor compensation company ("designated investor compensation company"), a function to which this section applies, if the Commission is satisfied that the designated investor compensation company is willing and able to perform the function.
(2) This section applies to a function of the Commission under Part XII (other than sections 240(4) and (9) and 244(2)) or rules made under that Part.
(3) For the purposes of subsection (2), the function of the Commission under Part XII to maintain the compensation fund includes a function to maintain all or any part of the compensation fund, and the other provisions of this Ordinance shall apply accordingly.
(4) A function to which this section applies may be transferred by a transfer order either in whole or in part, and the transfer may be subject to-
(a) a reservation that the Commission is to perform the function concurrently with the designated investor compensation company; and
(b) such other conditions as the Commission considers appropriate.
(5) A transfer order may contain such incidental, supplemental and consequential provisions as may be necessary or expedient for the purpose of giving full effect to the order.
(6) The Commission may at the request or with the consent of a designated investor compensation company resume a function transferred by a transfer order, but the resumption takes effect only by order of the Chief Executive in Council.
(7) The Chief Executive in Council may order that the Commission resume a function transferred to a designated investor compensation company by a transfer order if the Commission so requests and if it appears to the Chief Executive in Council to be in the public interest to do so.
81 Heading: Immunity, etc Version Date: 01/04/2003



(1) Without limiting the generality of section 380(1), no civil liability, whether arising in contract, tort, defamation, equity or otherwise, shall be incurred by-
(a) a recognized investor compensation company; or
(b) any person acting on behalf of a recognized investor compensation company, including-
(i) any member of the board of directors of the company; or
(ii) any member of any committee established by the company,
in respect of anything done or omitted to be done in good faith in the discharge or purported discharge of the duties to which this subsection applies.
(2) The duties to which subsection (1) applies are those-
(a) that relate to or arise out of a function that has been transferred to the recognized investor compensation company under section 80; or
(b) to which the company is subject under rules made under Part XII.

82 Heading: Rules by recognized investor compensation company Version Date: 01/04/2003



Without limiting any of its other powers to make rules, a recognized investor compensation company may make rules for such matters as are necessary or desirable-
(a) for the proper and efficient management and operation of the company;
(b) for the obtaining of such insurance, surety, guarantee or other security or the making of such financial arrangement by the company as may be necessary or appropriate for the purposes of its operation;
(c) for the proper and efficient performance of a function transferred to the company under section 80.

83 Heading: Approval of rules or amendments to rules of recognized investor compensation companies Version Date: 01/04/2003



(1) Subject to subsection (7), no rule (whether or not made under section 82) of a recognized investor compensation company or any amendment thereto shall have effect unless it has the approval in writing of the Commission.
(2) A recognized investor compensation company shall submit or cause to be submitted to the Commission-
(a) for its approval the rules and every amendment thereto that require approval under subsection (1), together with explanations of their purpose and likely effect, including their effect on the investing public, in sufficient detail to enable the Commission to decide whether to approve them or refuse to approve them; and
(b) for its information the rules which belong to a class the subject of a declaration under subsection (7) and every amendment to the rules, as soon as reasonably practicable after they have been made.
(3) The Commission shall, not later than 6 weeks after the receipt of a submission under subsection (2)(a) from a recognized investor compensation company, by notice in writing served on the company, give its approval or refuse to give its approval (together with its reasons for the refusal) to the rules or amendment of the rules (as the case may be) or any part thereof, the subject of the submission.
(4) The Commission may give its approval under subsection (3) subject to requirements which shall be satisfied before the rules or amendment of the rules or any part thereof take effect.
(5) The Commission may in a particular case, with the agreement of the recognized investor compensation company concerned, extend the time prescribed in subsection (3).
(6) The Financial Secretary may, after consultation with the Commission and the recognized investor compensation company concerned, extend the time prescribed in subsection (3).
(7) The Commission may, by notice published in the Gazette, declare any class of rules of a recognized investor compensation company to be a class of rules which are not required to be approved under subsection (1) and, accordingly, any rules of the company which belong to that class (including any amendment thereto) shall have effect notwithstanding that they have not been so approved.
(8) A recognized investor compensation company shall make its rules available to the public in a manner approved by the Commission.
(9) Neither the rules under section 82 nor a notice under subsection (7) is subsidiary legislation.
84 Heading: Production of records, etc. by recognized investor compensation company Version Date: 01/04/2003



(1) The Commission may, by notice in writing served on a recognized investor compensation company, require the company to provide to the Commission, within such period as the Commission may specify in the notice-
(a) such books and records kept by it in connection with or for the purposes of its business or in respect of the management and administration of the compensation fund under Part XII; and
(b) such other information relating to its business or the management and administration of the compensation fund under Part XII,
as the Commission may reasonably require for the performance of its functions.
(2) A recognized investor compensation company served with a notice under subsection (1) which, without reasonable excuse, fails to comply with the notice commits an offence and is liable on conviction to a fine at level 5.

85 Heading: Withdrawal of recognition of investor compensation company Version Date: 01/04/2003



(1) Subject to subsections (3), (4) and (5), the Commission may, after consultation with the Financial Secretary, by notice in writing served on a recognized investor compensation company, withdraw the company's recognition as an investor compensation company with effect from a date specified in the notice for the purpose.
(2) The Commission may by the notice served under subsection (1) permit the recognized investor compensation company to continue, on or after the date on which the withdrawal is to take effect, to carry on such activities affected by the withdrawal as the Commission may specify in the notice for the purpose of-
(a) closing down the operations of the company; or
(b) protecting the interest of the investing public or the public interest.
(3) The Commission may only serve a notice under subsection (1) in relation to a recognized investor compensation company that-
(a) fails to comply with any requirement of this Ordinance or with a condition imposed under section 79;
(b) is being wound up;
(c) ceases to perform any function transferred to it under section 80; or
(d) requests the Commission to do so.
(4) Except where responding to a request under subsection (3)(d), the Commission shall not exercise its power under subsection (1) in relation to a recognized investor compensation company unless it has given the company a reasonable opportunity of being heard.
(5) Except where responding to a request under subsection (3)(d), the Commission shall give the recognized investor compensation company not less than 14 days' notice in writing of its intention to serve a notice under subsection (1) and the grounds for doing so.
(6) Where the Commission withdraws a company's recognition as an investor compensation company under subsection (1), it shall cause notice of that fact to be published in the Gazette.
(7) A notice served under this section shall take effect immediately.
86 Heading: Appeals Version Date: 01/04/2003



(1) A company served with a notice under section 85(1) may appeal against the notice to the Chief Executive in Council not later than 14 days after the date of service of the notice or such longer period (if any) as the Commission specifies in the notice.
(2) The decisio 87 Heading: Subrogation of recognized investor compensation company to rights, etc. of claimant on payment from compensation fund Version Date: 25/09/2006



(1) Where a recognized investor compensation company makes any payment out of the compensation fund in respect of any claim made under rules made under Part XII-
(a) subject to subsection (1A), the company shall be subrogated, to the extent which that payment bears to the loss sustained (without taking into account any compensation paid or payable out of the compensation fund for the loss) by the claimant by reason of the default on which the claim was based, to all the rights and remedies of the claimant in relation to the loss; and (Amended 7 of 2004 s. 55)
(b) the respective rights of the claimant and the company in bankruptcy or winding up or by legal proceedings or otherwise to receive in respect of the loss-
(i) any sum out of the assets of the person concerned who is in default; or
(ii) any property held on trust by that person for the claimant,
shall rank equally.
(1A) The company is not subrogated to any rights and remedies of the claimant in respect of compensation from the Deposit Protection Scheme Fund established by section 14 of the Deposit Protection Scheme Ordinance (Cap 581). (Added 7 of 2004 s. 55)
(2) All assets (whether in cash or otherwise) recovered by the recognized investor compensation company under subsection (1) shall be dealt with in such manner as the Commission may direct and shall become part of the compensation fund.
n of the Chief Executive in Council on an appeal under subsection (1) shall be final.

88 Heading: Financial statements of a recognized investor compensation company Version Date: 01/04/2003



(1) Subject to subsection (3), a recognized investor compensation company shall-
(a) prepare such financial statements and other documents, for such periods, as are prescribed by rules made under section 397 for the purposes of this section; and
(b) submit the financial statements and other documents, together with an auditor's report, to the Commission not later than 4 months after the end of the financial year to which they relate.
(2) Without limiting the generality of subsection (1), the requirements under that subsection relating to the financial statements and other documents, and the auditor's report, referred to in that subsection include the requirements that-
(a) the financial statements and other documents are to relate to such matters and contain such particulars as are prescribed by rules made under section 397 for the purposes of this section;
(b) the auditor's report is to contain such particulars, including such statement of opinion, as are prescribed by the rules;
(c) the financial statements and other documents, and the auditor's report, are to be prepared in accordance with such principles or bases as are prescribed by the rules; and
(d) without limiting the generality of section 129B of the Companies Ordinance (Cap 32), the financial statements and other documents are to be signed by the chief executive officer of the recognized investor compensation company, by which they are prepared.
(3) On an application in writing by the recognized investor compensation company by which any financial statements and other documents, and any auditor's report, are required under subsection (1) to be submitted, the Commission may, where it is satisfied that there are special reasons for so doing, extend the period within which the financial statements and other documents, and the auditor's report, are required to be submitted, for such period and subject to such conditions as the Commission considers appropriate, and upon the Commission granting the extension, subsection (1) shall apply subject to the extension accordingly.
(4) A recognized investor compensation company shall cause a copy of each of the financial statements and other documents and the auditor's report that are required under subsection (1) to be submitted by it to be sent to the Financial Secretary and to be published in the Gazette.
(5) A reference in this section to financial statements shall not be construed as including a reference to financial statements of the compensation fund.
89 Heading: Employees of and delegations by a recognized investor compensation company Version Date: 01/04/2003

(1) The Commission may arrange for any of its officers, employees, agents or consultants to assist in the operations of a recognized investor compensation company.
(2) A recognized exchange company or recognized exchange controller may, with the consent of a recognized investor compensation company, arrange for any of its officers, employees, agents or consultants to assist in the operations of that recognized investor compensation company.
(3) A recognized investor compensation company may by resolution and subject to the approval of the Commission, with or without restrictions or conditions as the company considers appropriate, delegate in writing to any person any of its powers and duties other than its power under section 82.
90 Heading: Further activities of recognized investor compensation company Version Date: 01/04/2003



(1) A recognized investor compensation company may, in addition to performing a function transferred to it under section 80, conduct such activities or businesses as may be approved in writing by the Commission.
(2) The Commission shall not approve the conduct of any activities or businesses referred to in subsection (1) unless it is satisfied that such activities or businesses are incidental to the management or administration of the compensation fund under Part XII.

第5分部─投资者赔偿公司

(1) 凡证监会信纳认可某公司为投资者赔偿公司─
(a) 就维护投资大众的利益或公众利益而言是适当的；或
(b) 对利便管理第XII部所指的赔偿基金是适当的，
则可在谘询财政司司长后，藉送达书面通知予该公司，认可该公司为投资者赔偿公司，而该项认可─
(i) 受该会认为适当并在该通知中指明的条件规限；及
(ii) 自该通知指明的生效日期起生效。
(2) 在不局限根据第(1)款送达的通知指明的条件的一般性的原则下，证监会─
(a) 在基于该款(a)或(b)段指明的理由信纳如此行事是适当的情况下；及
(b) 在谘询财政司司长后，
可藉送达书面通知予认可投资者赔偿公司，修订或撤销任何该等条件或施加任何新的条件。
(3) 凡证监会藉根据第(2)款送达通知修订或撤销任何条件或施加任何新的条件，该项修订、撤销或施加在该通知送达时或在该通知指明的时间(两者以较迟者为准)生效。
(4) 凡某公司成为认可投资者赔偿公司，证监会须安排在宪报刊登公告以公布此事。
(5) 凡某公司寻求成为认可投资者赔偿公司，而证监会有意拒绝根据第(1)款认可该公司，则该会在决定不认可该公司前，须给予该公司合理的陈词机会。
(6) 凡证监会拒绝根据第(1)款认可某公司为投资者赔偿公司，证监会须藉送达书面通知予该公司，将拒绝一事及拒绝的理由告知该公司。
80 条文标题： 证监会职能的转移及收回 版本日期： 01/04/2003



(1) 证监会如信纳某认可投资者赔偿公司(“指定公司”)愿意和有能力执行本条适用的职能，则可请求行政长官会同行政会议藉在宪报刊登的命令(“转移令”)，将该等职能转移予该公司。
(2) 本条适用于第XII部(第240(4)及(9)及244(2)条除外)或根据在该部下订立的规则授予证监会的职能。
(3) 就第(2)款而言，第XII部授予证监会维持赔偿基金的职能，包括维持整笔或部分赔偿基金的职能，而本条例其他条文须据此适用。
(4) 本条适用的职能可藉转移令完全或局部转移，而该项转移可─
(a) 受保留条款规限，根据该条款，证监会可与指定公司同时执行该职能；及
(b) 受证监会认为适当的其他条件规限。
(5) 转移令可载有为使该命令得以全面施行而有需要或合宜的附带条文、补充条文及相应修订。
(6) 证监会可应指定公司的请求或在该公司的同意下，收回已藉转移令转移的职能，但职能的收回须凭借行政长官会同行政会议作出的命令进行，方具效力。
(7) 如证监会请求收回一项已藉转移令转移的职能，而行政长官会同行政会议觉得如此收回是符合公众利益的，则行政长官会同行政会议可命令该会收回该职能。
81 条文标题： 豁免承担法律责任等 版本日期： 01/04/2003



(1) 以下人士─
(a) 认可投资者赔偿公司；或
(b) 任何代表该公司行事的人，包括─
(i) 该公司的董事局的任何成员；或
(ii) 该公司设立的任何委员会的任何成员，
在履行或其本意是履行本款适用的责任时，如出于真诚而作出或不作出任何作为，则在不局限第380(1)条的一般性的原则下，无须就该等作为或不作为承担任何民事法律责任，不论是在合约法、侵权法、诽谤法、衡平法或是在其他法律下产生的民事法律责任。
(2) 第(1)款适用于以下责任─
(a) 关乎根据第80条转移予有关认可投资者赔偿公司的职能的责任，或由该等职能引起的责任；或
(b) 该公司按照在第XII部下订立的规则须承担的责任。
82 条文标题： 认可投资者赔偿公司订立规章 版本日期： 01/04/2003



在不局限认可投资者赔偿公司订立规章的其他权力的原则下，该公司可为以下目的而就有需要或可取的事宜订立规章─
(a) 该公司的妥善和有效率的管理及运作；
(b) 就该公司为其运作的目的取得所需或适当的保险、担保、保证或其他保证物，或订立所需或适当的财务安排；
(c) 该公司的妥善和有效率执行根据第80条转移予该公司的职能。
83 条文标题： 批准认可投资者赔偿公司规章或对该等规章的修订 版本日期： 01/04/2003



(1) 除第(7)款另有规定外，认可投资者赔偿公司的规章(不论是否根据第82条订立)或对该等规章的修订须获证监会书面批准，否则不具效力。
(2) 认可投资者赔偿公司须─
(a) 将或安排将任何根据第(1)款须取得批准的规章及修订，呈交证监会批准，呈交的规章及修订须附有就该等规章及修订的目的及相当可能会有的影响(包括对投资大众的影响)而作出的解释，该等解释的详细程度，须足以使该会能够决定是否批准该等规章及修订；及
(b) 在属根据第(7)款宣布的类别的规章订立后，及在对该等规章的修订作出后，在合理地切实可行的范围内尽快向证监会呈交或安排向该会呈交该等规章及修订，让该会知悉。
(3) 证监会须在收到认可投资者赔偿公司根据第(2)(a)款呈交的规章或修订后的6个星期内，藉送达书面通知予该公司，批准或拒绝批准该等规章或修订(视属何情况而定)，或批准或拒绝批准其中任何部分；如该会拒绝批准，须在有关通知中说明拒绝批准的理由。
(4) 证监会根据第(3)款给予的批准，可受某些在该等规章或修订或其中任何部分生效前须符合的要求所规限。
(5) 证监会可在有关的认可投资者赔偿公司的同意下，在任何个别个案中延展第(3)款订明的期限。
(6) 财政司司长可在谘询证监会及有关的认可投资者赔偿公司后，延展第(3)款订明的期限。
(7) 证监会可藉宪报公告宣布认可投资者赔偿公司的某类别的规章无须根据第(1)款获批准，而任何属于该类别的该公司规章(包括对该等规章的修订)即使没有根据第(1)款获批准，仍属有效。
(8) 认可投资者赔偿公司须以证监会批准的方式，向公众提供该公司的规章。
(9) 根据第82条订立的规章及第(7)款提述的公告均不是附属法例。
84 条文标题： 认可投资者赔偿公司交出纪录等 版本日期： 01/04/2003



(1) 证监会可藉送达书面通知予认可投资者赔偿公司，要求该公司在通知指明的期间内，向该会提供该会为执行其职能而合理地要求的以下资料─
(a) 该公司在与其业务有关连的情况下或为其业务而备存的，或就第XII部所指的赔偿基金的管理而备存的簿册及纪录；及
(b) 与该公司的业务或第XII部所指的赔偿基金的管理有关的其他资料。
(2) 根据第(1)款获送达通知的认可投资者赔偿公司如无合理辩解而没有遵从该通知，即属犯罪，一经定罪，可处第5级罚款。
85 条文标题： 撤回对投资者赔偿公司的认可 版本日期： 01/04/2003



(1) 在第(3)、(4)及(5)款的规限下，证监会可在谘询财政司司长后，藉送达书面通知予认可投资者赔偿公司，撤回该公司作为投资者赔偿公司的认可，自该通知指明的生效日期起生效。
(2) 证监会可藉根据第(1)款送达的通知准许有关的认可投资者赔偿公司在有关撤回的生效日期当日或之后，为─
(a) 结束该公司的运作的目的；或
(b) 保障投资大众的利益或公众利益的目的，
而继续进行证监会在该通知中指明的受该项撤回所影响的活动。
(3) 证监会只可在以下情况下根据第(1)款向某认可投资者赔偿公司送达通知─
(a) 该公司没有遵从本条例的任何规定或根据第79条施加的条件；
(b) 该公司正在清盘；
(c) 该公司已停止执行根据第80条转予该公司的任何职能；或
(d) 该公司请求该会如此送达通知。
(4) 证监会在根据第(1)款就某认可投资者赔偿公司行使权力前，须给予该公司合理的陈词机会，但如该会是回应根据第(3)(d)款作出的请求，则属例外。
(5) 证监会须给予认可投资者赔偿公司不少于14日的书面通知，以告知该公司该会拟根据第(1)款送达通知的意向及如此行事的理由，但如该会是回应根据第(3)(d)款作出的请求，则属例外。
(6) 凡证监会根据第(1)款撤回某公司作为投资者赔偿公司的认可，该会须安排在宪报刊登公告以公布此事。
(7) 根据本条送达的通知即时生效。
86 条文标题： 上诉 版本日期： 01/04/2003

(1) 如证监会于某日根据第85(1)条向某公司送达通知，该公司可在该日后14日内，或在该会在该通知指明的较长限期(如有的话)内，针对该通知向行政长官会同行政会议提出上诉。
(2) 行政长官会同行政会议就第(1)款提述的上诉所作的决定，即为最终决定。
87 条文标题： 从赔偿基金拨款支付后认可投资者赔偿公司在申索人权利等方面的代位权 版本日期： 25/09/2006

(1) 凡任何人根据在第XII部下订立的规则，就导致他蒙受某项损失的某项违责提出申索，在认可投资者赔偿公司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，由该公司藉代位而享有；及 (由2004年第7号第55条修订)
(b) 申索人及该公司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) 该公司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) 认可投资者赔偿公司根据第(1)款追讨所得的一切资产(不论是现金或其他资产)，须按证监会指示的方式处理，并成为赔偿基金一部分。
88 条文标题： 认可投资者赔偿公司的财务报表 版本日期： 01/04/2003



(1) 除第(3)款另有规定外，认可投资者赔偿公司须─
(a) 就为施行本条而藉根据第397条订立的规则订明的期间，拟备该等规则订明的财务报表及其他文件；并
(b) 在该等报表及文件所关乎的财政年度终结后4个月内，将该等报表及文件连同核数师报告呈交证监会。
(2) 在不局限第(1)款的一般性的原则下，该款中关乎财务报表、其他文件及核数师报告的规定，包括以下规定─
(a) 该等报表及文件须就为施行本条而藉根据第397条订立的规则订明的事宜而拟备，并载有如此订明的详情；
(b) 该报告须载有该等规则订明的详情，包括如此订明的意见陈述；
(c) 该等报表、文件及报告须按照该等规则订明的原则或基准拟备；及
(d) 在不局限《公司条例》(第32章)第129B条的一般性的原则下，该等报表及文件须由拟备该等报表及文件的认可投资者赔偿公司的最高行政人员签署。
(3) 凡根据第(1)款规定须呈交财务报表、其他文件及核数师报告的认可投资者赔偿公司提出书面申请，而证监会信纳有特别理由支持，则该会可将呈交该等报表、文件及报告的限期，延展该会认为适当的一段时期，并可施加该会认为适当的条件以作规限；凡该会准予延展时限，第(1)款须在该项延展的规限下适用。
(4) 认可投资者赔偿公司须安排将该公司根据第(1)款须呈交的财务报表、其他文件或核数师报告的文本，送交财政司司长及在宪报刊登。
(5) 在本条中，凡提述财务报表，不得解释为包括提述赔偿基金的财务报表。
89 条文标题： 认可投资者赔偿公司的雇员及转授 版本日期： 01/04/2003



(1) 证监会可安排其高级人员、雇员、代理人或顾问协助认可投资者赔偿公司运作。
(2) 认可交易所或认可控制人可在认可投资者赔偿公司同意下，安排该交易所或控制人(视属何情况而定)的高级人员、雇员、代理人或顾问协助该公司运作。
(3) 如获证监会批准，认可投资者赔偿公司可藉决议，将其任何权力及责任(根据第82条获授予的权力除外)以书面转授予任何人，并可按该公司认为适当而对该项转授施加或不施加限制或条件。
90 条文标题： 认可投资者赔偿公司的其他活动 版本日期： 01/04/2003



(1) 认可投资者赔偿公司除执行根据第80条转移予它的职能外，亦可进行证监会书面批准的其他活动或业务。
(2) 除非证监会信纳第(1)款提述的其他活动或业务与管理第XII部所指的赔偿基金有附带关系，否则不得批准进行该等活动或业务。


91 Heading: Supply of information Version Date: 01/04/2003



Division 6-General-Exchange companies, clearing houses, exchange
controllers and investor compensation companies

(1) The Commission, a recognized exchange company, a recognized clearing house, a recognized exchange controller or a recognized investor compensation company shall be entitled to supply each other with information about its affairs and-
(a) in the case of a recognized exchange company, the affairs of any of its exchange participants;
(b) in the case of a recognized clearing house, the affairs of any of its clearing participants;
(c) in the case of a recognized exchange controller, the affairs of any of its subsidiaries; or
(d) in the case of a recognized investor compensation company, any claim made against the compensation fund,
if the supply of information is reasonably required for the performance of-
(i) in the case where the information is supplied to the Commission, the functions of the Commission under the relevant provisions; or
(ii) in any other cases, the functions of the recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company to which the information is supplied, under this Part or their respective rules.
(2) The Commission may, by notice in writing served on a recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company, require it to supply the Commission with such information as the Commission may reasonably require for the performance of the functions of the Commission under any of the relevant provisions, including information in its possession relating to-
(a) in the case of a recognized exchange company, the affairs of any of its exchange participants;
(b) in the case of a recognized clearing house, the affairs of any of its clearing participants;
(c) in the case of a recognized exchange controller, the affairs of any of its subsidiaries; or
(d) in the case of a recognized investor compensation company, any claim made against the compensation fund.
(3) The supply of information under subsection (1) or (2) shall not be treated as publication for the purposes of the law of defamation and, without limiting the generality of section 380(3) but subject to section 378, a person supplying the information does not incur liability as a consequence thereof.
(4) Where any information is supplied under subsection (1) to a recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company, the company concerned, the clearing house or the controller to whom the information is supplied shall not disclose the information, or any part of it, to any other person without the consent of the Commission.
92 Heading: Additional powers of Commission-restriction notices Version Date: 01/04/2003



(1) Subject to subsections (2), (6) and (14), where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest;
(b) for the protection of investors; or
(c) for the proper regulation of a recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company,
it may by notice in writing ("restriction notice") served on the exchange company, clearing house, exchange controller or investor compensation company do any or all of the following-
(i) require the exchange company, clearing house, exchange controller or investor compensation company before the expiry of a period specified in the notice-
(A) to amend, supplement, withdraw or revoke, in the manner specified in the notice, a provision of its rules or other instrument so specified;
(B) to take such action relating to the management, conduct or operation of its business as may be so specified;
(ii) prohibit the exchange company, clearing house, exchange controller or investor compensation company from doing, during a period so specified, such act or other thing relating to the management, conduct or operation of its business as may be so specified.
(2) The Commission shall not serve a restriction notice unless-
(a) it has previously consulted the Financial Secretary in relation to the notice;
(b) it has previously requested in writing the exchange company, clearing house, exchange controller or investor compensation company concerned to put, or cause to be put, into effect a provision (which includes a request to refrain from doing any act or other thing) specified in the request and similar in effect to the requirement or prohibition specified in the restriction notice or, where there is more than one such requirement or prohibition so specified, provisions the combined effect of all of which is similar to the combined effect of the requirements or prohibitions so specified; and
(c) in the case of a request under paragraph (b) which-
(i) contains a provision requesting the exchange company, clearing house, exchange controller or investor compensation company concerned to amend, supplement, withdraw or revoke any provision of its constitution under subsection (1)(i), the provision has not been complied with before the expiration of the period specified in relation thereto in the request being not less than 45 days; or
(ii) contains a provision requesting the exchange company, clearing house, exchange controller or investor compensation company concerned to do or refrain from doing any act or other thing, the Commission is satisfied that the provision has not been complied with.
(3) A recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company may appeal to the Chief Executive in Council against a restriction notice that requires the exchange company, clearing house, exchange controller or investor compensation company to amend, supplement, withdraw or revoke any provision of its constitution.
(4) The decision of the Chief Executive in Council on an appeal under subsection (3) shall be final.
(5) A restriction notice served under this section shall take effect immediately.
(6) A period specified in a restriction notice in relation to a prohibition under subsection (1)(ii) shall not exceed 6 months beginning on the date of the notice.
(7) The Commission may, after consultation with the Financial Secretary, by notice in writing served on the exchange company, clearing house, exchange controller or investor compensation company concerned, extend, for a period or successive periods of not more than 3 months each, the period during which a restriction notice is to remain in force.
(8) Where a restriction notice is issued or extended under this section, the Commission may publish in the Gazette a copy of the notice or, as may be appropriate, particulars of the extension.
(9) A restriction notice may, on the application of the Commission to the Court of First Instance, be enforced by an order of the Court as if it were a judgment or order of the Court.
(10) Where a recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company is in breach of a requirement in a restriction notice under subsection (1)(i)(A) relating to a provision of its rules or other instrument-
(a) in the case of a requirement to amend or supplement such provision, the provision shall be deemed to have effect as if the requirement had been complied with; or
(b) in the case of a requirement to withdraw or revoke such provision, the provision ceases to have effect.
(11) Where-
(a) a restriction notice includes a requirement described in subsection (1)(i)(A) and the requirement relates to the constitution of a company; and
(b) by virtue of subsection (10) the provision to which the requirement relates has effect as if the requirement had been complied with or has ceased to have effect (as the case may be),
the Commission shall, as soon as may be, deliver to the Registrar of Companies a copy of the notice.
(12) If there is an appeal under subsection (3) against the notice and the appeal is not withdrawn, the Commission shall, as soon as may be, inform the Registrar of Companies in writing of the outcome of the appeal.
(13) Without limiting the generality of section 380(1), no civil liability, whether arising in contract, tort, defamation, equity or otherwise, shall be incurred by-
(a) a recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company;
(b) an officer or employee of a recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company;
(c) an exchange participant; or
(d) a clearing participant,
in respect of anything done or omitted to be done in good faith in compliance or purported compliance with a restriction notice.
(14) This section shall not be construed as enabling the Commission to do under this section anything which may be done by the Commission by direction under section 28(1)(b) or 29.
93 Heading: Additional powers of Commission-suspension orders Version Date: 01/04/2003



(1) Where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest;
(b) for the protection of investors; or
(c) for the proper regulation of a recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company,
it may, after consultation with the Financial Secretary, make an order ("suspension order") relating to all or any of the following-
(i) the functions of the board of directors or governing body of the exchange company, clearing house, exchange controller or investor compensation company;
(ii) the functions of a director of a board or a member of a body referred to in paragraph (i);
(iii) the functions of a committee, including a sub-committee, established by a board or body referred to in paragraph (i);
(iv) the functions of the chief executive officer (by whatever name called) of the exchange company, clearing house, exchange controller or investor compensation company.
(2) While a suspension order is in force the following provisions apply-
(a) neither the recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company to which the order relates nor any board, governing body, committee or officer of it shall perform a function to which the order relates;
(b) a function to which paragraph (a) applies may be performed by the person specified in the order in relation to that function;
(c) a person referred to in paragraph (a) shall not, by act or omission, either directly or indirectly, affect the manner in which a function referred to in that paragraph is performed.
(3) A recognized exchange company, recognized clearing house, recognized exchange controller or recognized investor compensation company may appeal to the Chief Executive in Council against a suspension order made in respect of the exchange company, clearing house, exchange controller or investor compensation company.
(4) The decision of the Chief Executive in Council on an appeal under subsection (3) shall be final.
(5) Subject to subsection (9), a suspension order shall continue in force for the period not exceeding 6 months specified in the order.
(6) A suspension order or an extension of it under subsection (9) shall take effect when a copy of the order or notice of the extension is served under subsection (10)(a) on the exchange company, clearing house, exchange controller or investor compensation company to which the order relates.
(7) Where a suspension order is made or extended under this section, the Commission shall, as soon as reasonably practicable to do so, give a copy of a suspension order or, as may be appropriate, notice of its extension to the chief executive officer of the exchange company, clearing house, exchange controller or investor compensation company to which the order relates and to the directors or members of its committee (if any) as the Commission considers appropriate in the circumstances.
(8) Nothing in subsection (7) affects subsection (6).
(9) The Commission may, after consultation with the Financial Secretary, extend for a period or successive periods of not more than 3 months each the period during which a suspension order is to remain in force.
(10) Where a suspension order is made or extended under this section, the Commission shall-
(a) forthwith serve a copy of the order or notice in writing of the extension on the exchange company, clearing house, exchange controller or investor compensation company to which the order relates; and
(b) publish in the Gazette and publish through at least one other medium a copy of the suspension order or, as may be appropriate, notice of its extension.
(11) A suspension order may, on the application of the Commission to the Court of First Instance, be enforced by an order of the Court as if it were a judgment or order of the Court.
(12) The exchange company, clearing house, exchange controller or investor compensation company concerned shall pay to the Commission on demand costs and expenses reasonably incurred by the Commission or a member or employee of the Commission in connection with a suspension order.
(13) The amount of the costs and expenses demanded under subsection (12) are recoverable by the Commission as a civil debt.
(14) A person who knowingly contravenes subsection (2)(c) commits an offence 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: 94 Heading: Application of Companies Ordinance Version Date: 01/04/2003

Where there is any inconsistency between this Part and the Companies Ordinance (Cap 32) in its application to a recognized exchange company, a recognized clearing house, a recognized exchange controller or a recognized investor compensation company, this Part prevails.


第6分部─一般条文─交易所公司、结算所、
交易所控制人及投资者赔偿公司

91 条文标题： 提供资料 版本日期： 01/04/2003


(1) 证监会、认可交易所、认可结算所、认可控制人及认可投资者赔偿公司有权互相提供关于本身事务及以下事务的资料─
(a) 就认可交易所而言，其任何交易所参与者的事务；
(b) 就认可结算所而言，其任何结算所参与者的事务；
(c) 就认可控制人而言，其任何附属公司的事务；或
(d) 就认可投资者赔偿公司而言，任何针对赔偿基金提出的申索，
但该项资料提供必须是─
(i) (在资料是提供予证监会的情况下)为执行有关条文授予证监会的职能而合理所需的；或
(ii) (在任何其他情况下)为执行本部或获提供资料的该所、控制人或公司各别规章授予获提供资料的该所、控制人或公司的职能而合理所需的。
(2) 证监会可藉送达书面通知予认可交易所、认可结算所、认可控制人或认可投资者赔偿公司，要求该所、控制人或公司(视属何情况而定)向该会提供该会为执行任何有关条文授予的职能而合理地要求的资料，包括由该所、控制人或公司(视属何情况而定)管有而关乎以下事宜的资料─
(a) 就认可交易所而言，其任何交易所参与者的事务；
(b) 就认可结算所而言，其任何结算所参与者的事务；
(c) 就认可控制人而言，其任何附属公司的事务；或
(d) 就认可投资者赔偿公司而言，任何针对赔偿基金提出的申索。
(3) 根据第(1)或(2)款提供资料不得就诽谤法而言视作发布，而在不局限第380(3)条的一般性的原则下及在不抵触第378条的条文下，任何提供该等资料的人并不因此而招致法律责任。
(4) 凡认可交易所、认可结算所、认可控制人或认可投资者赔偿公司根据第(1)款获提供任何资料，该所、控制人或公司(视属何情况而定)除非获证监会同意，否则不得向任何其他人披露该资料或该资料任何部分。
92 条文标题： 证监会的额外权力─限制通知 版本日期： 01/04/2003



(1) 在第(2)、(6)及(14)款的规限下，证监会如信纳送达有关通知─
(a) 就维护投资大众的利益或公众利益而言是适当的；
(b) 对保障投资者是适当的；或
(c) 对妥善规管认可交易所、认可结算所、认可控制人或认可投资者赔偿公司是适当的，
则可藉送达书面通知(“限制通知”)予该所、控制人或公司─
(i) 要求该所、控制人或公司在该通知指明的限期内─
(A) 以该通知指明的方式修订、补充、撤回或撤销该通知指明的其规章或其他文书中的条文；
(B) 就其业务的管理、进行或营运采取该通知指明的行动；
(ii) 禁止该所、控制人或公司在该通知指明的期间，就其业务的管理、进行或营运作出该通知指明的作为或其他事情。
(2) 除非符合以下情况，否则证监会不得送达限制通知─
(a) 该会事先就该通知谘询财政司司长；
(b) 该会事先书面要求有关的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司实施或安排实施该项要求内指明的条文(包括要求它不作出任何作为或其他事情)，而该条文的效果相类于该通知指明的要求或禁止的效果；如该通知指明多于一项要求或禁止，则上述要求内指明的所有条文的综合效果相类于该等要求或禁止的综合效果；及
(c) (b)段所指的要求─
(i) 载有一项条文，要求有关的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司根据第(1)(i)款修订、补充、撤回或撤销其章程中的任何条文，而在该项要求指明的限期(该限期不得少于45日)届满时，该项条文没有获得遵从；或
(ii) 载有一项条文，要求有关的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司作出或不作出任何作为或其他事情，而证监会信纳该项条文没有获得遵从。
(3) 凡限制通知要求任何认可交易所、认可结算所、认可控制人或认可投资者赔偿公司修订、补充、撤回或撤销其章程中的任何条文，该所、控制人或公司可针对该通知向行政长官会同行政会议提出上诉。
(4) 行政长官会同行政会议就第(3)款提述的上诉所作的决定，即为最终决定。
(5) 根据本条送达的限制通知即时生效。
(6) 限制通知内就第(1)(ii)款所指的禁止而指明的期间，不得超逾自该通知的日期起计的6个月。
(7) 证监会可在谘询财政司司长后，藉送达书面通知予有关的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司，延展限制通知的有效期，延展次数不限，但每次不得超逾3个月。
(8) 凡根据本条发出限制通知或延展该通知的有效期，证监会可在宪报刊登该通知或(如适当的话)该项延展的详情。
(9) 如证监会向原讼法庭提出申请，该法庭可作出命令强制执行限制通知，犹如该通知是该法庭的判决或命令一样。
(10) 凡任何认可交易所、认可结算所、认可控制人或认可投资者赔偿公司没有遵从第(1)(i)(A)款所指的限制通知的要求─
(a) 如该要求是修订或补充某条文，则该条文即当作具有经修订或补充(视属何情况而定)后的效力，犹如该要求已获遵从一样；或
(b) 如该要求是撤回或撤销某条文，则该条文即终止有效。
(11) 凡─
(a) 限制通知内包括第(1)(i)(A)款所述的要求，而该要求与某公司的章程有关；及
(b) 该要求所关乎的条文已凭借第(10)款具有效力或终止有效(视属何情况而定)，
则证监会须尽快将该通知的副本交付公司注册处处长。
(12) 如有上诉根据第(3)款提出，而且并没有撤回，则证监会须尽快以书面将上诉结果通知公司注册处处长。
(13) 以下人士─
(a) 认可交易所、认可结算所、认可控制人或认可投资者赔偿公司；
(b) 该所、控制人或公司的高级人员或雇员；
(c) 交易所参与者；或
(d) 结算所参与者，
在履行或其本意是履行限制通知时，如出于真诚而作出或不作出任何作为，则在不局限第380(1)条的一般性的原则下，无须就该等作为或不作为承担任何民事法律责任，不论是在合约法、侵权法、诽谤法、衡平法或是在其他法律下产生的民事法律责任。
(14) 本条不得解释为使证监会能够根据本条作出该会可根据第28(1)(b)或29条藉指令而作出的事情。
93 条文标题： 证监会的额外权力─暂停职能令 版本日期： 01/04/2003



(1) 证监会如信纳作出有关命令(“暂停职能令”)─
(a) 就维护投资大众的利益或公众利益而言是适当的；
(b) 对保障投资者是适当的；或
(c) 对妥善规管认可交易所、认可结算所、认可控制人或认可投资者赔偿公司是适当的，
则可在谘询财政司司长后，作出与以下所有或其中任何职能有关的暂停职能令─
(i) 该所、控制人或公司的董事局或管治团体的职能；
(ii) 第(i)段提述的董事局或管治团体的成员的职能；
(iii) 第(i)段提述的董事局或管治团体设立的委员会(包括小组委员会)的职能；
(iv) 该所、控制人或公司的最高行政人员(不论实际如何称述)的职能。
(2) 以下条文在暂停职能令有效时适用─
(a) 该命令所关乎的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司或其董事局、管治团体、委员会或高级人员，均不得执行该命令所关乎的职能；
(b) (a)段适用的职能可由该命令就该职能指明的人执行；
(c) (a)段提述的人不得藉任何作为或不作为直接或间接影响该段提述的职能的执行方式。
(3) 认可交易所、认可结算所、认可控制人或认可投资者赔偿公司可针对就其发出的暂停职能令，向行政长官会同行政会议提出上诉。
(4) 行政长官会同行政会议就第(3)款提述的上诉所作的决定，即为最终决定。
(5) 除第(9)款另有规定外，暂停职能令的有效期在该命令中指明，但不得超逾6个月。
(6) 暂停职能令或根据第(9)款所作的延展，须在该命令或延展通知的文本根据第(10)(a)款送达该命令所关乎的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司时生效。
(7) 凡根据本条作出暂停职能令或延展其有效期，证监会须在合理地切实可行的范围内尽快将该命令或(如适当的话)延展通知的文本送交该命令所关乎的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司的最高行政人员，如该会认为在有关情况下将该文本送交该所、控制人或公司的董事或其委员会(如有的话)的委员是适当的，则可送交予该等人士。
(8) 第(7)款不影响第(6)款的施行。
(9) 证监会可在谘询财政司司长后，延展暂停职能令的有效期，延展次数不限，但每次不得超逾3个月。
(10) 凡根据本条作出暂停职能令或延展其有效期，证监会须─
(a) 立即将该命令或延展通知的文本送达该命令所关乎的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司；及
(b) 在宪报刊登该命令或(如适当的话)通知，并透过至少一种其他媒介发表。
(11) 如证监会向原讼法庭提出申请，该法庭可作出命令强制执行有关的暂停职能令，犹如该命令是该法庭的判决或命令一样。
(12) 有关的认可交易所、认可结算所、认可控制人或认可投资者赔偿公司须应要求，向证监会支付该会或其成员或雇员就某暂停职能令合理地招致的费用及开支。
(13) 证监会可将根据第(12)款要求的费用及开支的款额，作为民事债项予以追讨。
(14) 任何人明知而违反第(2)(c)款，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。

94 条文标题： 《公司条例》的适用 版本日期： 01/04/2003



凡本部与《公司条例》(第32章)在对认可交易所、认可结算所、认可控制人或认可投资者赔偿公司的适用方面有所抵触，以本部为准。

95 Heading: Authorization for providing automated trading services Version Date: 01/04/2003



Division 7-Automated trading services

(1) No person shall-
(a) provide automated trading services; or
(b) offer to provide automated trading services,
unless that person-
(i) is authorized under subsection (2);
(ii) is an employee or agent of a person authorized under subsection (2), and is acting in that capacity for or on behalf of that person;
(iii) is an intermediary licensed or registered for Type 7 regulated activity;
(iv) is a licensed representative for Type 7 regulated activity, and is acting in that capacity for the licensed corporation to which the representative is accredited; or
(v) is an individual whose name is entered in the register maintained by the Monetary Authority under section 20 of the Banking Ordinance (Cap 155) as that of a person engaged in respect of Type 7 regulated activity by a registered institution registered for that regulated activity, and is acting in that capacity for the registered institution.
(2) Where the Commission is satisfied that it is appropriate to do so, the Commission may upon application by a person, by notice in writing served on that person, authorize that person to provide automated trading services-
(a) subject to such conditions as it considers appropriate specified in the notice; and
(b) with effect from a date specified in the notice for the purpose.
(3) Where a person is granted an authorization under subsection (2), the Commission shall cause notice of that fact to be published in the Gazette.
(4) Where a person is seeking an authorization to provide automated trading services and the Commission is minded not to grant the authorization under subsection (2), the Commission shall give the person a reasonable opportunity of being heard before making a decision not to grant the authorization.
(5) Where the Commission refuses to authorize a person to provide automated trading services under subsection (2), the Commission shall, by notice in writing served on the person, inform the person of the refusal and of the reasons for it.
(6) The Commission shall prepare and publish in the Gazette or otherwise guidelines setting out the principles, procedures and standards in relation to authorization for providing automated trading services under this section.
(7) Guidelines published under subsection (6) are not subsidiary legislation.
(8) Subject to subsection (9), for the purposes of subsection (1)(b), a person offers to provide automated trading services only if the services are actively marketed, whether in Hong Kong or elsewhere, to persons in Hong Kong by the first-mentioned person or by another person on his behalf.
(9) For the purposes of subsection (1)(b), a person shall not be regarded as offering to provide automated trading services if the persons to whom the offer is made are persons to whom the first-mentioned person or a related corporation thereof, at any time during the period of 3 years immediately preceding the day on which the offer is made, has provided or has agreed to provide any financial services, including automated trading services.

96 Heading: Application for authorization Version Date: 01/04/2003



(1) An application under section 95(2) shall be accompanied by-
(a) such information and particulars as the Commission may reasonably require; and
(b) an application fee prescribed by rules made under section 395 for the purposes of this section.
(2) Without limiting the generality of subsection (1)(a), an application under section 95(2) shall also be accompanied by such information as may reasonably be required by the Commission regarding-
(a) the services and facilities which the applicant will hold itself out as being able to provide if the application is allowed;
(b) the business which the applicant proposes to carry on and to which the application relates, and any person whom the applicant proposes to employ or with whom the applicant intends to be associated in the course of carrying on the business;
(c) the business which the applicant is carrying on, the officers it employs and the persons with whom the applicant is associated in the course of carrying on the business; and
(d) its directors and substantial shareholders and, if any of its substantial shareholders is a corporation, the directors and substantial shareholders of that corporation.
(3) In considering an application under section 95(2), the Commission may have regard to any information in its possession whether provided by the applicant or not.

97 Heading: Conditions for authorization Version Date: 01/04/2003



(1) Without limiting the generality of conditions which may be specified in a notice under section 95(2), the Commission may, by notice in writing served on a person authorized under that section, amend or revoke any conditions specified under that section or impose new conditions, where the Commission is satisfied that it is appropriate to do so.
(2) Where the Commission amends or revokes any condition or imposes any new condition under subsection (1), the amendment, revocation or imposition takes effect at the time of service of the notice or at the time specified in the notice, whichever is the later.
(3) Without limiting the generality of subsection (1) or section 95(2), a notice served thereunder may contain a condition that the person authorized to provide automated trading services shall comply with all or any of the following requirements, that is to say, the person shall-
(a) provide the services according to rules approved by the Commission for the purpose;
(b) ensure as far as is reasonably practicable that there is an orderly, informed and fair market in relation to all transactions which are carried out by means of or through the services;
(c) ensure that the securities or futures contract, the sale or purchase of which is to be negotiated or concluded by means of or through the services, belongs to a class of securities or futures contracts specified in the notice by the Commission for this purpose;
(d) ensure that the transaction that is to be novated, cleared, settled or guaranteed by means of or through the services belongs to a class of transactions specified in the notice by the Commission for this purpose;
(e) disclose to the Commission within the time and in the manner specified in the notice, such information as the Commission may request for the purpose of performing its functions under this Ordinance;
(f) permit any person authorized in that behalf by the Commission to enter at any reasonable time the premises on which the services are provided and to inspect the electronic facilities by means of which the services are provided;
(g) provide and maintain automated systems with adequate capacity, facilities to meet contingencies or emergencies, security arrangements and technical support for the provision of the services;
(h) notify the Commission of any changes to the information and particulars required by the Commission under section 96(1) or (2);
(i) pay to the Commission a fee prescribed by rules made under section 395 for the purposes of this section.
98 Heading: Withdrawal of authorization Version Date: 01/04/2003



(1) Subject to subsection (4), where the Commission is satisfied that it is appropriate to do so in the interest of the investing public or in the public interest, it may, by notice in writing served on a person who has been granted an authorization under section 95(2), stating the reasons in support of the ground or grounds for the notice, withdraw the authorization with effect from a date specified in the notice for the purpose.
(2) The Commission may by the notice served under subsection (1) permit the person to continue, on or after the date on which the withdrawal is to take effect, to carry on such activities affected by the withdrawal as the Commission may specify in the notice for the purpose of-
(a) ceasing to provide the automated trading services to which the withdrawal relates; or
(b) protecting the interest of the investing public or the public interest.
(3) Where the Commission has granted a permission to a person under subsection (2), the person shall not, by reason of its carrying on the activities in accordance with the permission, be regarded as having contravened section 95.
(4) The Commission shall not exercise its power under subsection (1) in relation to a person who has been granted an authorization under section 95(2) unless it has given the person a reasonable opportunity of being heard.
(5) Where the Commission withdraws an authorization under subsection (1), it shall cause notice of that fact to be published in the Gazette.
(6) A notice served under this section shall take effect immediately.

99 Heading: Commission to maintain register of authorized automated trading services Version Date: 01/04/2003



(1) The Commission shall maintain a register of authorized automated trading services in such form as it considers appropriate.
(2) The register maintained under subsection (1) shall contain in relation to each person who has been granted an authorization under section 95(2)-
(a) the name and business address of the person;
(b) such conditions of the authorization as the Commission considers appropriate; and
(c) such other particulars as are prescribed by rules made under section 397 for the purposes of this subsection.
(3) The register may be maintained-
(a) in a documentary form; or
(b) by recording the information required under subsection (2) otherwise than in a legible form, so long as the information is capable of being reproduced in a legible form.
(4) For the purposes of enabling any member of the public to ascertain whether he is dealing with a person who has been granted an authorization under section 95(2) in matters of or connected with any automated trading services and to ascertain the particulars of the authorization of such person, the register shall be made available for public inspection at all reasonable times.
(5) At all reasonable times, a member of the public may-
(a) inspect the register, or (where the register is maintained otherwise than in a documentary form) a reproduction of the information or the relevant part of it in a legible form; and
(b) obtain a copy of an entry in or extract of the register on payment of a fee prescribed by rules made under section 395.
(6) A document purporting to be-
(a) a copy of an entry in or extract of the register maintained under this section; and
(b) certified by an authorized officer of the Commission as a true copy of the entry or extract referred to in paragraph (a),
shall be admissible as evidence of its contents in any legal proceedings.
(7) Without derogating from the other provisions of this section, the Commission shall, in addition, cause the register to be available to the public in the form of an on-line record.
100 Heading: Rules by Commission Version Date: 01/04/2003



(1) Without prejudice to section 398(7) and (8), the Commission may make rules to-
(a) require a person authorized to provide automated trading services to supply the Commission with such information as the Commission requires to satisfy the Commission that the conditions specified in a notice served on the person under section 95(2) or 97 are complied with;
(b) provide for the time within which and the manner in which the information under paragraph (a) shall be provided;
(c) provide for the regulation of automated trading services and any other matters incidental thereto.
(2) Without limiting the generality of rules which may be made under subsection (1), such rules may-
(a) provide for the standards of conduct and practices to be complied with in relation to the provision of automated trading services;
(b) prohibit the use of misleading or deceptive advertisements in relation to the provision of automated trading services or impose conditions for the use of advertisements in relation to the provision of such services;
(c) require a person authorized to provide automated trading services-
(i) to take steps to avoid conflicts of interests, and specify the steps that shall be taken in the event that there is a potential or actual conflict of interest; and
(ii) to take such steps as the Commission may specify to ensure that there is integrity, orderliness, transparency and fairness in transactions conducted through the services, including steps to ensure that-
(A) a request for the services is to be dealt with properly and as expeditiously as is appropriate in the circumstances; and
(B) access rights to the services and the relevant trading conventions relating to the transactions to be conducted through the services are properly explained to the persons to whom the services are provided;
(d) provide for measures designed to discourage and identify any money laundering activities.
(3) Rules made under this section may provide that a person who, without reasonable excuse, contravenes any specified provision of the rules that apply to the person commits an offence and is liable to a specified penalty not exceeding-
(a) on conviction on indictment a fine at level 6 and a term of imprisonment of 2 years;
(b) on summary conviction a fine at level 3 and a term of imprisonment of 6 months.

101 Heading: Providing automated trading services without authorization Version Date: 01/04/2003


A person who, without reasonable excuse, contravenes section 95(1) commits an offence and is liable-
(a) on conviction on indictment to a fine of $5000000 and to imprisonment for 7 years and, in the case of a continuing offence, to a further fine of $100000 for every day during which the offence continues; or
(b) on summary conviction to a fine of $500000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10000 for every day during which the offence continues.




第7分部─自动化交易服务

95 条文标题： 认可提供自动化交易服务 版本日期： 01/04/2003


(1) 任何人不得─
(a) 提供自动化交易服务；或
(b) 要约提供该服务，
除非该人是─
(i) 根据第(2)款获认可提供自动化交易服务的人；
(ii) 根据第(2)款获认可提供该服务的人的雇员或代理人并且以该身分为该人或代该人行事；
(iii) 就第7类受规管活动获发牌或获注册的中介人；
(iv) 第7类受规管活动的持牌代表并且以该身分为他所隶属的持牌法团行事；或
(v) 名列于金融管理专员根据《银行业条例》(第155章)第20条备存的纪录册并显示为受就第7类受规管活动获注册的注册机构就该活动聘用的人并且以该身分为该机构行事。
(2) 凡证监会信纳认可某人提供自动化交易服务是适当的，则可应该人的申请，藉送达书面通知予该人，认可该人提供该服务，而该项认可─
(a) 受该会认为适当并在该通知中指明的条件规限；及
(b) 自该通知指明的生效日期起生效。
(3) 凡某人根据第(2)款获认可，证监会须安排在宪报刊登公告以公布此事。
(4) 凡某人寻求获认可提供自动化交易服务，而证监会有意拒绝根据第(2)款给予认可，则该会在决定拒绝给予认可前，须给予该人合理的陈词机会。
(5) 凡证监会拒绝根据第(2)款认可某人提供自动化交易服务，证监会须藉送达书面通知予该人，将拒绝一事及拒绝的理由告知该人。
(6) 证监会须拟备指引，列明关于根据本条认可提供自动化交易服务的原则、程序及准则，并在宪报刊登或以任何其他方式发表该等指引。
(7) 根据第(6)款刊登或发表的指引不是附属法例。
(8) 除第(9)款另有规定外，就第(1)(b)款而言，某人须或任何人须代该人(不论在香港或其他地方)向在香港的人积极推广自动化交易服务，首述的人方属要约提供该服务。
(9) 就第(1)(b)款而言，如某人或其有连系法团于紧接提出提供自动化交易服务的要约之日之前的3年的任何时间内，曾向受要约的人提供或同意向受要约的人提供任何财经服务(包括自动化交易服务)，则首述的人不得视为要约提供自动化交易服务。

96 条文标题： 申请认可 版本日期： 01/04/2003



(1) 根据第95(2)条提出的申请，须附有─
(a) 证监会合理地要求的资料及详情；及
(b) 为施行本条而藉根据第395条订立的规则订明的申请费用。
(2) 在不局限第(1)(a)款的一般性的原则下，根据第95(2)条提出的申请，须附有关乎以下各项而证监会合理地要求的资料─
(a) 如该申请获批准，申请人会显示自己有能力提供的服务及设施；
(b) 申请人拟经营及该申请所关乎的业务，及申请人拟在经营该业务过程中聘用何人或与何人联结；
(c) 申请人现时从事的业务，及在经营该业务过程中聘用何人及与何人联结；及
(d) 申请人的董事及大股东；如申请人的任何大股东是法团，则须附有关于该法团的董事及大股东的资料。
(3) 证监会在考虑根据第95(2)条提出的申请时，可考虑该会管有的任何资料，不论该等资料是否由申请人提供。
97 条文标题： 认可的条件 版本日期： 01/04/2003



(1) 在不局限根据第95(2)条送达的通知指明的条件的一般性的原则下，如证监会认为修订或撤销根据该条指明的任何条件或施加任何新的条件是适当的，则可藉送达书面通知予根据该条获认可的人，修订或撤销(视属何情况而定)任何根据该条指明的条件或施加任何新的条件。
(2) 凡证监会藉根据第(1)款送达通知修订或撤销任何条件或施加任何新的条件，该项修订、撤销或施加在该通知送达时或在该通知指明的时间(两者以较迟者为准)生效。
(3) 在不局限第(1)款或第95(2)条的一般性的原则下，根据该条或该款送达的通知，可载有条件，要求获认可提供自动化交易服务的人遵从以下所有或任何规定─
(a) 按照证监会就该等服务批准的规则提供其服务；
(b) 在合理地切实可行的范围内，确保藉着或透过该等服务进行的一切交易，是在有秩序、信息灵通和公平的市场中进行的；
(c) 确保藉着或透过该等服务洽商或达成买卖的证券或期货合约，属于证监会为此目的在该通知指明的类别的证券或期货合约；
(d) 确保藉着或透过该等服务更替、结算、交收或担保的交易，属于证监会为此目的在该通知指明的类别的交易；
(e) 在该通知指明的限期内，按该通知指明的方式向证监会披露该会为执行本条例授予的职能而要求的资料；
(f) 准许证监会为此授权的人在任何合理时间进入提供该等服务的处所和视察提供该等服务的电子设施；
(g) 提供及维持具有足够处理能力、应变或应急设施，保安安排及技术支援的自动系统，以提供该等服务；
(h) 在证监会根据第96(1)或(2)条要求的资料或详情有任何改变时，将该等改变通知该会；
(i) 向证监会缴付为施行本条而藉根据第395条订立的规则订明的费用。
98 条文标题： 撤回认可 版本日期： 01/04/2003



(1) 在第(4)款的规限下，凡证监会信纳撤回某人根据第95(2)条获给予的认可，就维护投资大众的利益或公众利益而言是适当的，则可藉送达书面通知予该人，撤回该项认可，该通知须述明作出该通知的理由，并自该通知指明的生效日期起生效。
(2) 证监会可藉根据第(1)款送达的通知准许有关的人在有关撤回的生效日期当日或之后，为─
(a) 停止提供该项撤回所关乎的自动化交易服务的目的；或
(b) 保障投资大众的利益或公众利益的目的，
而继续进行证监会在该通知中指明的受该项撤回所影响的活动。
(3) 凡某人获得证监会根据第(2)款给予的准许，则该人不得因其按照准许进行有关的活动而视为违反第95条。
(4) 证监会在根据第(1)款就某根据第95(2)条获认可的人行使权力前，须给予该人合理的陈词机会。
(5) 凡证监会根据第(1)款撤回认可，该会须安排在宪报刊登公告以公布此事。
(6) 根据本条送达的通知即时生效。
99 条文标题： 证监会须备存认可自动化交易服务的纪录册 版本日期： 01/04/2003



(1) 证监会须以该会认为适当的格式备存一份认可自动化交易服务的纪录册。
(2) 根据第(1)款备存的纪录册须就每名根据第95(2)条获给予认可的人而载有以下资料─
(a) 该人的姓名或名称及业务地址；
(b) 该项认可附有的而证监会认为适宜载入纪录册的条件；及
(c) 为施行本款而藉根据第397条订立的规则订明的其他详情。
(3) 纪录册可藉以下方式备存─
(a) 以文件形式；或
(b) 并非以可阅读形式记录第(2)款所规定的资料，但如此记录的该等资料须能以可阅读形式重现。
(4) 为使任何公众人士能确定他是否正在就任何自动化交易服务的事宜或就与任何自动化交易服务有关连的事宜与根据第95(2)条获给予认可的人往来，以及为确定该人的认可的详情，纪录册须于任何合理时间提供予公众查阅。
(5) 在任何合理时间，公众人士可─
(a) 查阅纪录册或(如纪录册并非以文件形式备存的)以可阅读形式重现的纪录册的资料或其有关部分；及
(b) 在缴付藉根据第395条订立的规则订明的费用后，取得纪录册的任何记项或摘录的副本。
(6) 任何文件如看来是─
(a) 根据本条备存的纪录册的任何记项或摘录的副本；及
(b) 经由证监会的获授权人员核证为(a)段提述的记项或摘录的真确副本，
则须在任何法律程序中获接纳为其中内容的证据。
(7) 在不减损本条其他条文的原则下，证监会须另行安排将纪录册以联机纪录形式提供予公众。
100 条文标题： 证监会订立规则 版本日期： 08/07/2005



(1) 在不损害第398(7)及(8)条的原则下，证监会可订立规则以─
(a) 规定获认可提供自动化交易服务的人向该会提供该会要求的资料，以使该会信纳根据第95(2)或97条送达该人的通知所指明的条件获得遵从；
(b) 就(a)段所指的资料须于何时及以何方式提供，订定条文；
(c) 就自动化交易服务的规管及任何其他附带事宜，订定条文。
(2) 在不局限可根据第(1)款订立的规则的一般性的原则下，该等规则可─
(a) 就提供自动化交易服务须遵守的操守及实务标准，订定条文；
(b) 禁止使用与提供自动化交易服务有关而具误导性或欺骗性的广告，或就使用与提供该服务有关的广告施加条件； (由2005年第10号第199条修订)
(c) 规定获认可提供自动化交易服务的人─
(i) 采取步骤避免有利益冲突，并指明一旦出现潜在或实际利益冲突时须采取的步骤；及
(ii) 采取证监会指明的步骤，确保透过该服务进行的交易是在廉洁、稳健、有秩序、具透明度和公平的情况下进行的，包括采取步骤确保─
(A) 妥当地和在当时情况下在适当范围内尽速地处理任何服务要求；及
(B) 向获提供该服务的人妥为解释关于透过该服务进行交易的使用服务权及有关惯例；
(d) 订定措施以遏阻和识辨任何洗钱活动。
(3) 根据本条订立的规则，可订明任何人无合理辩解而违反该等规则适用于该人的指明条文，即属犯罪─
(a) 一经循公诉程序定罪，可处不超过第6级罚款及监禁2年的指明罚则；
(b) 一经循简易程序定罪，可处不超过第3级罚款及监禁6个月的指明罚则。
101 条文标题： 未获认可而提供自动化交易服务 版本日期： 01/04/2003


任何人无合理辩解而违反第95(1)条，即属犯罪─
(a) 一经循公诉程序定罪，可处罚款$5000000及监禁7年，如属持续的罪行，则可就罪行持续期间的每一日，另处罚款$100000；或
(b) 一经循简易程序定罪，可处罚款$500000及监禁2年，如属持续的罪行，则可就罪行持续期间的每一日，另处罚款$10000。