关键词：Securities

条： 193 条文标题： 第IX部的释义 版本日期： 14/12/2007



第IX部

纪律等

第1分部─释义

(1) 在本部中，除文意另有所指外─
“公司登记册”(register of companies) 指《公司条例》(第32章)第291条所指的登记册，或根据该条例第333AA条备存的非香港公司登记册； (由2004年第30号第3条增补)
“失当行为”(misconduct) 指─
(a) 违反任何有关条文；
(b) 违反根据本条例批给的任何牌照或注册的任何条款或条件；
(c) 违反根据或依据本条例任何条文施加的任何其他条件，或违反根据《银行业条例》(第155章)第71C(2)(b)或(9)或71E(3)条附加或修订的任何条件；或
(d) 与某人进行他获发牌或获注册进行的受规管活动有关的作为或不作为，而按证监会的意见，该作为或不作为是有损或相当可能有损投资大众的利益或公众利益的，
而“犯失当行为”(guilty of misconduct) 须据此解释。
(2) 在本部中，如某中介人因作出某行为，而属犯或曾在任何时间属犯第(1)款中“失当行为”的定义的(a)、(b)、(c)或(d)段所指的失当行为，而该行为是在─
(a) (就持牌法团而言)以─
(i) 该法团的负责人员；或
(ii) 参与该法团的业务的管理的人；或
(b) (就注册机构而言)以─
(i) 该机构的主管人员；或
(ii) 参与构成该机构现时或曾经(视属何情况而定)获注册进行的受规管活动的业务的管理的人，
身分行事的另一人的同意或纵容下发生，或是可归因于该另一人的怠忽的，则该行为亦视为该另一人的失当行为，而“犯失当行为”亦须据此解释。
(3) 就第(1)款中“失当行为”的定义的(d)段而言，除非证监会已顾及在根据第169条刊登及发表的任何操守守则或根据第399条刊登及发表的任何守则或指引中所列的、就有关作为或不作为适用的、并在有关作为或不作为发生时有效的条文，否则不得得出该等作为或不作为是有损或相当可能有损投资大众的利益或公众利益的意见。
(由2004年第30号第3条修订)

条： 194 条文标题： 就持牌人等采取纪律行动 版本日期： 01/04/2003



第2分部─纪律等

(1) 在符合第198条的规定下，如─
(a) 某受规管人士犯失当行为或曾在任何时间犯失当行为；或
(b) 按证监会的意见，某受规管人士并非担任或留任同一类受规管人士的适当人选，
则证监会可行使该会认为就有关个案的情况而言属适当的下述权力─
(i) 如该受规管人士是持牌人─
(A) 就该受规管人士获发牌进行的所有或任何受规管活动或其中任何部分，撤销该牌照；或
(B) 就该受规管人士获发牌进行的所有或任何受规管活动或其中任何部分，将该牌照暂时吊销一段证监会指明的期间或直至该会指明的事件发生为止；
(ii) 如该受规管人士是某持牌法团的负责人员─
(A) 撤销根据第126(1)条就该受规管人士成为该负责人员而给予该受规管人士的核准；或
(B) 将上述核准暂时撤销一段证监会指明的期间或直至该会指明的事件发生为止；
(iii) 公开地或非公开地谴责该受规管人士；
(iv) 禁止该受规管人士在证监会指明的期间内或在该会指明的事件发生之前就该类受规管活动或该等受规管活动作出以下所有或其中任何事情─
(A) 申请牌照或注册；
(B) 申请根据第126(1)条获核准成为持牌法团的负责人员；
(C) 申请根据《银行业条例》(第155章)第71C条获给予同意以或继续以注册机构的主管人员的身分行事；
(D) 透过注册机构，寻求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该受规管人士就某类受规管活动受聘于该机构。
(2) 在符合第198及199条的规定下，如─
(a) 某受规管人士犯失当行为或曾在任何时间犯失当行为；或
(b) 按证监会的意见，某受规管人士并非担任或留任同一类受规管人士的适当人选，
则证监会不论是否同时行使第(1)款所赋权力，均可命令该受规管人士缴付最高数额如下的罚款(以金额较大者为准)─
(i) $10000000；或
(ii) 因该失当行为或因该受规管人士其他导致证监会得出该意见的行为(视属何情况而定)而令该受规管人士获取的利润金额或避免的损失金额的3倍。
(3) 证监会在断定某受规管人士是否第(1)(b)或(2)(b)款所指的适当人选时，除可考虑其他事宜(包括第129条指明的事宜)外，亦可考虑该会认为在有关个案的情况下适宜考虑的该受规管人士现时或过往的行为。
(4) 根据第(2)款被命令缴付罚款的受规管人士，须在该命令根据第232条作为指明决定而生效后30日(或证监会根据第198(3)条藉通知而指明的较长限期)内，向该会缴付该罚款。
(5) 原讼法庭可应证监会按为施行本款而藉根据第397条订立的规则订明的方式而提出的申请，在原讼法庭登记根据第(2)款作出的命令，而该命令一经登记，即就所有目的而言视为原讼法庭在其民事司法管辖权范围内就缴付款项而作出的命令。
(6) 依据一项根据第(2)款作出的命令而付予证监会或由该会追讨所得的罚款，须由该会拨入政府一般收入。
(7) 在本条中─
“有关时间”(relevant time) 就某人而言─
(a) 就第(1)(a)或(2)(a)款而言，指该人犯失当行为或曾犯失当行为的时间；或
(b) 就第(1)(b)或(2)(b)款而言，指某事件发生的时间，而该事件(不论是否连同任何其他事件)令证监会得出该人并非该款所指的适当人选的意见；
“受规管人士”(regulated person) 指属或曾在有关时间属以下任何类别人士的人─
(a) 持牌人；
(b) 持牌法团的负责人员；或
(c) 参与持牌法团的业务的管理的人。

条： 195 条文标题： 在其他情况下就持牌人等采取纪律行动 版本日期： 01/04/2003



(1) 在符合第198条的规定下，证监会可在以下情况下，就持牌人获发牌进行的所有或任何受规管活动或其中任何部分，撤销该牌照或将该牌照暂时吊销一段该会指明的期间或直至该会指明的事件发生为止─
(a) 持牌人属个人，而─
(i) 该持牌人根据《破产条例》(第6章)与债权人订立自愿安排，或有破产令根据该条例针对该持牌人而作出；
(ii) 该持牌人没有清偿某项实施执行所涉及的款项；
(iii) 该持牌人根据《精神健康条例》(第136章)被法庭裁断为精神上无行为能力或被羁留在精神病院，而证监会认为该项裁断或羁留损害该持牌人作为继续持牌的人选的适当性；或
(iv) 该持牌人在香港或其他地方被裁定犯某罪行(任何有关条文所订罪行除外)，而证监会认为该项定罪损害该持牌人作为继续持牌的人选的适当性；
(b) 持牌人是法团，而─
(i) 有人获委任为该持牌人的财产或业务的接管人或经理人；
(ii) 该持牌人没有清偿某项实施执行所涉及的款项；
(iii) 该持牌人与债权人作出债务妥协或债务偿还安排；
(iv) 该持牌人正在清盘或被下令清盘；
(v) 该持牌人在香港或其他地方被裁定犯某罪行(任何有关条文所订罪行除外)，而证监会认为该项定罪损害该持牌人作为继续持牌的人选的适当性；
(vi) 该持牌人的任何董事根据《精神健康条例》(第136章)被法庭裁断为精神上无行为能力或被羁留在精神病院，而证监会认为该项裁断或羁留损害该持牌人作为继续持牌的人选的适当性；或
(vii) 该持牌人的任何董事在香港或其他地方被裁定犯某罪行(任何有关条文所订罪行除外)，而证监会认为该项定罪损害该持牌人作为继续持牌的人选的适当性；
(c) 持牌人不进行该项撤销或暂时吊销(视属何情况而定)所关乎的受规管活动或其中部分活动；或
(d) 持牌人请求证监会如此撤销或暂时吊销该牌照。
(2) 在符合第198条的规定下，并在不局限第(1)款的一般性的原则下，证监会可在以下情况下，就第7类受规管活动或该类活动中的任何部分，撤销持牌人的牌照─
(a) 证监会根据第118(1)(c)条要求该持牌人应根据第95(2)条就该类活动申请认可；而
(b) (i) 该持牌人没有按照该要求根据第95(2)条申请认可，或该持牌人已以其他方式告知证监会他不拟根据第95(2)条申请认可；或
(ii) 该持牌人已根据第95(2)条申请认可，但该项申请不获批准。
(3) 在以下情况下，有关牌照当作被撤销─
(a) 持牌人属个人，而该持牌人去世；或
(b) 持牌人是法团，而该持牌人已清盘、自公司登记册中剔除，或以其他方式解散。
(4) 除第(5)款另有规定外，在以下情况下，有关牌照当作被暂时吊销─
(a) 持牌人没有在他须根据第138条缴付年费之日后3个月内全数缴付该年费，或没有在该3个月内缴付因他没有全数缴付该年费而致他根据该条须缴付的附加款项；或
(b) 持牌人没有在他须根据第138条呈交周年申报表之日后3个月内呈交该申报表，
而除第(6)款另有规定外，暂时吊销属持续有效，直至证监会认为该牌照不应再被暂时吊销并藉表明此意的书面通知告知持牌人为止。
(5) 在以下条件获符合前，任何牌照不得根据第(4)款当作被暂时吊销─
(a) (就根据第(4)(a)款因没有全数缴付任何年费或附加款项一事而当作暂时吊销的情况而言)证监会已在该项暂时吊销生效前给予不少于10个营业日的书面通知，告知持牌人须全数缴付有关年费或附加款项(视属何情况而定)，以及如没有遵从该规定则根据本条会有何后果；或
(b) (就根据第(4)(b)款因没有呈交周年申报表一事而当作暂时吊销的情况而言)证监会已在该项暂时吊销生效前给予不少于10个营业日的书面通知，告知持牌人须呈交周年申报表，以及如没有遵从该规定则根据本条会有何后果。
(6) 如任何牌照根据第(4)款被暂时吊销，而第(4)(a)或(b)款(视属何情况而定)描述的事件在该项暂时吊销根据第(4)款生效之日后30日内仍未补救，或在证监会藉向有关持牌人发出书面通知而指明的较长限期内仍未补救，该牌照即当作被撤销。
(7) 在符合第198条的规定下，如持牌法团的负责人员在香港或其他地方被裁定犯某罪行(任何有关条文所订罪行除外)，而证监会认为该项定罪损害该人作为留任负责人员的人选的适当性，该会可─
(a) 撤销根据第126(1)条就该人成为该负责人员而给予该人的核准；或
(b) 将上述核准暂时撤销一段证监会指明的期间或直至该会指明的事件发生为止。

条： 196 条文标题： 就注册机构等采取纪律行动 版本日期： 01/04/2003



(1) 在符合第198条的规定下，如─
(a) 某受规管人士犯失当行为或曾在任何时间犯失当行为；或
(b) 按证监会的意见，某受规管人士并非担任或留任同一类受规管人士的适当人选，
则证监会可行使该会认为就有关个案的情况而言属适当的下述权力─
(i) 如该受规管人士是注册机构─
(A) 就该受规管人士获注册进行的所有或任何受规管活动或其中任何部分，撤销该项注册；或
(B) 就该受规管人士获注册进行的所有或任何受规管活动或其中任何部分，将该项注册暂时撤销一段证监会指明的期间或直至该会指明的事件发生为止；
(ii) 公开地或非公开地谴责该受规管人士；
(iii) 禁止该受规管人士在证监会指明的期间内或在该会指明的事件发生之前就该类受规管活动或该等受规管活动作出以下所有或其中任何事情─
(A) 申请牌照或注册；
(B) 申请根据第126(1)条获核准成为持牌法团的负责人员；
(C) 申请根据《银行业条例》(第155章)第71C条获给予同意以或继续以注册机构的主管人员的身分行事；
(D) 透过注册机构，寻求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该受规管人士就某类受规管活动受聘于该机构。
(2) 在符合第198及199条的规定下，如─
(a) 某受规管人士犯失当行为或曾在任何时间犯失当行为；或
(b) 按证监会的意见，某受规管人士并非担任或留任同一类受规管人士的适当人选，
则证监会不论是否同时行使第(1)款所赋权力，均可命令该受规管人士缴付最高数额如下的罚款(以金额较大者为准)─
(i) $10000000；或
(ii) 因该失当行为或因该受规管人士其他导致证监会得出该意见的行为(视属何情况而定)而令该受规管人士获取的利润金额或避免的损失金额的3倍。
(3) 证监会在断定某受规管人士是否第(1)(b)或(2)(b)款所指的适当人选时，除可考虑其他事宜(包括第129条指明的事宜)外，亦可考虑该会认为在有关个案的情况下适宜考虑的该受规管人士现时或过往的行为。
(4) 根据第(2)款被命令缴付罚款的受规管人士，须在该命令根据第232条作为指明决定而生效后30日(或证监会根据第198(3)条藉通知而指明的较长限期)内，向该会缴付该罚款。
(5) 原讼法庭可应证监会按为施行本款而藉根据第397条订立的规则订明的方式而提出的申请，在原讼法庭登记根据第(2)款作出的命令，而该命令一经登记，即就所有目的而言视为原讼法庭在其民事司法管辖权范围内就缴付款项而作出的命令。
(6) 依据一项根据第(2)款作出的命令而付予证监会或由该会追讨所得的罚款，须由该会拨入政府一般收入。
(7) 在不损害金融管理专员根据《银行业条例》(第155章)行使任何权力的原则下，证监会可就金融管理专员根据该条例第58A(1)或71C(4)条行使其任何权力方面，向金融管理专员作出该会认为适当的建议。
(8) 在本条中─
“有关时间”(relevant time) 就某人而言─
(a) 就第(1)(a)或(2)(a)款而言，指该人犯失当行为或曾犯失当行为的时间；或
(b) 就第(1)(b)或(2)(b)款而言，指某事件发生的时间，而该事件(不论是否连同任何其他事件)令证监会得出该人并非该款所指的适当人选的意见；
“受规管人士”(regulated person) 指属或曾在有关时间属以下任何类别人士的人─
(a) 注册机构；
(b) 注册机构的主管人员；
(c) 参与构成注册机构现时或曾经(视属何情况而定)获注册进行的受规管活动的业务的管理的人；或
(d) 现时或曾经(视属何情况而定)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注册机构就某类受规管活动聘用的个人。

条： 197 条文标题： 在其他情况下就注册机构等采取纪律行动 版本日期： 01/04/2003



(1) 在符合第198条的规定下，证监会可在以下情况下，就注册机构获注册进行的所有或任何受规管活动或其中任何部分，撤销该项注册或将该项注册暂时撤销一段该会指明的期间或直至该会指明的事件发生为止─
(a) (i) 有人获委任为该机构的财产或业务的接管人或经理人；
(ii) 该机构没有清偿某项实施执行所涉及的款项；
(iii) 该机构与债权人作出债务妥协或债务偿还安排；
(iv) 该机构正在清盘或被下令清盘；
(v) 该机构在香港或其他地方被裁定犯某罪行(任何有关条文所订罪行除外)，而证监会认为该项定罪损害该机构作为继续获注册的人选的适当性；
(b) 该机构不进行该项撤销或暂时撤销(视属何情况而定)所关乎的受规管活动或其中部分活动；或
(c) 该机构请求证监会如此撤销或暂时撤销该项注册。
(2) 在符合第198条的规定下，并在不局限第(1)款的一般性的原则下，证监会可在以下情况下，就第7类受规管活动或该类活动中的任何部分，撤销注册机构的注册─
(a) 证监会根据第119(8)(b)条要求该机构应根据第95(2)条就该类活动申请认可；而
(b) (i) 该机构没有按照该要求根据第95(2)条申请认可，或该机构已以其他方式告知证监会它不拟根据第95(2)条申请认可；或
(ii) 该机构已根据第95(2)条申请认可，但该项申请不获批准。
(3) 在以下情况下，注册机构的注册当作被撤销─
(a) 该机构不再是认可财务机构；或
(b) 该机构已清盘、自公司登记册中剔除，或以其他方式解散。
(4) 除第(5)款另有规定外，如注册机构没有在该机构须根据第138条缴付年费之日后3个月内全数缴付该年费，或没有在该3个月内缴付因它没有全数缴付该年费而致它根据该条须缴付的附加款项，该机构的注册即当作被暂时撤销，而除第(6)款另有规定外，暂时撤销属持续有效，直至证监会认为该项注册不应再被暂时撤销并藉表明此意的书面通知告知该机构为止。
(5) 在以下条件获符合前，任何注册不得因没有全数缴付年费或附加款项一事而根据第(4)款当作被暂时撤销：证监会已在该项暂时撤销生效前给予不少于10个营业日的书面通知，告知注册机构须全数缴付有关年费或附加款项(视属何情况而定)，以及如没有遵从该规定则根据本条会有何后果。
(6) 如任何注册根据第(4)款被暂时撤销，而在该款所述的没有全数缴付年费或附加款项之事在该项暂时撤销根据该款生效之日后30日内仍未补救，或在证监会藉向有关注册机构发出书面通知而指明的较长限期内仍未补救，该项注册即当作被撤销。

条： 198 条文标题： 有关根据第IX部行使权力的程序规定 版本日期： 01/04/2003



第3分部─杂项条文

(1) 证监会在根据第194(1)或(2)、195(1)(a)、(b)或(c)、(2)或(7)、196(1)或(2)或197(1)(a)或(b)或(2)条就某人行使权力之前，须给予该人合理的陈词机会。
(2) 证监会在根据第196(1)或(2)或197(1)或(2)条行使权力之前，须谘询金融管理专员。
(3) 如证监会决定根据第194(1)或(2)、195(1)、(2)或(7)、196(1)或(2)或197(1)或(2)条就某人行使权力，须藉书面通知将该决定告知该人；该通知须包括─
(a) 述明作出该决定的理由；
(b) 载有该决定的生效时间；
(c) (在适用范围内)载有根据该决定将施加的撤销、暂时吊销、暂时撤销或禁止的持续期及条款；
(d) (在适用范围内)载有根据该决定该人将受谴责的内容；及
(e) (在适用范围内)载有根据该决定将判处的罚款金额以及须缴付该罚款的限期(即指明为该决定根据第232条作为指明决定而生效后的一段期间)。

： 199 条文标题： 根据第194(2)或196(2)条行使职能的指引 版本日期： 01/04/2003



(1) 除非符合以下规定，否则证监会不得根据第194(2)或196(2)条执行其职能─
(a) 该会已在宪报刊登并以该会认为适当的其他方式发表指引，显示该会拟采用何种方式执行该等职能；及
(b) 该会在执行该等职能时，已顾及如此刊登及发表的指引。
(2) 在不规限可加入证监会认为有关的任何其他因素的原则下，根据第(1)款刊登及发表的指引须包括证监会在根据第194(2)或196(2)条执行职能时须考虑的以下因素─
(a) 有关受规管人士的行为是否属蓄意、罔顾后果或疏忽的；
(b) 该行为是否损害证券及期货市场的廉洁稳健；
(c) 该行为是否对任何其他人造成损失或使任何其他人承担支出；及
(d) 该行为是否导致该受规管人士或任何其他人得到利益。
(3) 根据第(1)款刊登及发表的指引不是附属法例。

条： 200 条文标题： 根据第IX部作出的暂时吊销或暂时撤销的效果 版本日期： 01/04/2003



(1) 如某人的牌照根据第194或195条就该人获发牌进行的所有或任何受规管活动或其中任何部分而被暂时吊销，则在不损害本条例中就该项暂时吊销而适用的任何条文的原则下，在暂时吊销的期间─
(a) 就本条例条文(第114条除外)而言，该人继续视为获发牌进行该等受规管活动或该部分活动；及
(b) 在不局限(a)段的一般性的原则下，该人须继续遵守本条例中关于持牌人而在该牌照假若没有被暂时吊销的情况下本会适用于该人的条文。
(2) 如某人获核准成为某持牌法团的负责人员，而该项核准根据第194或195条被暂时撤销，则在不损害本条例中就该项暂时撤销而适用的任何条文的原则下，在暂时撤销的期间─
(a) 就本条例条文(第118及125条除外)而言，该人继续视为该持牌法团的负责人员；及
(b) 在不局限(a)段的一般性的原则下，该人须继续遵守本条例中关于负责人员而在该项核准假若没有被暂时撤销的情况下本会适用于该人的条文。
(3) 如某人的注册，根据第196或197条就该人获注册进行的所有或任何受规管活动或其中任何部分而被暂时撤销，则在不损害本条例中就该项暂时撤销而适用的任何条文的原则下，在暂时撤销的期间─
(a) 就本条例条文(第114条除外)而言，该人继续视为获注册进行该等受规管活动或该部分活动；及
(b) 在不局限(a)段的一般性的原则下，该人须继续遵守本条例中关于注册机构而在该项注册假若没有被暂时撤销的情况下本会适用于该人的条文。
(4) 在某人的牌照根据本条例任何条文被暂时吊销期间(不论是就该人获发牌进行的所有或任何受规管活动或其中任何部分被暂时吊销)，该牌照仍可根据第194或195条被撤销。
(5) 在准许某人成为某持牌法团的负责人员的核准根据本条例任何条文被暂时撤销期间，该项核准仍可根据第194或195条被撤销。
(6) 在某人的注册根据本条例任何条文被暂时撤销期间(不论是就该人获注册进行的所有或任何受规管活动或其中任何部分被暂时撤销)，该项注册仍可根据第196或197条被撤销。

条： 201 条文标题： 关于根据第IX部行使权力的一般条文 版本日期： 01/04/2003



(1) 证监会在根据第194(1)或(2)、195(1)、(2)或(7)、196(1)或(2)或197(1)或(2)条作出决定时，可顾及该会管有的任何与该决定有关的资料或材料，不论该会如何得以管有该等资料或材料。
(2) 根据本部撤销或暂时吊销任何牌照或撤销或暂时撤销任何注册，不具有以下效力─
(a) 废止或影响由有关的持牌人或注册机构(视属何情况而定)订立的协议、交易或安排，不论该协议、交易或安排是在撤销或暂时吊销或暂时撤销之前或之后订立的；
(b) 影响根据该协议、交易或安排产生的权利、义务或法律责任。
(3) 证监会如在任何时间考虑根据第194(1)或(2)、195(1)(a)、(b)或(c)、(2)或(7)、196(1)或(2)或197(1)(a)或(b)或(2)条就某人行使权力，并认为就维护投资大众的利益或公众利益而言，作出以下作为是适当的，则可与该人达成协议，作出以下作为─
(a) 行使该会根据本部可就该人行使的任何权力(不论该等权力是否与该会考虑行使的权力相同)；及
(b) 采取证监会认为就有关个案的情况而言属适当的进一步行动。
(4) 证监会如根据第(3)款就某人行使权力或采取进一步行动─
(a) 该会须遵守第198(2)及(3)条，犹如第198(2)及(3)条除适用于根据该条指明的条文行使权力的情况外，亦在作出必要的变通后适用于根据第(3)款采取任何进一步行动一样；及
(b) 在该人同意下，该会无须遵守第198(1)条。
(5) 本部任何条文均不影响原讼法庭根据或依据第211、212、213或214条作出任何命令或行使任何其他权力的权力。

条： 202 条文标题： 在牌照或注册被撤销或暂时吊销或暂时撤销后，须转移纪录 版本日期： 01/04/2003



(1) 凡任何牌照或注册根据本部被撤销、暂时吊销或暂时撤销，证监会可藉书面通知，要求获批给该牌照或该项注册(视属何情况而定)的人将证监会在该通知合理地指明的并与客户资产有关或与该人的客户的事务有关而由该人在任何时间为该客户持有的纪录，以该会在该通知合理地指明的方式转移予该客户或该客户指定的人。
(2) 任何人无合理辩解而没有遵从根据第(1)款向他施加的要求，即属犯罪，一经定罪，可处罚款$200000及监禁2年。
(3) 在本条中，“客户”(client) 就第(1)款提述的人而言，指在该人属中介人的任何时候，根据附表1第1部第1条中“客户”的定义属该人客户的人。


条： 203 条文标题： 在牌照或注册被撤销或暂时吊销或暂时撤销后，准许进行业务运作 版本日期： 01/04/2003



(1) 凡任何牌照或注册根据本部被撤销、暂时吊销或暂时撤销，证监会可藉书面通知，准许获批给该牌照或该项注册(视属何情况而定)的人于证监会在该通知指明的条件(如有的话)的规限下─
(a) (就撤销牌照或注册的情况而言)为结束与该项撤销有关连的业务的目的而进行业务运作；或
(b) (就暂时吊销牌照或暂时撤销注册的情况而言)在暂时吊销或暂时撤销的期间，只为保障该人的客户或(如该人是持牌代表)该人所隶属的持牌法团的客户的权益的目的而进行必要的业务运作。
(2) 不论第200(1)条有任何规定，如证监会根据第(1)款向某人批给准许，则该人不得因按照该项准许进行业务运作而视为违反第114条。
(3) 根据第(1)款批给的准许，及依据该款施加的条件，在就该项准许或施加而给予的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。

Section: 204 Heading: Restriction of business Version Date: 01/04/2003


PART X

POWERS OF INTERVENTION AND PROCEEDINGS

Division 1-Powers of intervention

(1) Subject to section 207, the Commission may by notice in writing-
(a) prohibit a licensed corporation from-
(i) entering into transactions of a specified description or other than of a specified description, or entering into transactions in specified circumstances or other than in specified circumstances, or entering into transactions to a specified extent or other than to a specified extent;
(ii) soliciting business from persons of a specified description or from persons other than of a specified description;
(iii) carrying on business in a specified manner or other than in a specified manner;
(b) require a licensed corporation to carry on business in, and only in, a specified manner.
(2) A prohibition or requirement imposed on a licensed corporation under this section may relate to either or both of the following-
(a) transactions entered into in connection with the business which constitutes a regulated activity for which the licensed corporation is licensed;
(b) transactions entered into in connection with any other business which is carried on by the licensed corporation in connection with the business which constitutes a regulated activity for which it is licensed.

Section: 205 Heading: Restriction on dealing with property Version Date: 01/04/2003


(1) Subject to section 207, the Commission may by notice in writing-
(a) prohibit a licensed corporation-
(i) from-
(A) disposing of any relevant property;
(B) dealing with any relevant property in a specified manner or other than in a specified manner;
(ii) from assisting, counselling or procuring another person to-
(A) dispose of any relevant property;
(B) deal with any relevant property in a specified manner or other than in a specified manner;
(b) require a licensed corporation to deal with any relevant property in, and only in, a specified manner.
(2) In this section, "relevant property" (有关财产), in relation to a licensed corporation, means-
(a) any property held by the licensed corporation, acting within the capacity for which the licensed corporation is licensed, on behalf of any of the clients of the licensed corporation, or held by any other person on behalf or to the order of the licensed corporation acting within such capacity;
(b) any other property which the Commission reasonably believes to be owned or controlled by the licensed corporation.


Section: 206 Heading: Maintenance of property Version Date: 01/04/2003


(1) Subject to section 207, the Commission may by notice in writing require a licensed corporation to maintain property in Hong Kong and in any specified place outside Hong Kong such that-
(a) the property maintained is of the value and of the description that appear to the Commission to be desirable with a view to ensuring that the licensed corporation will be able to meet its liabilities in relation to the business which constitutes a regulated activity for which it is licensed; and
(b) the property is maintained in a manner that will enable the licensed corporation at any time freely to transfer or otherwise dispose of the property.
(2) The Commission may in any requirement imposed under this section direct that, for the purposes of the requirement, property of a specified description shall or shall not be taken into account.

Section: 207 Heading: Imposition of prohibition or requirement under section 204, 205 or 206 Version Date: 01/04/2003


The Commission may impose a prohibition or requirement under section 204, 205 or 206 in respect of or with reference to any licensed corporation if it appears to the Commission that-
(a) any property of the licensed corporation or its clients, or any property connected with the business which constitutes a regulated activity for which it is licensed, might be dissipated, transferred or otherwise dealt with in a manner prejudicial to the interest of any of its clients or creditors;
(b) the licensed corporation is not a fit and proper person to remain licensed or is not a fit and proper person to carry on any regulated activity for which it is licensed (having regard, among other matters, to the matters specified in section 129);
(c) the licensed corporation has failed to comply with the requirement specified in section 180(2) or, in purported compliance with such requirement, has furnished the Commission with information which was at the time when it was furnished false or misleading in a material particular;
(d) the licence of the licensed corporation may be revoked or suspended on any of the grounds specified in section 194(1) or 195(1) or (2); or
(e) the imposition of the prohibition or requirement is desirable in the interest of the investing public or in the public interest.


Section: 208 Heading: Withdrawal, substitution or variation of prohibitions or requirements under section 204, 205 or 206 Version Date: 01/04/2003


(1) Where a prohibition or requirement imposed under section 204, 205 or 206 is in force, the Commission may, where it considers appropriate to do so (whether of its own volition or upon the request of the person on whom the prohibition or requirement is imposed or any other person affected by the prohibition or requirement), by notice in writing given to the person on whom the prohibition or requirement is imposed-
(a) withdraw the prohibition or requirement; or
(b) substitute another prohibition or requirement for, or vary, the prohibition or requirement.
(2) A prohibition or requirement imposed under section 204, 205 or 206, or a prohibition or requirement substituting for another prohibition or requirement under subsection (1)(b), or a prohibition or requirement as varied under subsection (1)(b), shall, unless it provides otherwise, remain in force in accordance with the terms thereof until it is-
(a) withdrawn; or
(b) substituted by another prohibition or requirement, or varied,
by the Commission under this section.
(3) The provisions of this section apply, with necessary modifications, to a prohibition or requirement substituting for another prohibition or requirement under subsection (1)(b), or a prohibition or requirement as varied under subsection (1)(b), as they apply to a prohibition or requirement imposed under section 204, 205 or 206, and the provisions of this Division shall be construed accordingly.

Section: 209 Heading: General provisions relating to sections 204, 205, 206 and 208 Version Date: 01/04/2003


(1) Where the Commission imposes under section 204, 205 or 206, or withdraws, substitutes or varies under section 208, a prohibition or requirement, the imposition, withdrawal, substitution or variation (as the case may be) of the prohibition or requirement takes effect at the time of the service of the notice given in respect thereof or at the time specified in the notice, whichever is the later.
(2) Where the Commission imposes under section 204, 205 or 206, or withdraws, substitutes or varies under section 208, a prohibition or requirement, the notice given in respect thereof shall be accompanied by a statement specifying the reasons for the imposition, withdrawal, substitution or variation (as the case may be) of the prohibition or requirement.
(3) Where any request is made by any person to the Commission pursuant to section 208(1) for the withdrawal, substitution or variation of a prohibition or requirement, the Commission shall serve on the person-
(a) where it withdraws, substitutes or varies the prohibition or requirement in accordance with the request, a copy of the notice given in respect thereof and of the statement accompanying it in accordance with subsection (2); or
(b) where it refuses to withdraw, substitute or vary the prohibition or requirement notwithstanding the request, a notice of its refusal, together with a statement specifying the reasons for the refusal.
(4) Where-
(a) the Commission imposes under section 204, 205 or 206, or withdraws, substitutes or varies under section 208, a prohibition or requirement; and
(b) the reasons for the imposition, withdrawal, substitution or variation (as the case may be) as specified in the statement accompanying the notice given in respect thereof in accordance with subsection (2) relate specifically to matters which-
(i) refer to any person who is identified in the statement but who is not the person on whom the prohibition or requirement was imposed; and
(ii) are, in the opinion of the Commission, prejudicial to the person in any respect,
the Commission shall, as soon as reasonably practicable after the imposition, withdrawal, substitution or variation (as the case may be), take all reasonable steps to serve on the person a copy of the notice given in respect of the imposition, withdrawal, substitution or variation (as the case may be) and of the statement accompanying it in accordance with subsection (2).
(5) Nothing in subsections (3) and (4) requires a copy of any notice given in respect of the imposition, withdrawal, substitution or variation of a prohibition or requirement, or of a statement accompanying it in accordance with subsection (2), to be served on any person if the notice or statement or a copy of the notice or statement (as the case may be) has been served on the person under any other provision of this Part.
(6) The Commission shall publish in the Gazette, and may publish by such additional means as it may consider appropriate, a notice regarding the imposition under section 204, 205 or 206, or the withdrawal, substitution or variation under section 208, of a prohibition or requirement.
(7) A notice published under subsection (6) may, if the Commission considers appropriate, include a statement specifying the reasons for the imposition, withdrawal, substitution or variation (as the case may be) to which the notice relates.
(8) The Commission shall-
(a) before imposing under section 204, 205 or 206, or withdrawing, substituting or varying under section 208, a prohibition or requirement in respect of or with reference to a corporation that is an exchange participant or a clearing participant, use its best endeavours to inform the recognized exchange company or the recognized clearing house (as the case may be) of the proposed imposition, withdrawal, substitution or variation (as the case may be) by notice in writing; and
(b) where before the imposition, withdrawal, substitution or variation of a prohibition or requirement it has not informed the recognized exchange company or the recognized clearing house (as the case may be) of the proposed imposition, withdrawal, substitution or variation (as the case may be) by notice in writing, forthwith after the imposition, withdrawal, substitution or variation (as the case may be) inform the recognized exchange company or the recognized clearing house (as the case may be) thereof by notice in writing.
(9) Sections 204, 205, 206 and 208, and the imposition, withdrawal, substitution or variation of a prohibition or requirement under section 204, 205, 206 or 208, do not operate so as to render an agreement unenforceable by a party to the agreement if he proves that in entering into the agreement he acted in good faith and was unaware of any notice given, served or published, whether under section 204, 205, 206 or 208 or under this section, in respect of or regarding the imposition, withdrawal, substitution or variation (as the case may be).
(10) Where by reason of the application of section 204, 205, 206 or 208 or of the giving, service or publication of any notice, whether under section 204, 205, 206 or 208 or under this section, a person rescinds an agreement, he shall restore to any other party to the agreement any money or other benefit received or obtained by him under the agreement from that party.
(11) A notice published under subsection (6) is not subsidiary legislation.

Section: 210 Heading: Cases of revocation or suspension of licensed corporations' licences Version Date: 01/04/2003


(1) Notwithstanding any other provisions of this Ordinance, but without limiting the generality of section 200(1) (whether having application with or without reference to section 146(11) or 147(9)), the revocation or suspension of the licence of a licensed corporation under any provision of this Ordinance does not affect-
(a) the validity of-
(i) a prohibition or requirement imposed under section 204, 205 or 206 in respect of or with reference to the corporation;
(ii) a prohibition or requirement substituting for another prohibition or requirement under section 208(1)(b); or
(iii) a prohibition or requirement as varied under section 208(1)(b),
where the imposition, substitution or variation (as the case may be) takes effect at any time before the revocation or suspension (as the case may be) takes effect;
(b) without limiting the generality of paragraph (a), any power exercisable by the Commission under section 208 in respect of any prohibition or requirement provided for in that paragraph, at the time when, or at any time after, the revocation or suspension (as the case may be) takes effect,
and references in this Division to a licensed corporation shall be construed accordingly.
(2) Notwithstanding section 200(1) (whether having application with or without reference to section 146(11) or 147(9)), where-
(a) the licence of a corporation is revoked or suspended under any provision of this Ordinance; and
(b) the Commission has imposed under section 204, 205 or 206 a prohibition or requirement in respect of or with reference to, or substituted or varied under section 208 a prohibition or requirement imposed in respect of or with reference to, the corporation, whether before or after the revocation or suspension,
the corporation shall not, by reason of its compliance with the prohibition or requirement in force in respect of it under the circumstances described in paragraph (b), be regarded as having contravened section 114.
(3) For the avoidance of doubt, where the Commission has decided to revoke or suspend the licence of a licensed corporation under any provision of this Ordinance, the Commission may, at any time before the revocation or suspension (as the case may be) takes effect-
(a) impose under section 204, 205 or 206 a prohibition or requirement in respect of or with reference to; or
(b) withdraw, substitute or vary under section 208 a prohibition or requirement imposed in respect of or with reference to,
the licensed corporation.
(4) For the avoidance of doubt, nothing in this section affects the power of the Commission to-
(a) impose under section 204, 205 or 206 a prohibition or requirement in respect of or with reference to; or
(b) withdraw, substitute or vary under section 208 a prohibition or requirement imposed in respect of or with reference to,
a licensed corporation the licence of which has been suspended under any provision of this Ordinance.


Section: 211 Heading: Application to Court of First Instance relating to non-compliance with prohibitions or requirements under section 204, 205, 206 or 208 Version Date: 01/04/2003


(1) If a person fails to comply with a prohibition or requirement in force in respect of him as a result of the exercise of any of the powers under sections 204, 205, 206 and 208, the Commission may, by originating summons or originating motion, make an application to the Court of First Instance in respect of the failure, and the Court may inquire into the case and-
(a) if the Court is satisfied that there is no reasonable excuse for the person not to comply with the prohibition or requirement (as the case may be), order the person to comply with the prohibition or requirement (as the case may be) within the period specified by the Court; and
(b) if the Court is satisfied that the failure was without reasonable excuse, punish the person, and any other person knowingly involved in the failure, in the same manner as if he and, where applicable, that other person had been guilty of contempt of court.
(2) If there is a reasonable likelihood that a person will fail to comply with a prohibition or requirement in force in respect of him as a result of the exercise of any of the powers under sections 204, 205, 206 and 208, the Commission may, by originating summons or originating motion, apply to the Court of First Instance for an order that the person, and any other person who the Court is satisfied is able to procure the person to comply with the prohibition or requirement (as the case may be), to take such action or refrain from taking such action as the Court directs.
(3) An originating summons under this section shall be in Form No. 10 in Appendix A to the Rules of the High Court (Cap 4 sub. leg. A).

条： 204 条文标题： 限制业务 版本日期： 01/04/2003



第X部

干预的权力及法律程序

第1分部─干预的权力

(1) 在符合第207条的规定下，证监会可藉书面通知─
(a) 禁止持牌法团─
(i) 订立属指明种类或不属指明种类的交易，或在指明情况下或在指明情况以外的情况下订立交易，或在指明范围内或在指明范围以外订立交易；
(ii) 向属指明种类或不属指明种类的人招揽生意；
(iii) 以指明方式或以指明方式以外的方式经营业务；
(b) 要求持牌法团以(并只以)指明方式经营业务。
(2) 根据本条施加于任何持牌法团的禁止或要求，可涉及以下一项或两项事宜─
(a) 与构成该法团获发牌进行的受规管活动的业务相关而订立的交易；
(b) 与该法团经营的其他业务相关而订立的交易，而该等其他业务是在与构成该法团获发牌进行的受规管活动的业务有关连的情况下经营的。


条： 205 条文标题： 限制处理财产 版本日期： 01/04/2003



(1) 在符合第207条的规定下，证监会可藉书面通知─
(a) 禁止某持牌法团─
(i) 作出以下作为─
(A) 处置任何有关财产；
(B) 以指明方式或以指明方式以外的方式处理任何有关财产；
(ii) 辅助、怂使或促致另一人─
(A) 处置任何有关财产；
(B) 以指明方式或以指明方式以外的方式处理任何有关财产；
(b) 要求某持牌法团以(并只以)指明方式处理任何有关财产。
(2) 在本条中，“有关财产”(relevant property) 就某持牌法团而言，指─
(a) 该法团以它获发牌的身分代它的任何客户持有的任何财产，或由其他人代以该身分行事的该法团持有的任何财产，或依照以该身分行事的该法团的指示持有的任何财产；
(b) 证监会合理地相信是该法团所拥有或控制的其他财产。

： 206 条文标题： 保存财产 版本日期： 01/04/2003



(1) 在符合第207条的规定下，证监会可藉书面通知，要求某持牌法团在香港及在香港以外任何指明地方保存某财产，而─
(a) 该财产的价值及种类，是证监会觉得就确保该法团能应付与构成它获发牌进行的受规管活动的业务有关的债务而言属可取的；及
(b) 保存该财产的方式，能让该法团随时随意转移或以其他方式处置该财产。
(2) 证监会可在根据本条施加的要求中，指示须为该要求的目的而将属指明种类的财产计算在内，或不得为该要求的目的而将属指明种类的财产计算在内。

： 207 条文标题： 根据第204、205或206条施加禁止或要求 版本日期： 01/04/2003



证监会如觉得有以下情况，可就任何持牌法团根据第204、205或206条施加禁止或要求─
(a) 该法团或其客户的任何财产，或与构成该法团获发牌进行的受规管活动的业务有关连的任何财产，可能会以损害该法团的任何客户或债权人的权益的方式耗散、转移或作其他处理；
(b) (在顾及包括第129条指明事宜的各有关事宜后)该法团并非继续持牌的适当人选或并非进行它获发牌进行的受规管活动的适当人选；
(c) 该法团没有遵从第180(2)条指明的规定，或在看来是遵从该规定时，向证监会提交在提交时在要项上属虚假或具误导性的资料；
(d) 该法团的牌照可基于第194(1)或195(1)或(2)条指明的理由而被撤销或暂时吊销；或
(e) 施加该项禁止或要求就维护投资大众的利益或公众利益而言是可取的。


： 208 条文标题： 撤回、取代或更改根据第204、205或206条施加的禁止或要求 版本日期： 01/04/2003



(1) 凡根据第204、205或206条施加于某人的任何禁止或要求仍然有效，证监会如认为适当(不论是该会主动或应该人或受该项禁止或要求影响的其他人的请求)，可藉给予该人的书面通知─
(a) 撤回该项禁止或要求；或
(b) 以另一项禁止或要求取代该项禁止或要求，或更改该项禁止或要求。
(2) 根据第204、205或206条施加的任何禁止或要求，或根据第(1)(b)款取代任何禁止或要求的另一项禁止或要求，或根据第(1)(b)款更改后的禁止或要求，除非本身另有规定，否则须按照其内容持续有效，直至证监会根据本条─
(a) 将它撤回为止；或
(b) 将它更改或以另一项禁止或要求取代为止。
(3) 本条条文在作出必要的变通后，适用于根据第(1)(b)款取代某项禁止或要求的另一项禁止或要求，或根据第(1)(b)款更改后的禁止或要求，一如该等条文适用于根据第204、205或206条施加的禁止或要求，而本分部条文须据此解释。

条： 209 条文标题： 关于第204、205、206及208条的一般条文 版本日期： 01/04/2003



(1) 凡证监会根据第204、205或206条施加任何禁止或要求，或根据第208条撤回、取代或更改任何禁止或要求，并就此事给予通知，该项施加、撤回、取代或更改(视属何情况而定)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。
(2) 凡证监会根据第204、205或206条施加任何禁止或要求，或根据第208条撤回、取代或更改任何禁止或要求，并就此事给予通知，该通知须附有陈述，指明施加、撤回、取代或更改(视属何情况而定)该项禁止或要求的理由。
(3) 凡任何人依据第208(1)条请求证监会撤回、取代或更改任何禁止或要求─
(a) 该会如应该项请求撤回、取代或更改该项禁止或要求，须向该人送达就该项施加、撤回、取代或更改(视属何情况而定)而给予的通知的文本，以及按照第(2)款附于该通知的陈述的文本；或
(b) 如尽管有该项请求，但证监会拒绝撤回、取代或更改该项禁止或要求，则证监会须向该人送达拒绝通知，连同一项陈述，指明拒绝的理由。
(4) 凡─
(a) 证监会根据第204、205或206条施加任何禁止或要求，或根据第208条撤回、取代或更改任何禁止或要求；及
(b) 按照第(2)款就该项施加、撤回、取代或更改给予的通知所附有的陈述所指明的关于该项施加、撤回、取代或更改(视属何情况而定)的理由，明确地涉及某事宜，而─
(i) 该事宜关乎被该项陈述识辨的人，但该项禁止或要求并不是对该人施加的；及
(ii) 证监会认为该事宜在某方面对该人不利，
则证监会须在施加、撤回、取代或更改(视属何情况而定)该项禁止或要求后，在合理地切实可行的范围内，尽快采取一切合理步骤向该人送达就施加、撤回、取代或更改(视属何情况而定)该项禁止或要求而给予的通知的文本，以及按照第(2)款附于该通知的陈述的文本。
(5) 就施加、撤回、取代或更改某项禁止或要求而给予某人的通知，及按照第(2)款附于该通知的陈述，如已根据本部其他条文(但非第(3)及(4)款)送达该人，或其文本已根据本部其他条文(但非第(3)及(4)款)送达该人，则第(3)及(4)款并不规定将该通知或陈述(视属何情况而定)的文本送达该人。
(6) 证监会须在宪报刊登并可以该会认为适当的其他方式发表关于根据第204、205或206条施加禁止或要求的公告，或关于根据第208条撤回、取代或更改禁止或要求的公告。
(7) 证监会如认为适当，则根据第(6)款刊登或发表的公告可加入一项陈述，指明作出该公告所关乎的施加、撤回、取代或更改(视属何情况而定)的理由。
(8) 任何法团如属交易所参与者或结算所参与者，则─
(a) 证监会在就该法团根据第204、205或206条施加任何禁止或要求或根据第208条撤回、取代或更改任何禁止或要求之前，须尽最大努力以书面将拟如此行事一事通知有关的认可交易所或认可结算所(视属何情况而定)；及
(b) 证监会如没有在施加、撤回、取代或更改该项禁止或要求之前，以书面将拟如此行事一事通知有关的认可交易所或认可结算所(视属何情况而定)，则须在施加、撤回、取代或更改(视属何情况而定)该项禁止或要求之后，立即以书面将如此行事一事通知该认可交易所或认可结算所(视属何情况而定)。
(9) 第204、205、206及208条及根据第204、205、206或208条施加、撤回、取代或更改任何禁止或要求之事，在以下情况下不具有使有关协议的任何一方不能强制执行该协议的效力：该方证明他在订立该协议时以真诚行事，并证明他并不察觉根据第204、205、206或208条或本条就该项施加、撤回、取代或更改(视属何情况而定)而给予或送达的通知或关乎该项施加、撤回、取代或更改(视属何情况而定)而刊登或发表的公告。
(10) 凡任何人因第204、205、206或208条的施行，或因任何通知或公告的给予、送达、刊登或发表(不论是根据第204、205、206或208条或本条而给予、送达、刊登或发表)，而撤销任何协议，他须将他根据该协议而从该协议的任何另一方收到或取得的任何款项或其他利益，归还该另一方。
(11) 根据第(6)款刊登或发表的公告不是附属法例。

： 210 条文标题： 撤销或暂时吊销持牌法团的牌照的情况 版本日期： 01/04/2003



(1) 不论本条例其他条文有任何规定，在不局限第200(1)条(不论是否参照第146(11)或147(9)条而适用)的一般性的原则下，凡任何持牌法团的牌照根据本条例任何条文被撤销或暂时吊销─
(a) 如在该项撤销或暂时吊销(视属何情况而定)生效之前任何时间─
(i) 某项根据第204、205或206条就该法团而施加的禁止或要求已生效；
(ii) 某项根据第208(1)(b)条用以取代另一项禁止或要求的禁止或要求已生效；或
(iii) 某项根据第208(1)(b)条更改的禁止或要求已生效，
则该项撤销或暂时吊销(视属何情况而定)并不影响该项禁止或要求(视属何情况而定)的有效性；
(b) 在不局限(a)段的一般性的原则下，该项撤销或暂时吊销(视属何情况而定)并不影响证监会在该项撤销或暂时吊销(视属何情况而定)生效时或生效之后任何时间根据第208条可就该段所指的禁止或要求行使的权力，
而本分部中提述持牌法团之处，须据此解释。
(2) 不论第200(1)条(不论是否参照第146(11)或147(9)条而适用)有任何规定，如─
(a) 任何法团的牌照根据本条例任何条文被撤销或暂时吊销；及
(b) 证监会在该项撤销或暂时吊销发生之前或之后曾就该法团根据第204、205或206条施加禁止或要求，或根据第208条取代或更改已施加的禁止或要求，
则该法团不得因遵从在(b)段所述的情况下就该法团有效的禁止或要求，而视为违反第114条。
(3) 为免生疑问，凡证监会决定根据本条例任何条文撤销或暂时吊销任何持牌法团的牌照，该会可在该项撤销或暂时吊销(视属何情况而定)生效之前任何时间─
(a) 根据第204、205或206条就该法团施加禁止或要求；或
(b) 根据第208条撤回、取代或更改已就该法团施加的禁止或要求。
(4) 为免生疑问，即使某持牌法团的牌照已根据本条例任何条文被暂时吊销，本条并不影响证监会采取以下行动的权力─
(a) 根据第204、205或206条就该法团施加禁止或要求；或
(b) 根据第208条撤回、取代或更改就该法团施加的禁止或要求。

条： 211 条文标题： 就某人没有遵从根据第204、205、206或208条作出的禁止或要求而向原讼法庭提出申请 版本日期： 01/04/2003



(1) 如任何人没有遵从由于证监会根据第204、205、206或208条行使权力而对他有效的禁止或要求，该会可藉原诉传票或原诉动议，就该项不遵从向原讼法庭提出申请，而原讼法庭可查讯有关个案，如─
(a) 原讼法庭信纳该人不遵从该项禁止或要求(视属何情况而定)是无合理辩解的，则原讼法庭可命令该人在原讼法庭指明的期间内遵从该项禁止或要求(视属何情况而定)；及
(b) 原讼法庭信纳该人是在无合理辩解的情况下没有遵从该项禁止或要求(视属何情况而定)的，则原讼法庭可惩罚该人及明知而牵涉入该项不遵从的任何其他人，而惩罚的方式犹如该人及(如适用的话)该其他人犯藐视法庭罪一样。
(2) 如有合理可能有人会不遵从由于证监会根据第204、205、206或208条行使权力而对他有效的禁止或要求，该会可藉原诉传票或原诉动议，向原讼法庭申请命令，饬令该人及原讼法庭信纳能促致该人遵从该项禁止或要求(视属何情况而定)的任何其他人采取或不得采取原讼法庭所指示的行动。
(3) 本条所指的原诉传票须采用《高等法院规则》(第4章，附属法例A)附录A表格10。

Section: 212 Heading: Winding-up orders and bankruptcy orders Version Date: 01/04/2003


Division 2-Other powers and proceedings

(1) If-
(a) a corporation, other than an authorized financial institution, is of a class of corporations which the Court of First Instance has jurisdiction to wind up under the Companies Ordinance (Cap 32); and
(b) it appears to the Commission that it is desirable in the public interest that the corporation should be wound up,
the Commission may present a petition for the corporation to be wound up under that Ordinance on the ground that it is just and equitable that the corporation should be so wound up, and that Ordinance shall apply to such petition as it applies in relation to a petition presented under that Ordinance.
(2) If-
(a) grounds exist for the presentation of a petition for a bankruptcy order against a licensed representative by his creditor in accordance with the Bankruptcy Ordinance (Cap 6); and
(b) it appears to the Commission that it is desirable in the public interest to present a petition for a bankruptcy order against the licensed representative in accordance with that Ordinance,
the Commission may present a petition for a bankruptcy order against the licensed representative in accordance with that Ordinance, and that Ordinance shall apply to such petition as it applies in relation to a petition presented by a creditor.
(3) The Commission shall-
(a) before presenting a petition under subsection (1) against a corporation that is an exchange participant or a clearing participant, use its best endeavours to inform the recognized exchange company or the recognized clearing house (as the case may be) of the proposed presentation of the petition by notice in writing; and
(b) where before the presentation of the petition it has not informed the recognized exchange company or the recognized clearing house (as the case may be) of the proposed presentation of the petition by notice in writing, forthwith after the presentation of the petition inform the recognized exchange company or the recognized clearing house (as the case may be) thereof by notice in writing.


Section: 213 Heading: Injunctions and other orders Version Date: 01/04/2003


(1) Where-
(a) a person has-
(i) contravened-
(A) any of the relevant provisions;
(B) any notice or requirement given or made under or pursuant to any of the relevant provisions;
(C) any of the terms and conditions of any licence or registration under this Ordinance; or
(D) any other condition imposed under or pursuant to any provision of this Ordinance;
(ii) aided, abetted, or otherwise assisted, counselled or procured a person to commit any such contravention;
(iii) induced, whether by threats, promises or otherwise, a person to commit any such contravention;
(iv) directly or indirectly been in any way knowingly involved in, or a party to, any such contravention; or
(v) attempted, or conspired with others, to commit any such contravention; or
(b) it appears, whether or not during the course or as a result of the exercise of any power under Part VIII, to the Commission that any of the matters referred to in paragraph (a)(i) to (v) has occurred, is occurring or may occur,
the Court of First Instance, on the application of the Commission, may, subject to subsection (4), make one or more of the orders specified in subsection (2).
(2) The orders specified for the purposes of subsection (1) are-
(a) an order restraining or prohibiting the occurrence or the continued occurrence of any of the matters referred to in subsection (1)(a)(i) to (v);
(b) where a person has been, or it appears that a person has been, is or may become, involved in any of the matters referred to in subsection (1)(a)(i) to (v), whether knowingly or otherwise, an order requiring the person to take such steps as the Court of First Instance may direct, including steps to restore the parties to any transaction to the position in which they were before the transaction was entered into;
(c) an order restraining or prohibiting a person from acquiring, disposing of, or otherwise dealing in, any property specified in the order;
(d) an order appointing a person to administer the property of another person;
(e) an order declaring a contract relating to any securities, futures contract, leveraged foreign exchange contract, or an interest in any securities, futures contract, leveraged foreign exchange contract or collective investment scheme to be void or voidable to the extent specified in the order;
(f) for the purpose of securing compliance with any other order made under this section, an order directing a person to do or refrain from doing any act specified in the order;
(g) any ancillary order which the Court of First Instance considers necessary in consequence of the making of any of the orders referred to in paragraphs (a) to (f).
(3) The Commission shall-
(a) before making an application pursuant to subsection (1) for an order affecting any person that is an exchange participant or a clearing participant, use its best endeavours to inform the recognized exchange company or the recognized clearing house (as the case may be) of the proposed application by notice in writing; and
(b) where before the making of the application it has not informed the recognized exchange company or the recognized clearing house (as the case may be) of the proposed application by notice in writing, forthwith after the making of the application inform the recognized exchange company or the recognized clearing house (as the case may be) thereof by notice in writing.
(4) The Court of First Instance shall, before making an order under subsection (1), satisfy itself, so far as it can reasonably do so, that it is desirable that the order be made, and that the order will not unfairly prejudice any person.
(5) The Court of First Instance may, before making an order under subsection (1), direct that a notice of the application made in respect thereof be given to the persons it considers appropriate, or be published in the manner it considers appropriate, or both.
(6) Where the Court of First Instance considers it desirable to do so, it may grant such interim order as it considers appropriate pending the determination of an application made pursuant to subsection (1).
(7) An order may be made under subsection (1) whether or not it appears to the Court of First Instance that-
(a) the person against whom the order is made intends to engage again, or to continue to engage, in any of the matters referred to in subsection (1)(a)(i) to (v);
(b) the person against whom the order is made has previously engaged in any of such matters;
(c) there is an imminent danger of damage to any person in the event of the order not being made.
(8) Where the Court of First Instance has power to make an order against a person under subsection (1), it may, in addition to or in substitution for such order, make an order requiring the person to pay damages to any other person.
(9) The Court of First Instance may reverse, vary or discharge an order made or granted by it under subsection (1) or (6) or suspend the operation of the order.
(10) A notice published under subsection (5) is not subsidiary legislation.

Chapter: 571 Title: SECURITIES AND FUTURES ORDINANCE Gazette Number: L.N. 12 of 2003
Section: 214 Heading: Remedies in cases of unfair prejudice, etc. to interests of members of listed corporations, etc. Version Date: 01/04/2003



(1) Where, in relation to a corporation which is or was listed, it appears to the Commission that at any relevant time the business or affairs of the corporation have been conducted in a manner-
(a) oppressive to its members or any part of its members;
(b) involving defalcation, fraud, misfeasance or other misconduct towards it or its members or any part of its members;
(c) resulting in its members or any part of its members not having been given all the information with respect to its business or affairs that they might reasonably expect; or
(d) unfairly prejudicial to its members or any part of its members,
the Commission may, subject to subsection (3), by petition apply to the Court of First Instance for an order under this section.
(2) If, on an application under this section, the Court of First Instance is of the opinion that the business or affairs of a corporation have been conducted in a manner described in subsection (1)(a), (b), (c) or (d), whether through conduct consisting of an isolated act or a series of acts or any failure to act, the Court may-
(a) make an order restraining the carrying out, or requiring the carrying out, of any act or acts;
(b) order that the corporation shall bring in its name such proceedings as the Court considers appropriate against such persons, and on such terms, as may be specified in the order;
(c) unless the corporation is an authorized financial institution, appoint a receiver or manager of the whole or any part of the property or business of the corporation and may specify the powers and duties of the receiver or manager and fix his remuneration;
(d) order that a person wholly or partly responsible for the business or affairs of the corporation having been so conducted shall not, without the leave of the Court-
(i) be, or continue to be, a director, liquidator, or receiver or manager of the property or business, of the corporation or any other corporation; or
(ii) in any way, whether directly or indirectly, be concerned, or take part, in the management of the corporation or any other corporation,
for such period (not exceeding 15 years) as may be specified in the order;
(e) make any other order it considers appropriate, whether for regulating the conduct of the business or affairs of the corporation in future, or for the purchase of the shares of any members of the corporation by other members of the corporation or by the corporation (and, in the case of a purchase by the corporation, for the reduction accordingly of the corporation's capital), or otherwise.
(3) The Commission shall not make an application under this section unless it has first consulted-
(a) the Financial Secretary; and
(b) where the corporation in question is an authorized financial institution or a corporation which, to the knowledge of the Commission, is a controller of an authorized financial institution, or has as its controller an authorized financial institution, or has a controller that is also a controller of an authorized financial institution, the Monetary Authority.
(4) Where the Court of First Instance makes an order under subsection (2)(d), the order shall be filed by the Court with the Registrar of Companies, as soon as reasonably practicable after it is made.
(5) Where an order under this section makes an alteration in or addition to the constitution of a company, notwithstanding any other provisions of the Companies Ordinance (Cap 32) but subject to the provisions of the order, the company shall not have the power, without the leave of the Court of First Instance, to make any further alteration in or addition to the constitution inconsistent with the order.
(6) Where any alteration in or addition to the constitution of a company is made by an order under this section, the alteration or addition (as the case may be) has the same effect as if duly made by a resolution of the company, and the Companies Ordinance (Cap 32) applies to the constitution as altered or added to accordingly.
(7) An office copy of an order of the Court of First Instance altering or adding to, or of the leave of the Court to alter or add to, the constitution of a company shall, within 14 days after the order is made or the leave is given, be delivered by the company to the Registrar of Companies for registration.
(8) A company which contravenes subsection (7) commits an offence and is liable on conviction to a fine at level 3 and, in the case of a continuing offence, to a further fine of $300 for every day during which the offence continues.
(9) In this section-
"controller" (控制人) means a person who is an indirect controller or a majority shareholder controller as defined in section 2(1) of the Banking Ordinance (Cap 155);
"relevant time" (有关时间)-
(a) in relation to a corporation which is listed, means any time since the formation of the corporation; or
(b) in relation to a corporation which was listed, means any time since the formation of the corporation but before the corporation ceased to remain listed.

条： 212 条文标题： 清盘令及破产令 版本日期： 01/04/2003



第2分部─其他权力及法律程序

(1) 如─
(a) 某并非认可财务机构的法团属原讼法庭具司法管辖权根据《公司条例》(第32章)将它清盘的一类法团；及
(b) 证监会觉得将该法团清盘，就维护公众利益而言是可取的，
证监会可基于根据该条例将该法团清盘属公正公平的理由而提出呈请，要求根据该条例将该法团清盘，而该条例即适用于该项呈请，一如该条例适用于根据该条例提出的呈请。
(2) 如─
(a) 某持牌代表的债权人有理由根据《破产条例》(第6章)提出呈请，要求针对该持牌代表作出破产令；及
(b) 证监会觉得根据该条例提出呈请要求针对该持牌代表作出破产令，就维护公众利益而言是可取的，
证监会可按照该条例提出呈请，要求针对该持牌代表作出破产令，而该条例即适用于该项呈请，一如该条例适用于由债权人提出的呈请。
(3) 证监会─
(a) 在根据第(1)款针对某属交易所参与者或结算所参与者的法团提出呈请之前，须尽最大努力以书面将拟提出呈请一事通知有关的认可交易所或认可结算所(视属何情况而定)；及
(b) 如没有在提出呈请之前，以书面将拟提出呈请一事通知有关的认可交易所或认可结算所(视属何情况而定)，则须在提出呈请之后立即以书面将提出呈请一事通知该认可交易所或认可结算所(视属何情况而定)。


条： 213 条文标题： 强制令及其他命令 版本日期： 01/04/2003



(1) 凡─
(a) 任何人─
(i) 违反─
(A) 任何有关条文；
(B) 根据或依据任何有关条文给予或作出的通知、规定或要求；
(C) 根据本条例批给的任何牌照或注册的任何条款或条件；或
(D) 根据或依据本条例任何条文施加的任何其他条件；
(ii) 协助、教唆，或以其他方式辅助、怂使或促致另一人犯任何上述违反事项；
(iii) 以威胁、承诺或其他方式，诱使另一人犯任何上述违反事项；
(iv) 明知而直接或间接以任何方式牵涉入任何上述违反事项；或直接或间接参与任何上述违反事项；或
(v) 企图犯或串谋他人犯任何上述违反事项；或
(b) 证监会觉得(a)(i)至(v)段提述的任何事项已发生、正发生或可能发生，不论该会是否在根据第VIII部行使权力的过程中觉得如此，或因根据该部行使权力以致觉得如此，
在符合第(4)款的规定下，原讼法庭可应证监会的申请，作出第(2)款指明的一项或多于一项命令。
(2) 以下是为施行第(1)款而指明的命令─
(a) 制止或禁止第(1)(a)(i)至(v)款提述的任何事项发生或持续发生的命令；
(b) (如某人曾经(或看来是曾经)、正在或可能牵涉入第(1)(a)(i)至(v)款提述的任何事项，不论该人是否明知而牵涉入该等事项)饬令该人采取原讼法庭指示的步骤，包括使交易各方回复他们订立交易之前的状况的命令；
(c) 制止或禁止某人取得或处置命令上指明的任何财产或以其他方式进行该等财产的交易的命令；
(d) 委任某人管理另一人的财产的命令；
(e) 宣布某一与任何证券、期货合约、杠杆式外汇交易合约有关，或与任何证券、期货合约、杠杆式外汇交易合约或集体投资计划的权益有关的合约为在命令指明的范围内无效或可使无效的命令；
(f) 指示某人作出或避免作出命令所指明的作为，从而确保根据本条作出的其他命令获遵从的命令；
(g) 原讼法庭认为在作出(a)至(f)段提述的任何命令后亦有必要作出的附带命令。
(3) 证监会─
(a) 在依据第(1)款申请某项影响某属交易所参与者或结算所参与者的人的命令之前，须尽最大努力以书面将拟提出申请一事通知有关的认可交易所或认可结算所(视属何情况而定)；及
(b) 如没有在提出申请之前，以书面将拟提出申请一事通知有关的认可交易所或认可结算所(视属何情况而定)，则须在提出申请之后立即以书面将提出申请一事通知该认可交易所或认可结算所(视属何情况而定)。
(4) 原讼法庭在根据第(1)款作出命令前，须在合理地可能的范围内，信纳作出该命令是可取的，并信纳该命令不会不公平地损害任何人。
(5) 原讼法庭在根据第(1)款作出命令前，可指示将有关申请的通知给予它认为适当的人，或按它认为适当的方式发表该通知，或两者均进行。
(6) 原讼法庭如认为可取，可在依据第(1)款提出的申请仍待决时，颁发它认为适当的临时命令。
(7) 原讼法庭不论是否觉得─
(a) 有关命令所针对的人意图再次参与或继续参与第(1)(a)(i)至(v)款提述的事项；
(b) 有关命令所针对的人曾参与该等事项；
(c) 如不作出有关命令，会使任何人有蒙受损害的迫切危险，
均可根据第(1)款作出命令。
(8) 原讼法庭如有权力根据第(1)款针对某人作出命令，则除可作出该命令外，亦可增发命令，或另发命令以取代该命令，饬令该人向任何其他人支付损害赔偿。
(9) 原讼法庭可推翻、更改或解除它根据第(1)或(6)款作出或颁发的命令，或暂缓执行该等命令。
(10) 根据第(5)款发表的通知不是附属法例。

条： 214 条文标题： 在对上市法团的成员等的权益有不公平损害等的情况下的补救办法 版本日期： 01/04/2003



(1) 凡任何法团属或曾属上市法团，如证监会觉得在任何有关时间，该法团的业务或事务曾以以下方式经营或处理─
(a) 欺压其成员或其任何部分成员；
(b) 涉及对该法团或其成员或其任何部分成员作出亏空、欺诈、不当行为或其他失当行为；
(c) 导致其成员或其任何部分成员未获提供他们可合理期望获得的关于该法团的业务或事务的所有资料；或
(d) 对其成员或其任何部分成员造成不公平损害，
则证监会可在符合第(3)款的规定下，以呈请方式向原讼法庭申请根据本条作出命令。
(2) 原讼法庭接获根据本条提出的申请后，如认为某法团的业务或事务曾以第(1)(a)、(b)、(c)或(d)款描述的方式经营或处理，则不论经营或处理方式是否透过包含单一次的作为或一连串的作为或是没有作出任何作为的行为，原讼法庭均可─
(a) 作出命令，制止任何作为的进行，或饬令进行任何作为；
(b) 命令该法团以其名义，按命令指明的条款并针对命令指明的人，提起原讼法庭认为适当的法律程序；
(c) (除非该法团属认可财务机构)为该法团的所有或任何部分财产或业务委任接管人或经理人，并可指明获委任者的权力及责任并厘定其报酬；
(d) 作出命令，饬令某名须为该等业务或事务曾如此经营或处理负全部或部分责任的人，在命令指明的不超过15年的期间内，未经原讼法庭许可，不得─
(i) 担任或留任该法团或其他法团的董事或清盘人，或该法团或其他法团的财产或业务的接管人或经理人；或
(ii) 以任何方式直接或间接关涉或参与该法团或其他法团的管理；
(e) 作出它认为适当的其他命令，不论是命令对该法团将来的业务或事务的经营或处理作出规管，或是命令由该法团购买其任何成员的股份或由该法团的任何成员购买其他成员的股份(如由该法团购买该等成员的股份，则法庭亦可命令该法团的资本须相应地减少)，或是作出其他命令。
(3) 证监会根据本条提出申请之前─
(a) 须谘询财政司司长；及
(b) 如有关法团属以下任何类别的法团，须谘询金融管理专员：第一类是属认可财务机构的法团；第二类是符合以下说明的法团：证监会知道该法团是某认可财务机构的控制人，或知道该法团的控制人属认可财务机构，或知道该法团的控制人亦是某认可财务机构的控制人。
(4) 原讼法庭如根据第(2)(d)款作出任何命令，须在作出该命令后，在合理地切实可行的范围内尽快将该命令送交公司注册处处长存档。
(5) 不论《公司条例》(第32章)其他条文有任何规定，凡根据本条作出的命令对公司的章程作出改动或增补，则除该命令另有规定外，该公司未得原讼法庭许可，无权对该章程另行作出抵触该命令的改动或增补。
(6) 根据本条作出的命令对公司的章程作出的改动或增补的效力，犹如藉该公司的决议妥为作出的一样，而《公司条例》(第32章)据此适用于经如此改动或增补的章程。
(7) 凡原讼法庭命令对公司的章程作出改动或增补，或许可作出改动或增补，该公司须在该命令或许可作出后14日内，将该命令或许可的一份正式文本交付公司注册处处长登记。
(8) 任何公司违反第(7)款，即属犯罪，一经定罪，可处第3级罚款，如属持续的罪行，则可就罪行持续期间的每一日，另处罚款$300。
(9) 在本条中─
“有关时间”(relevant time)─
(a) 就属上市法团的法团而言，指在该法团组成之后的任何时间；或
(b) 就曾属上市法团的法团而言，指在该法团组成之后但不再属上市法团之前的任何时间；
“控制人”(controller) 指属《银行业条例》(第155章)第2(1)条所界定的间接控权人或大股东控权人的人。

Section: 215 Heading: Interpretation of Part XI Version Date: 01/04/2003



PART XI

SECURITIES AND FUTURES APPEALS TRIBUNAL

Division 1-Interpretation


In this Part, unless the context otherwise requires-
"application for review" (覆核申请) means an application made under section 217(1);
"judge" (法官) means-
(a) a judge or a deputy judge of the Court of First Instance;
(b) a former Justice of Appeal of the Court of Appeal;
(c) a former judge or a former deputy judge of the Court of First Instance;
"parties" (各方), in relation to a review, means-
(a) the relevant authority making the specified decision in question; and
(b) the person making the application for review in question;
"relevant authority" (有关当局)-
(a) in relation to a specified decision within the meaning of paragraph (a) of the definition of "specified decision" in this section, means the Commission;
(b) in relation to a specified decision within the meaning of paragraph (b) of the definition of "specified decision" in this section, means the Monetary Authority; or
(c) in relation to a specified decision within the meaning of paragraph (c) of the definition of "specified decision" in this section, means the Commission or the recognized investor compensation company by which the decision is made (as the case may be);
"review" (覆核) means a review of a specified decision by the Tribunal under section 218(1);
"specified decision" (指明决定) means-
(a) a decision of the Commission which-
(i) is made under or pursuant to any of the provisions set out in column 2 of Division 1 of Part 2 of Schedule 8; and
(ii) is within the description set out, opposite such provisions, in column 3 of Division 1 of Part 2 of Schedule 8;
(b) a decision of the Monetary Authority which-
(i) is made under or pursuant to any of the provisions set out in column 2 of Division 2 of Part 2 of Schedule 8; and
(ii) is within the description set out, opposite such provisions, in column 3 of Division 2 of Part 2 of Schedule 8; or
(c) a decision of the Commission or a recognized investor compensation company which-
(i) is made under or pursuant to any of the provisions set out in column 2 of Division 3 of Part 2 of Schedule 8; and
(ii) is within the description set out, opposite such provisions, in column 3 of Division 3 of Part 2 of Schedule 8;
"Tribunal" (审裁处) means the Securities and Futures Appeals Tribunal established by section 216.

Section: 216 Heading: Securities and Futures Appeals Tribunal Version Date: 01/04/2003



Division 2-Securities and Futures Appeals Tribunal

(1) There is established a Tribunal to be known as the Securities and Futures Appeals Tribunal which shall have jurisdiction to review specified decisions, and to hear and determine any question or issue arising out of or in connection with any review, in accordance with this Part and Schedule 8.
(2) Except as otherwise provided in this Part or in Schedule 8, the Tribunal-
(a) shall consist of a chairman and 2 other members; and
(b) shall be presided over by the chairman who shall sit with the 2 other members.
(3) The chairman of the Tribunal shall be a judge and the 2 other members of the Tribunal shall not be public officers.
(4) Part 1 of Schedule 8 shall have effect in relation to the appointment of members of the Tribunal, and to the proceedings and sittings of, and procedural and other matters concerning, the Tribunal.
(5) Where the Chief Executive considers appropriate, additional Tribunals may be established for the purposes of any reviews, whereupon the provisions of this or any other Ordinance shall apply, subject to necessary modifications, to each of such additional Tribunals (including appointment of the chairman and other members of, and all matters concerning, each of such additional Tribunals) as they apply to the Tribunal.
(6) With the exception of the chairman of the Tribunal who is a judge within the meaning of paragraph (a) of the definition of "judge" in section 215, a member of the Tribunal may be paid, as a fee for his services, such amount as the Financial Secretary considers appropriate, and that amount shall be a charge on the general revenue.
(7) Where a person who is a judge within the meaning of paragraph (a) of the definition of "judge" in section 215 is appointed as the chairman of the Tribunal, neither the appointment nor the service or removal of the person as the chairman affects-
(a) the tenure of office of, and the exercise of powers by, the person as a judge within the meaning of that paragraph;
(b) the person's rank, title, status, precedence, salary or other rights or privileges as a holder of that office;
(c) the terms and conditions to which the person is subject as a holder of that office.


Section: 217 Heading: Applications for review of specified decisions Version Date: 01/04/2003



(1) Subject to subsections (2) and (3), a person aggrieved by a specified decision of the relevant authority made in respect of him may, by notice in writing given to the Tribunal, apply to the Tribunal for a review of the decision.
(2) A notice given to the Tribunal under subsection (1) shall set out the grounds for the application to which the notice relates.
(3) An application for review of a specified decision of the relevant authority shall be made within 21 days after-
(a) subject to paragraph (b)-
(i) where there is any requirement in this or any other Ordinance for notice in writing in respect of the decision to be served, the notice has been served in accordance with such requirement; or
(ii) where there is no such requirement, a notice in writing in respect of the decision has been served on the person in respect of whom it is made;
(b) where the decision is a specified decision which is described in column 2 of Division 1 of Part 3 of Schedule 8 and to which the provision set out, opposite such description of the specified decision, in column 3 of that Division applies, a notice in respect of the decision has been given to the person in respect of whom it is made.
(4) Notwithstanding subsection (3), the Tribunal, upon application in writing by any person, may, subject to subsection (5), by order extend the time within which an application for review of a specified decision of the relevant authority shall be made under subsection (3), whereupon the time within which such an application shall be made under subsection (3) shall be extended accordingly.
(5) The Tribunal shall not grant an extension under subsection (4) unless-
(a) the person who has applied for the grant of the extension pursuant to that subsection and the relevant authority have been given a reasonable opportunity of being heard; and
(b) it is satisfied that there is a good cause for granting the extension.
(6) Where the Tribunal receives a notice under subsection (1), it shall as soon as reasonably practicable thereafter serve a copy of the notice on the relevant authority.

Section: 218 Heading: Proceedings before Tribunal Version Date: 01/04/2003



(1) After an application for review has been made, the Tribunal shall review the specified decision to which the application relates.
(2) Following the review of a specified decision under subsection (1), the Tribunal may-
(a) confirm, vary or set aside the decision, and, where the decision is set aside, substitute for the decision any other decision which the Tribunal considers appropriate;
(b) remit the matter in question to the relevant authority with the directions it considers appropriate, which may include a direction to the relevant authority to make a decision afresh in respect of any matter specified by the Tribunal.
(3) Where the Tribunal varies, or substitutes any decision for, a specified decision under subsection (2)(a), the decision as varied or the decision substituting for the specified decision (as the case may be) may be any decision (whether more or less onerous) that the relevant authority had power to make in respect of the person making the application for review in question, whether or not under the same provision as that under which the specified decision has been made.
(4) Without limiting the generality of subsections (2)(a) and (3) but subject to subsection (6)-
(a) where the specified decision in question is a specified decision described in column 2 of Division 2 of Part 3 of Schedule 8, the decision that the Tribunal may substitute under subsection (2)(a) for the specified decision may also include (whether or not in addition to the decision that the Tribunal may, apart from this subsection, substitute under subsection (2)(a) for the specified decision) any decision that the Monetary Authority had power to make in respect of the person making the application for review in question under or pursuant to any of the provisions set out, opposite such description of the specified decision, in column 3 of that Division; and
(b) where the specified decision in question is a specified decision described in column 2 of Division 3 of Part 3 of Schedule 8, the decision that the Tribunal may substitute under subsection (2)(a) for the specified decision may also include (whether or not in addition to the decision that the Tribunal may, apart from this subsection, substitute under subsection (2)(a) for the specified decision) any decision that the Commission had power to make in respect of the person making the application for review in question under or pursuant to any of the provisions set out, opposite such description of the specified decision, in column 3 of that Division.
(5) Notwithstanding anything in this section, the Tribunal shall not determine a review without first giving the parties to the review a reasonable opportunity of being heard.
(6) Without limiting the generality of subsection (5), the Tribunal shall not exercise any power pursuant to subsection (4)(a) or (b) without first giving a reasonable opportunity of being heard to─
(a) in the case of subsection (4)(a), the Monetary Authority; or
(b) in the case of subsection (4)(b), the Commission.
(7) Subject to section 221(3), the standard of proof required to determine any question or issue before the Tribunal shall be the standard of proof applicable to civil proceedings in a court of law.

Section: 219 Heading: Powers of Tribunal Version Date: 01/04/2003



(1) Subject to the provisions of Part 1 of Schedule 8 and any rules made by the Chief Justice under section 233, the Tribunal, for the purposes of a review, may, on its own motion or on the application of any of the parties to the review-
(a) receive and consider any material by way of oral evidence, written statements or documents, even if the material would not be admissible in evidence in civil or criminal proceedings in a court of law;
(b) by notice in writing signed by the chairman of the Tribunal require a person to attend before it at any sitting and to give evidence and produce any article, record or document in his possession relating to the subject matter of the review;
(c) administer oaths;
(d) examine or cause to be examined on oath or otherwise a person attending before it and require the person to answer truthfully any question which the Tribunal considers appropriate for the purposes of the review;
(e) order a witness to provide evidence in a truthful manner for the purposes of the review by affidavit;
(f) order a person not to publish or otherwise disclose any material the Tribunal receives;
(g) prohibit the publication or disclosure of any material the Tribunal receives at any sitting, or any part of a sitting, which is held in private;
(h) determine the manner in which any material referred to in paragraph (a) is received;
(i) stay any of the proceedings in the review on such grounds and on such terms and conditions as it considers appropriate having regard to the interests of justice;
(j) determine the procedure to be followed in the review;
(k) exercise such other powers or make such other orders as may be necessary for or ancillary to the conduct of the review or the carrying out of its functions.
(2) A person commits an offence if he, without reasonable excuse-
(a) fails to comply with an order, notice, prohibition or requirement of the Tribunal made or given under or pursuant to subsection (1);
(b) disrupts or otherwise misbehaves during any sitting of the Tribunal;
(c) having been required by the Tribunal under subsection (1) to attend before the Tribunal, leaves the place where his attendance is so required without the permission of the Tribunal;
(d) hinders or deters any person from attending before the Tribunal, giving evidence or producing any article, record or document, for the purposes of a review;
(e) threatens, insults or causes any loss to be suffered by any person who has attended before the Tribunal, on account of such attendance; or
(f) threatens, insults or causes any loss to be suffered by any member of the Tribunal at any time on account of the performance of his functions in that capacity.
(3) A person who commits an offence under subsection (2) is liable-
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.
(4) A person is not excused from complying with an order, notice, prohibition or requirement of the Tribunal made or given under or pursuant to subsection (1) only on the ground that to do so might tend to incriminate the person.

Section: 220 Heading: Use of incriminating evidence required by Tribunal Version Date: 01/04/2003



Notwithstanding any other provisions of this Ordinance, where the Tribunal-
(a) requires a person to give evidence under section 219(1)(b);
(b) requires a person to answer any question under section 219(1)(d );
(c) orders a person to provide evidence under section 219(1)(e); or
(d) otherwise orders or requires a person to provide any information under section 219(1)(k),
and the evidence, answer or information (as the case may be) might tend to incriminate the person, then the requirement or order as well as the evidence, the question and answer, or the information (as the case may be) shall not be admissible in evidence against the person in criminal proceedings in a court of law other than those in which the person is charged with an offence under section 219(2)(a), 253(2)(a) or 254(6)(a) or (b), or under Part V of the Crimes Ordinance (Cap 200), or for perjury, in respect of the evidence, answer or information (as the case may be).

Section: 221 Heading: Contempt dealt with by Tribunal Version Date: 01/04/2003



(1) The Tribunal shall have the same powers as the Court of First Instance to punish for contempt.
(2) Without limiting the generality of the powers of the Tribunal under subsection (1), the Tribunal shall have the same powers as the Court of First Instance to punish for contempt, as if it were contempt of court, a person who, without reasonable excuse, commits any conduct falling within the description of section 219(2)(a), (b), (c), (d), (e) or (f).
(3) The Tribunal shall, in the exercise of its powers to punish for contempt under this section, adopt the same standard of proof as the Court of First Instance in the exercise of the same powers to punish for contempt.
(4) Notwithstanding anything in this section and any other provisions of this Ordinance-
(a) no power may be exercised under or pursuant to this section to determine whether to punish any person for contempt in respect of any conduct if-
(i) criminal proceedings have previously been instituted against the person under section 219(2) in respect of the same conduct; and
(ii) (A) those criminal proceedings remain pending; or
(B) by reason of the previous institution of those criminal proceedings, no criminal proceedings may again be lawfully instituted against that person under such section in respect of the same conduct;
(b) no criminal proceedings may be instituted against any person under section 219(2) in respect of any conduct if-
(i) any power has previously been exercised under or pursuant to this section to determine whether to punish the person for contempt in respect of the same conduct; and
(ii) (A) proceedings arising from the exercise of such power remain pending; or
(B) by reason of the previous exercise of such power, no power may again be lawfully exercised under or pursuant to this section to determine whether to punish the person for contempt in respect of the same conduct.


Section: 222 Heading: Privileged information Version Date: 01/04/2003



Nothing in this Part and Schedule 8 requires an authorized financial institution, acting as the banker or financial adviser of a person who makes an application for review, to disclose information as to the affairs of any of its customers other than that person.

Section: 223 Heading: Costs Version Date: 01/04/2003



(1) The Tribunal may, in relation to a review, by order award to-
(a) any person whose attendance, whether as a witness or otherwise, has been necessary or required for the purposes of the review;
(b) any party to the review,
such sum as it considers appropriate in respect of the costs reasonably incurred by the person or the party (as the case may be) in relation to the review and the application for review in question.
(2) Any costs awarded under subsection (1) shall be paid by and recoverable as a civil debt from-
(a) where the costs are awarded to any person under subsection (1)(a), such of the parties to the review in question as the Tribunal considers appropriate; or
(b) where the costs are awarded to any party to the review under subsection (1)(b), the other party to the review.
(3) Subject to any rules made by the Chief Justice under section 233, Order 62 of the Rules of the High Court (Cap 4 sub. leg. A) applies to the award of costs, and to the taxation of any costs awarded, by the Tribunal under subsection (1).

Section: 224 Heading: Notification of Tribunal determinations Version Date: 01/04/2003



(1) The Tribunal shall, as soon as reasonably practicable after the conclusion of a review, deliver-
(a) its determination in respect of the review, and the reasons for making the determination; and
(b) any order made under section 223 in relation to the review, and the reasons for making the order.
(2) Where any sitting of the Tribunal relating to a review, or any part thereof, is held in private, the Tribunal may by order prohibit the publication or disclosure of any determination or order, or any reasons for any determination or order, referred to in subsection (1)(a) or (b), or any part thereof.
(3) A person commits an offence if he, without reasonable excuse, fails to comply with an order of the Tribunal made pursuant to subsection (2) 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: 225 Heading: Form and proof of orders of Tribunal Version Date: 01/04/2003



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

Section: 226 Heading: Orders of Tribunal may be registered in Court of First Instance Version Date: 01/04/2003



The Court of First Instance may, on notice in writing given by the Tribunal in the manner prescribed by rules made by the Chief Justice under section 233, register an order of the Tribunal in the Court of First Instance and the order shall, on registration, become for all purposes an order of the Court of First Instance made within the jurisdiction of the Court of First Instance.

Section: 227 Heading: Applications for stay of execution of specified decisions Version Date: 01/04/2003



(1) Subject to subsections (2) and (3), the making of an application for review does not by itself operate as a stay of execution of the specified decision to which the application relates.
(2) A person who has made an application for review or an application pursuant to section 217(4) may, at any time before the review or the application (as the case may be) is determined by the Tribunal, apply to the Tribunal for a stay of execution of the specified decision to which the application relates.
(3) On an application made under subsection (2), the Tribunal shall as soon as reasonably practicable conduct a hearing to determine the application, and may, where it considers appropriate, by order grant a stay of execution of the specified decision to which the application relates, subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Tribunal considers appropriate.

Section: 228 Heading: Applications for stay of execution of decisions of Tribunal Version Date: 01/04/2003



A party to a review may, at any time after the determination of the review, apply to the Tribunal for a stay of execution of a decision of the Tribunal relating to the review, whereupon the Tribunal may, where it considers appropriate, by order grant the stay, subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Tribunal considers appropriate.

条： 215 条文标题： 第XI部的释义 版本日期： 01/04/2003



第XI部

证券及期货事务上诉审裁处

第1分部─释义

在本部中，除文意另有所指外─
“各方”(parties) 就某项覆核而言，指─
(a) 作出有关的指明决定的有关当局；及
(b) 提出有关的覆核申请的人；
“有关当局”(relevant authority)─
(a) 就本条中“指明决定”的定义的(a)段所指的指明决定而言，指证监会；
(b) 就本条中“指明决定”的定义的(b)段所指的指明决定而言，指金融管理专员；或
(c) 就本条中“指明决定”的定义的(c)段所指的指明决定而言，指证监会或作出该决定的认可投资者赔偿公司(视属何情况而定)；
“法官”(judge) 指─
(a) 原讼法庭的法官或暂委法官；
(b) 上诉法庭的前任上诉法庭法官；
(c) 原讼法庭的前任法官或前任暂委法官；
“指明决定”(specified decision) 指─
(a) 由证监会作出并符合以下说明的决定─
(i) 根据或依据附表8第2部第1分部第2栏所列的任何条文作出；及
(ii) 属在附表8第2部第1分部第3栏与上述条文相对之处所描述的范畴；
(b) 由金融管理专员作出并符合以下说明的决定─
(i) 根据或依据附表8第2部第2分部第2栏所列的任何条文作出；及
(ii) 属在附表8第2部第2分部第3栏与上述条文相对之处所描述的范畴；或
(c) 由证监会或认可投资者赔偿公司作出并符合以下说明的决定─
(i) 根据或依据附表8第2部第3分部第2栏所列的任何条文作出；及
(ii) 属在附表8第2部第3分部第3栏与上述条文相对之处所描述的范畴；
“审裁处”(Tribunal) 指第216条设立的证券及期货事务上诉审裁处；
“覆核”(review) 指审裁处根据第218(1)条覆核某指明决定；
“覆核申请”(application for review) 指根据第217(1)条提出的申请。

条： 216 条文标题： 证券及期货事务上诉审裁处 版本日期： 01/04/2003



第2分部─证券及期货事务上诉审裁处

(1) 现设立一个名为“证券及期货事务上诉审裁处”的审裁处，审裁处具有司法管辖权按照本部及附表8覆核指明决定，以及聆听和裁定任何覆核所引起或与任何覆核有关连的任何问题或争议点。
(2) 除本部或附表8另有规定外，审裁处─
(a) 由一名主席及2名其他成员组成；及
(b) 由主席主持，他须与该2名其他成员一起聆讯。
(3) 审裁处主席须由法官出任，上述2名其他成员须不是公职人员。
(4) 附表8第1部适用于审裁处成员的委任，以及审裁处的研讯程序和聆讯及与审裁处有关的在程序及其他方面的事宜。
(5) 如行政长官认为适当，可为任何覆核的目的而增设审裁处，在此情况下，本条例或其他条例的条文在作出必要的变通后适用于每个如此增设的审裁处(包括每个如此增设的审裁处的主席及其他成员的委任，以及与每个如此增设的审裁处有关的一切事宜)，一如该等条文适用于审裁处。
(6) 审裁处成员(身为第215条中“法官”的定义的(a)段所指的法官的主席除外)可获付一笔财政司司长认为数额适当的款项，作为服务酬金；该笔款项由政府一般收入支付。
(7) 凡任何属第215条中“法官”的定义的(a)段所指的法官的人获委任为审裁处主席，该项委任及他担任或免任主席之事，均不影响─
(a) 他作为该段所指的法官的任期，亦不影响他作为该段所指的法官而行使权力；
(b) 他担任该职位而具有的职级、称衔、地位、排名、薪金或其他权利或特权；
(c) 他担任该职位须遵守的条款及条件。

条： 217 条文标题： 申请覆核指明决定 版本日期： 01/04/2003



(1) 在符合第(2)及(3)款的规定下，任何人如因有关当局就他作出的指明决定感到受屈，可藉给予审裁处书面通知，而向审裁处申请覆核该决定。
(2) 根据第(1)款给予审裁处的通知须列明该通知所关乎的申请的理由。
(3) 凡有关当局就任何人作出指明决定─
(a) 除(b)段另有规定外─
(i) 如本条例或其他条例规定就该决定送达书面通知，则就该决定而提出的覆核申请，须在该通知按照该规定送达后21日内提出；或
(ii) 如本条例或其他条例并无上述规定，则就该决定而提出的覆核申请，须在关于该决定的书面通知送达该人后21日内提出；
(b) 如该决定属附表8第3部第1分部第2栏所描述的指明决定，且属在该分部第3栏与该指明决定的描述相对之处所列的条文所适用者，则就该决定而提出的覆核申请，须在将关于该决定的通知给予该人后21日内提出。
(4) 不论第(3)款有任何规定，在符合第(5)款的规定下，审裁处可应任何人以书面提出的申请，藉命令而将根据第(3)款就有关当局所作的指明决定提出覆核申请的限期延展，而凡审裁处作出该命令，根据第(3)款提出该项申请的限期即据此延展。
(5) 除非有以下情况，否则审裁处不得根据第(4)款批给延展─
(a) 该人已根据该款申请批给延展，而该有关当局已获给予合理的陈词机会；及
(b) 审裁处信纳有好的因由批给延展。
(6) 审裁处如根据第(1)款接获通知，须在其后在合理地切实可行的范围内，尽快将该通知的副本送达有关当局。

条： 218 条文标题： 在审裁处席前进行的研讯程序 版本日期： 01/04/2003



(1) 在有覆核申请提出后，审裁处须覆核该申请所关乎的指明决定。
(2) 审裁处根据第(1)款覆核指明决定后，可─
(a) 确认、更改或推翻该决定，及(如推翻该决定)以审裁处认为适当的任何其他决定取代该决定；
(b) 将有关事宜发还有关当局处理，并给予审裁处认为适当的指示，包括指示该当局就审裁处指明的事宜重新作出决定。
(3) 如审裁处根据第(2)(a)款更改某指明决定或以任何决定取代某指明决定，经更改的该指明决定或用以取代该指明决定的决定(视属何情况而定)可以是有关当局本有权根据它据以作出该指明决定的同一条文或根据其他条文而就提出有关的覆核申请的人作出的任何决定(不论较严苛或宽松)。
(4) 在不局限第(2)(a)及(3)款的一般性的原则但符合第(6)款的规定下─
(a) 如有关的指明决定属附表8第3部第2分部第2栏描述的指明决定，则审裁处根据第(2)(a)款用以取代该指明决定的决定，可包括(不论是否附加于审裁处除本款外可根据第(2)(a)款用以取代该指明决定的决定)金融管理专员本有权根据或依据该分部第3栏与该指明决定的描述相对之处所列的任何条文而就提出有关的覆核申请的人作出的任何决定；及
(b) 如有关的指明决定属附表8第3部第3分部第2栏描述的指明决定，则审裁处根据第(2)(a)款用以取代该指明决定的决定，可包括(不论是否附加于审裁处除本款外可根据第(2)(a)款用以取代该指明决定的决定)证监会本有权根据或依据该分部第3栏与该指明决定的描述相对之处所列的任何条文而就提出有关的覆核申请的人作出的任何决定。
(5) 不论本条有任何规定，审裁处就任何覆核作出裁定前，须给予该项覆核的各方合理的陈词机会。
(6) 在不局限第(5)款的一般性的原则下，审裁处依据第(4)(a)或(b)款行使权力前，须给予─
(a) (就第(4)(a)款而言)金融管理专员；或
(b) (就第(4)(b)款而言)证监会，
合理的陈词机会。
(7) 除第221(3)条另有规定外，在裁定任何有待审裁处裁定的问题或争议点时所要求的举证准则，是适用于在法院进行的民事法律程序的举证准则。


条： 219 条文标题： 审裁处的权力 版本日期： 01/04/2003



(1) 在符合附表8第1部及终审法院首席法官根据第233条订立的规则的规定下，审裁处为某项覆核的目的，可主动或应该项覆核的各方中的任何一方的申请─
(a) 收取及考虑以口述证供、书面陈述或文件提供的材料；即使该等材料在法院民事或刑事法律程序中会属不可接纳为证据，审裁处亦可收取及考虑；
(b) 藉审裁处主席签署的书面通知，要求某人出席聆讯、提供证据及交出由他管有并与该项覆核的标的有关的任何物品、纪录或文件；
(c) 监誓；
(d) 讯问或安排讯问任何在其席前已宣誓或未经宣誓的人，并要求该人据实回答审裁处认为就该项覆核而言属适当的问题；
(e) 命令证人为该项覆核的目的以誓章据实提供证据；
(f) 命令任何人不得发表或以其他方式披露已为审裁处收取的材料；
(g) 禁止发表或披露审裁处在闭门进行的任何聆讯(或聆讯中闭门进行的任何部分)中所收取的材料；
(h) 决定收取(a)段提述的材料的方式；
(i) 在顾及公正原则后，基于审裁处认为适当的理由及按审裁处认为适当的条款及条件，而搁置该项覆核的任何程序；
(j) 决定在该项覆核中须依循的程序；
(k) 为进行该项覆核或执行其职能，而行使所需或所附带的其他权力，或作出所需或所附带的其他命令。
(2) 任何人无合理辩解而有以下行为，即属犯罪─
(a) 没有遵从审裁处根据或依据第(1)款作出的命令、通知、禁令或要求；
(b) 令审裁处聆讯无法继续进行，或在聆讯过程中有其他不检行为；
(c) 在按审裁处根据第(1)款作出的要求于某地方出席审裁处聆讯后，未经审裁处准许而离开该地方；
(d) 阻碍任何人为某项覆核的目的出席审裁处聆讯、提供证据或交出任何物品、纪录或文件，或阻吓任何人以期他不为该目的作出该等作为；
(e) 因任何人曾出席审裁处聆讯而威胁或侮辱他，或令他蒙受损失；或
(f) 因任何审裁处成员以该身分执行职能，而在任何时间威胁或侮辱他，或令他蒙受损失。
(3) 任何人犯第(2)款所订罪行─
(a) 一经循公诉程序定罪，可处罚款$1000000及监禁2年；或
(b) 一经循简易程序定罪，可处第6级罚款及监禁6个月。
(4) 任何人不得仅以遵从审裁处根据或依据第(1)款作出的命令、通知、禁令或要求可能会导致他入罪为理由，而获豁免遵从该命令、通知、禁令或要求。

条： 220 条文标题： 审裁处要求的导致入罪的证据的使用 版本日期： 01/04/2003



不论本条例其他条文有任何规定，凡审裁处─
(a) 根据第219(1)(b)条要求任何人提供证据；
(b) 根据第219(1)(d)条要求任何人回答问题；
(c) 根据第219(1)(e)条命令任何人提供证据；或
(d) 根据第219(1)(k)条以其他方式命令或要求任何人提供任何资料，
而该证据、答案或资料(视属何情况而定)可能会导致该人入罪，则该要求或命令及该证据、该问题及答案或该资料(视属何情况而定)不得在法院进行的刑事法律程序中接纳为针对该人的证据，但如该人就该证据、答案或资料(视属何情况而定)而被控犯第219(2)(a)、253(2)(a)或254(6)(a)或(b)条或《刑事罪行条例》(第200章)第V部所订罪行或被控犯作假证供罪，则就该等罪行而进行的刑事法律程序属例外。

条： 221 条文标题： 审裁处处理的藐视罪 版本日期： 01/04/2003



(1) 审裁处在惩罚犯藐视罪者方面所具有的权力，与原讼法庭所具有的相同。
(2) 在不局限第(1)款赋予的权力的一般性的原则下，如任何人无合理辩解而有第219(2)(a)、(b)、(c)、(d)、(e)或(f)条描述的行为，则审裁处可以该人犯藐视罪而惩罚该人，犹如该人犯藐视法庭罪一样，而审裁处在这方面所具有的权力，与原讼法庭所具有的相同。
(3) 审裁处在根据本条行使惩罚犯藐视罪者的权力时，须采用原讼法庭在行使权力惩罚犯藐视罪者时采用的举证准则。
(4) 不论本条及本条例其他条文有任何规定─
(a) 在以下情况下，不得根据或依据本条行使权力，以决定是否就某行为以某人犯藐视罪而惩罚该人─
(i) 过往已根据第219(2)条就同一行为对该人提起刑事法律程序；及
(ii) (A) 该刑事法律程序仍待决；或
(B) 由于过往已提起该刑事法律程序，因此不得根据该条就同一行为再次合法地对该人提起刑事法律程序；
(b) 在以下情况下，不得根据第219(2)条就某行为而对某人提起刑事法律程序─
(i) 过往已根据或依据本条行使权力，以决定是否就同一行为以该人犯藐视罪而惩罚该人；及
(ii) (A) 因行使该权力而产生的法律程序仍待决；或
(B) 由于过往已行使该权力，因此不得根据或依据本条再次合法地行使权力，以决定是否就同一行为以该人犯藐视罪而惩罚该人。


条： 222 条文标题： 受保密权涵盖的资料 版本日期： 01/04/2003



即使有人提出覆核申请，本部及附表8并不规定担任该人的银行或财务顾问的认可财务机构，披露该人以外的该机构顾客的事务的资料。

： 223 条文标题： 讼费 版本日期： 01/04/2003



(1) 审裁处可就某项覆核，就以下的人就该项覆核及该项覆核的申请合理地招致的讼费，藉命令向他们判给一笔审裁处认为数额适当的款项─
(a) 为该项覆核的目的而需要以或被要求以证人或其他身分出席的人；
(b) 该项覆核的任何一方。
(2) 凡审裁处根据第(1)款将讼费─
(a) 判给第(1)(a)款所指的人，该讼费须在审裁处认为适当的情况下由有关覆核的各方或某一方支付，并可作为民事债项予以追讨；或
(b) 判给第(1)(b)款所指的一方，该讼费须由有关覆核的另一方支付，并可作为民事债项予以追讨。
(3) 除终审法院首席法官根据第233条订立的规则另有规定外，《高等法院规则》(第4章，附属法例A)第62号命令适用于根据第(1)款判给的讼费的判给和评定。

条： 224 条文标题： 就审裁处的裁定作出通知 版本日期： 01/04/2003



(1) 审裁处须在某项覆核完结后，在合理地切实可行的范围内尽快宣告─
(a) 审裁处就该项覆核作出的裁定，以及作出该裁定的理由；及
(b) 审裁处就该项覆核根据第223条作出的任何命令，以及作出该命令的理由。
(2) 如与某项覆核有关的聆讯或该聆讯的任何部分是闭门进行的，则审裁处可藉命令禁止发表或披露就该项覆核作出的第(1)(a)或(b)款提述的任何裁定或命令或作出该等裁定或命令的任何理由，或该等裁定、命令或理由的任何部分。
(3) 任何人无合理辩解而没有遵从依据第(2)款作出的命令，即属犯罪─
(a) 一经循公诉程序定罪，可处罚款$1000000及监禁2年；或
(b) 一经循简易程序定罪，可处第6级罚款及监禁6个月。

条： 225 条文标题： 审裁处命令的格式及证明 版本日期： 01/04/2003



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

条： 226 条文标题： 审裁处命令可在原讼法庭登记 版本日期： 01/04/2003



原讼法庭可应审裁处按终审法院首席法官藉根据第233条订立的规则订明的方式而发出的书面通知，在原讼法庭登记审裁处的命令，而该命令一经登记，即就所有目的而言成为原讼法庭在其司法管辖权范围内作出的命令。

条： 227 条文标题： 申请搁置执行指明决定 版本日期： 01/04/2003



(1) 除第(2)及(3)款另有规定外，提出覆核申请本身并不具有搁置执行与该申请有关的指明决定的效力。
(2) 提出覆核申请或依据第217(4)条提出申请的人可在审裁处就该项覆核或申请(视属何情况而定)作出裁定前，随时向审裁处申请搁置执行与该申请有关的指明决定。
(3) 审裁处须应根据第(2)款提出的申请，在合理地切实可行的范围内尽快进行聆讯以裁定该申请，审裁处如认为适当，可藉命令而准予搁置执行与该申请有关的指明决定，并可在讼费、缴存款项于审裁处或其他方面定出它认为适当的条件，而有关的搁置执行须受该等条件规限。
： 228 条文标题： 申请搁置执行审裁处的决定 版本日期： 01/04/2003



在审裁处就某项覆核作出裁定后，该项覆核的任何一方可随时向审裁处申请搁置执行与该项覆核有关的决定，而凡有人提出该申请，审裁处如认为适当，可藉命令而准予搁置执行，并可在讼费、缴存款项于审裁处或其他方面定出它认为适当的条件，而有关的搁置执行须受该等条件规限。

Section: 229 Heading: Appeal to Court of Appeal Version Date: 01/04/2003



Division 3-Appeals

(1) A party to a review who is dissatisfied with a decision of the Tribunal relating to the review may appeal to the Court of Appeal against the decision on a point of law.
(2) In an appeal under subsection (1), the Court of Appeal may-
(a) allow the appeal;
(b) dismiss the appeal;
(c) vary or set aside the decision in question, and, where the decision is set aside, substitute for the decision any other decision it considers appropriate;
(d) remit the matter in question to the Tribunal with the directions it considers appropriate, which may include a direction to the Tribunal to conduct the review in question afresh for the purpose of determining any question specified by the Court of Appeal.
(3) Where the Court of Appeal varies, or substitutes any other decision for, a decision under subsection (2)(c), the decision as varied or the other decision substituting for the decision (as the case may be) may be any decision (whether more or less onerous) that the Tribunal had power to make in respect of the review in question, whether or not under the same provision as that under which the decision has been made.
(4) In an appeal under subsection (1), the Court of Appeal may make such order as to costs as it considers appropriate.

Section: 229 Heading: Appeal to Court of Appeal Version Date: 01/04/2003



Division 3-Appeals

(1) A party to a review who is dissatisfied with a decision of the Tribunal relating to the review may appeal to the Court of Appeal against the decision on a point of law.
(2) In an appeal under subsection (1), the Court of Appeal may-
(a) allow the appeal;
(b) dismiss the appeal;
(c) vary or set aside the decision in question, and, where the decision is set aside, substitute for the decision any other decision it considers appropriate;
(d) remit the matter in question to the Tribunal with the directions it considers appropriate, which may include a direction to the Tribunal to conduct the review in question afresh for the purpose of determining any question specified by the Court of Appeal.
(3) Where the Court of Appeal varies, or substitutes any other decision for, a decision under subsection (2)(c), the decision as varied or the other decision substituting for the decision (as the case may be) may be any decision (whether more or less onerous) that the Tribunal had power to make in respect of the review in question, whether or not under the same provision as that under which the decision has been made.
(4) In an appeal under subsection (1), the Court of Appeal may make such order as to costs as it considers appropriate.

Section: 230 Heading: No stay of execution on appeal Version Date: 01/04/2003



Without prejudice to section 228, the lodging of an appeal under section 229 does not by itself operate as a stay of execution of a decision of the Tribunal unless the Court of Appeal otherwise orders, and any stay of execution may be subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Court of Appeal considers appropriate.

Section: 231 Heading: No other right of appeal Version Date: 01/04/2003



Subject to section 229 and section 50 of the High Court Ordinance (Cap 4), any decision of the Tribunal shall be final and shall not be subject to appeal.

Section: 232 Heading: Time when specified decisions to take effect Version Date: 01/04/2003



Division 4-Miscellaneous

(1) Notwithstanding subsections (2) and (3) and any other provisions of this or any other Ordinance, no specified decision, other than a specified decision which is described in column 2 of Division 4 of Part 3 of Schedule 8 and to which the provision set out, opposite such description of the specified decision, in column 3 of that Division applies, takes effect at any time before-
(a) where there is any requirement in this or any other Ordinance for notice in writing in respect of the decision to be served, the notice has been served in accordance with such requirement; or
(b) where there is no such requirement, a notice in writing in respect of the decision has been served on the person in respect of whom it is made.
(2) A specified decision, other than a specified decision which is described in column 2 of Division 5 of Part 3 of Schedule 8 and to which the provision set out, opposite such description of the specified decision, in column 3 of that Division applies, takes effect-
(a) where, prior to the expiration of the period of 21 days specified in section 217(3), the person in respect of whom the decision is made notifies the relevant authority that he will not make an application for review of the decision, at the time when he so notifies the relevant authority;
(b) subject to paragraph (a), where the person does not make an application for review of the decision within the period of 21 days specified in section 217(3), at the time when the period so specified expires; or
(c) where the person makes an application for review of the decision within the period of 21 days specified in section 217(3)-
(i) where the decision is confirmed by the Tribunal, at the time when the decision is so confirmed;
(ii) where the decision is varied, or substituted by another decision, by the Tribunal, at the time when the decision is so varied or substituted, subject however to the terms of the variation or substitution; or
(iii) where the application is withdrawn, at the time when it is so withdrawn.
(3) Notwithstanding subsection (2) and any other provisions of this or any other Ordinance, but subject to subsection (1), the relevant authority may, where it considers appropriate in the interest of the investing public or in the public interest to do so, specify in the notice served in respect of a specified decision any time, other than that at which the decision is apart from this subsection to take effect, as the time at which the decision is to take effect, in which case the decision takes effect at the time so specified.
(4) Nothing in this section affects the power of the Tribunal to grant a stay of execution of a specified decision under section 227.

Section: 233 Heading: Rules by Chief Justice Version Date: 01/04/2003



The Chief Justice may make rules-
(a) providing for the award of costs under section 223 and the taxation of those costs;
(b) prescribing the manner in which the Tribunal is to give notice to the Court of First Instance in respect of orders of the Tribunal pursuant to section 226;
(c) regulating the procedure for the hearing of appeals under section 229;
(d) requiring the payment of the fees specified in the rules for any matter relating to applications for review;
(e) providing for matters of procedure or other matters relating to applications for review or reviews, which are not provided for in this Part or in Part 1 of Schedule 8;
(f) providing for the issue or service of any document (however described) for the purposes of this Part or Part 1 of Schedule 8;
(g) prescribing any matter which this Part provides is, or may be, prescribed by rules made by the Chief Justice.

Section: 234 Heading: Amendment of Parts 2 and 3 of Schedule 8 Version Date: 01/04/2003



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

条： 229 条文标题： 向上诉法庭提出上诉 版本日期： 01/04/2003



第3分部─上诉

(1) 凡某项覆核的任何一方对审裁处就该项覆核所作的决定感到不满，可针对该决定向上诉法庭就法律论点提出上诉。
(2) 上诉法庭对根据第(1)款提出的上诉，可─
(a) 判上诉得直；
(b) 驳回上诉；
(c) 更改或推翻有关决定，及(如推翻该决定)以上诉法庭认为适当的任何其他决定取代该决定；
(d) 将有关事宜发还审裁处处理，并给予上诉法庭认为适当的指示，包括指示审裁处重新进行有关覆核，以裁定上诉法庭指明的问题。
(3) 如上诉法庭根据第(2)(c)款更改某决定或以任何其他决定取代某决定，经更改的该决定或用以取代该决定的其他决定(视属何情况而定)可以是审裁处本有权根据它据以作出该决定的同一条文或根据其他条文而就有关覆核作出的任何决定(不论较严苛或宽松)。
(4) 上诉法庭对根据第(1)款提出的上诉，可就讼费作出它认为适当的命令。

： 230 条文标题： 上诉不搁置执行 版本日期： 01/04/2003



在不损害第228条的原则下，除非上诉法庭另有命令，否则根据第229条提出上诉本身并不具有搁置执行审裁处的决定的效力。上诉法庭如命令搁置执行，可在讼费、缴存款项于审裁处或其他方面定出它认为适当的条件，而有关的搁置执行须受该等条件规限。
条： 231 条文标题： 无其他上诉权 版本日期： 01/04/2003



除第229条及《高等法院条例》(第4章)第50条另有规定外，审裁处所作的决定，即为最终决定，不可上诉。

条： 232 条文标题： 指明决定的生效时间 版本日期： 01/04/2003



第4分部─杂项条文

(1) 不论第(2)及(3)款及本条例或其他条例的其他条文有任何规定，凡有关当局就任何人作出指明决定(但如该指明决定属附表8第3部第4分部第2栏所描述的、且属在该分部第3栏与该指明决定的描述相对之处所列的条文所适用的指明决定则除外)─
(a) 如本条例或其他条例规定就该决定送达书面通知，则该决定不得在该通知按照该规定送达之前生效；或
(b) 如本条例或其他条例并无上述规定，则该决定不得在关于该决定的书面通知送达该人之前生效。
(2) 凡有关当局就任何人作出指明决定(但如该指明决定属附表8第3部第5分部第2栏所描述的、且属在该分部第3栏与该指明决定的描述相对之处所列的条文所适用的指明决定则除外)─
(a) 如该人在第217(3)条指明的21日限期届满前，通知有关当局他不会就该决定提出覆核申请，则该决定在该人如此通知该当局之时生效；
(b) 除(a)段另有规定外，如该人没有在第217(3)条指明的21日限期内提出覆核申请，则该决定在该限期届满之时生效；或
(c) 如该人在第217(3)条指明的21日限期内就该决定提出覆核申请，而─
(i) 审裁处确认该决定，则该决定在获确认之时生效；
(ii) 审裁处更改该决定或以另一决定取代，则该决定在如此被更改或取代之时，按该项更改或取代的条款而生效；或
(iii) 该人撤回该申请，则该决定在该申请被撤回之时生效。
(3) 除第(1)款另有规定外，不论第(2)款及本条例或其他条例的其他条文有任何规定，有关当局如认为就维护投资大众的利益或公众利益而言是适当的话，可在就某指明决定送达的通知中，指明如非因本款则该决定本会生效的时间以外的另一时间，作为该决定生效的时间，而在此情况下，该决定在如此指明的时间生效。
(4) 本条并不影响审裁处根据第227条准予搁置执行某指明决定的权力。

条： 233 条文标题： 终审法院首席法官订立规则 版本日期： 01/04/2003



终审法院首席法官可订立规则─
(a) 对根据第223条判给讼费及对该等讼费的评定作出规定；
(b) 订明审裁处依据第226条就其命令向原讼法庭发出通知的方式；
(c) 规管根据第229条提出的上诉的聆讯程序；
(d) 规定缴付在规则中就与覆核申请有关的任何事宜而指明的费用；
(e) 对本部或附表8第1部没有作出规定而关乎覆核申请的程序事宜或其他事宜作出规定；
(f) 就为施行本部或附表8第1部发出或送达任何文件(不论实际如何称述)作出规定；
(g) 订明本部规定由或可由终审法院首席法官藉规则订明的事宜。

条： 234 条文标题： 附表8第2及3部的修订 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8第2及3部。

Section: 235 Heading: Interpretation of Part XII Version Date: 01/04/2003



PART XII

INVESTOR COMPENSATION


In this Part, unless the context otherwise requires-
"compensation" (赔偿) means compensation payable out of the compensation fund under rules made under section 244;
"default" (违责) means a default prescribed by rules made under section 244;
"Futures Exchange Compensation Fund" (期交所赔偿基金) means the compensation fund established under Part VIII of the repealed Commodities Trading Ordinance;
"Unified Exchange Compensation Fund" (联交所赔偿基金) means the compensation fund established under Part X of the repealed Securities Ordinance.


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Section: 236 Heading: Establishment of compensation fund Version Date: 01/04/2003



(1) The Commission shall establish and maintain a compensation fund, to be known as the Investor Compensation Fund in English and“投资者赔偿基金”in Chinese, for the purpose of providing, in accordance with rules made under section 244, a measure of compensation to clients of a specified person who sustain a loss by reason of a default committed by the specified person or any of his associated persons in connection with specified securities or futures contracts.
(2) In this section-
"associated person" (相联者), in relation to a specified person, means-
(a) a person employed or otherwise engaged by the specified person;
(b) a person ("first-mentioned person") who may under section 164 receive or hold client assets of the specified person, or an employee of the first-mentioned person; or
(c) such other persons as may be prescribed by rules made under section 244;
"specified person" (指明人士) means-
(a) an intermediary licensed or registered for Type 1 or Type 2 regulated activity;
(b) an intermediary licensed for Type 8 regulated activity; or
(c) such other person as may be prescribed by rules made under section 244;
"specified securities or futures contracts" (指明证券或期货合约) means any securities or futures contracts listed or traded or to be listed or traded on-
(a) a recognized stock market or recognized futures market; or
(b) such other markets as may be prescribed by rules made under section 244.


Section: 237 Heading: Money constituting the compensation fund Version Date: 01/04/2003



(1) The compensation fund shall consist of-
(a) all amounts paid to the Commission or a recognized investor compensation company in accordance with rules made under this Part;
(b) all amounts paid by the Commission into the compensation fund under subsection (2)(b);
(c) all amounts paid into the compensation fund under sections 74(2) or (9)(b), 75(2) or (9)(b) and 76(11) of Schedule 10;
(d) all assets (whether in cash or otherwise) recovered by the Commission or a recognized investor compensation company in exercise of a right of action conferred by section 243 or 87;
(e) all amounts borrowed under subsection (2)(a);
(f) any return or profit received on an investment made under section 241;
(g) all other amounts lawfully paid into the compensation fund.
(2) With the consent in writing of the Financial Secretary, the Commission may-
(a) for the purpose of the compensation fund, borrow from any authorized financial institution on such terms and at such rates of interest as it considers acceptable and charge any investments acquired under section 241 by way of security for any such loan;
(b) pay into the compensation fund from its reserves such amount of money as it considers appropriate.


Section: 238 Heading: Management of compensation fund Version Date: 01/04/2003



(1) Subject to this Part, the Commission shall be responsible for the management and administration of the compensation fund, including the determination of a claim for compensation.
(2) The Commission may realize any of the non-cash assets of the compensation fund at such times as it considers appropriate and the proceeds of realization shall become part of the compensation fund.

Section: 239 Heading: Money to be kept in account Version Date: 01/04/2003



The Commission shall open at one or more authorized financial institutions one or more accounts and shall, pending their application in accordance with this Part, pay into or transfer to such account or accounts all amounts forming part of the compensation fund.


Section: 240 Heading: Accounts of compensation fund Version Date: 23/06/2006



(1) The Commission shall keep proper accounts of the compensation fund.
(2) The Commission may, if it considers it necessary to do so-
(a) maintain separate accounts in respect of the amounts that are respectively paid into the compensation fund under sections 74, 75 and 76 of Schedule 10;
(b) maintain separate accounts in respect of the compensation fund-
(i) for different-
(A) recognized exchange companies;
(B) markets operated by recognized exchange companies;
(C) persons providing automated trading services; or
(D) classes of investors; or
(ii) for the better and more effectual management or administration of the fund;
(c) maintain sub-accounts in respect of the separate accounts referred to in paragraph (a) or (b) in such manner as it considers appropriate.
(3) The Commission shall in respect of the financial year beginning before and ending after the day on which this section commences, and in respect of each subsequent financial year, prepare-
(a) a financial statement made up to (and including) the last day of that year, in respect of the accounts of the compensation fund; and
(b) in the case where separate accounts are maintained under subsection (2)(a) or (b) or sub-accounts are maintained under subsection (2)(c)-
(i) a consolidated financial statement made up to (and including) the last day of that year, in respect of the separate accounts or sub-accounts (as the case may be); and
(ii) a separate financial statement made up to (and including) the last day of that year, in respect of each separate account or sub-account (as the case may be).
(4) A financial statement prepared under subsection (3) shall be signed by the chairman and the chief executive officer of the Commission. (Amended 15 of 2006 s. 4)
(5) The Commission shall appoint an auditor to audit the compensation fund.
(6) The auditor so appointed shall annually audit the accounts of the compensation fund and shall audit, and prepare an auditor's report in respect of, each financial statement prepared under subsection (3) and shall submit the report to the Commission.
(7) An auditor's report prepared under subsection (6) shall contain a statement made by the auditor as to whether in his opinion the financial statement gives a true and fair view of the matters to which the statement relates.
(8) The auditor appointed under this section may call for and inspect such books and records of the Commission or any recognized investor compensation company as he may require in order to perform his functions under this section.
(9) Not later than 4 months after the end of each financial year the Commission shall cause-
(a) a copy of-
(i) each audited financial statement in respect of that financial year; and
(ii) the auditor's report on each such financial statement,
to be sent to the Financial Secretary; and
(b) a copy of each such audited financial statement to be published in the Gazette.
(10) The Financial Secretary shall cause to be laid on the table of the Legislative Council any financial statement and report sent to him under subsection (9)(a).
(11) In this section, "financial statement" (财务报表) means a statement which contains all of the following documents-
(a) a revenue and expenditure account;
(b) a balance sheet; and
(c) a cash flow statement.


Section: 241 Heading: Investment of moneys Version Date: 01/04/2003



(1) The Commission may invest any money which forms part of the compensation fund and is not immediately required for any other purposes provided for by this Part-
(a) on fixed deposit with an authorized financial institution; or
(b) in securities in which trustees are authorized by law to invest trust funds.
(2) Any return or profit on an investment of moneys by the Commission under subsection (1) shall be added to the compensation fund.
(3) A fixed deposit receipt and other document evidencing the investment of moneys under subsection (1) may be kept in the office of the Commission or deposited for safe keeping with an authorized financial institution.

Section: 242 Heading: Payments out of the compensation fund Version Date: 01/04/2003



(1) Subject to this Part, there shall from time to time be paid out of the compensation fund as required and in such order as the Commission may determine one or more of the following amounts-
(a) all legal and other expenses incurred-
(i) in investigating or defending claims for compensation made under rules made under this Part;
(ii) in relation to the compensation fund;
(iii) in the exercise by the Commission of the rights, powers, and authorities vested in it by this Part or rules made under this Part in relation to the compensation fund;
(iv) in the performance by a recognized investor compensation company of a function transferred to it under section 80 or provided for under rules made under this Part;
(b) the expenses incurred in the management or administration of the compensation fund;
(c) the expenses incurred in obtaining insurance, surety, guarantee or other security, or in making any financial arrangement, in respect of claims for compensation made under rules made under this Part;
(d) interest on any sum borrowed under section 237(2)(a);
(e) the amounts of claims for compensation, costs of and incidental to the making and proving of such claims and interest on compensation, as allowed under rules made under this Part;
(f) all other money payable out of the compensation fund in accordance with rules made under this Part.
(2) Where the Commission considers that the amount at credit in either the Unified Exchange Compensation Fund or the Futures Exchange Compensation Fund is insufficient to enable-
(a) the payment of the amounts which the Commission considers to be necessary to meet any claims or likely claims against the Unified Exchange Compensation Fund or the Futures Exchange Compensation Fund (as the case may be); and
(b) the repayment of the amounts deposited in cash with the Commission under section 104 of the repealed Securities Ordinance or section 82 of the repealed Commodities Trading Ordinance (as the case may be),
then the Commission shall, subject to subsection (3), pay into the Unified Exchange Compensation Fund or the Futures Exchange Compensation Fund (as the case may be) out of the compensation fund such amount as it considers appropriate.
(3) The aggregate amounts paid under subsection (2) to the Unified Exchange Compensation Fund or the Futures Exchange Compensation Fund shall not exceed the respective aggregate amounts paid into the compensation fund under section 74(2) or 75(2) of Schedule 10 (as the case may be).

Section: 243 Heading: Subrogation of the Commission to rights, etc. of claimant on payment from compensation fund Version Date: 25/09/2006



(1) Where the Commission makes any payment out of the compensation fund in respect of any claim for compensation made under rules made under this Part-
(a) subject to subsection (1A), the Commission 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 Commission 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 Commission 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 Commission under subsection (1) shall become part of the compensation fund.

Section: 244 Heading: Rules by Chief Executive in Council and Commission Version Date: 01/04/2003



(1) The Chief Executive in Council may make rules for the following matters-
(a) the means of funding the compensation fund;
(b) the maximum amount of compensation that may be paid to a person making a claim for compensation;
(c) the maintenance of sub-accounts under section 240(2)(c), payments to be made from such sub-accounts and the apportionment between different sub-accounts of expenses incurred in relation to the compensation fund and of interest earned on the fund;
(d) providing for the better carrying out of the objects and purposes of this Part.
(2) Without prejudice to section 398(7) and (8), the Commission may, subject to subsection (3), make rules which are not inconsistent with rules made by the Chief Executive in Council under subsection (1), for the following matters-
(a) the circumstances in which a person is entitled to claim compensation, including any matter referred to in section 235 or 236(2) which may be prescribed by rules made under this section;
(b) the manner in which the claim for compensation is to be made;
(c) the payment of costs of and incidental to the making and proving of a claim for compensation;
(d) the payment of interest on the amount of compensation;
(e) the information or documents to be supplied to the Commission for the purpose of enabling the Commission to determine the application;
(f) the persons or classes of persons who are not entitled to make a claim for compensation;
(g) the circumstances and manner in which the Commission may call for claims for compensation;
(h) the determination and payment of and the procedures for dealing with a claim for compensation;
(i) enabling the Commission-
(i) to submit a claim for compensation as a proof of debt in any winding-up or bankruptcy proceedings;
(ii) to pay compensation in the form of securities and to purchase securities for that purpose; and
(iii) to require the assignment of a claimant's rights of action as a pre-condition for the payment of compensation;
(j) the functions of a recognized investor compensation company in relation to the management or administration of the compensation fund;
(k) the formulation of proper accounting and auditing systems with respect to the management or administration of the compensation fund for which a recognized investor compensation company may be responsible upon a transfer of a function to it under section 80;
(l) arrangements that are to be made when a recognized investor compensation company is wound up;
(m) the obtaining of such insurance, surety, guarantee or other security or the making of such financial arrangement as may be necessary or appropriate for the better carrying out of the objects and purposes of this Part;
(n) providing for the better carrying out of the objects and purposes of this Part.
(3) The Commission shall consult the Financial Secretary before making rules under subsection (2) for the matters specified in paragraphs (a) and (f) of that subsection.
(4) In making any rules under subsection (1)(a), the Chief Executive in Council shall ensure that the funds of the compensation fund shall, so far as reasonably practicable, be borne by participants or any particular class of participants in the securities and futures market.