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Hong Kong


SECURITIES AND FUTURES COMMISSION ORDINANCE
　(CHAPTER 24)
　ARRANGEMENT OF SECTIONS
　　
　　ion
　　I　　　　PRELIMINARY
　　hort title
　　nterpretation
　　II　　　 SECURITIES AND FUTURES COMMISSION
　　ecurities and Futures Commission
　　unctions of Commission
　　onstitution of Commission
　　ommission may establish committees
　　taff of Commission
　　eneral powers of Commission
　　elegation and sub-delegation of Commission's functions
　　Advisory Committee
　　Directions to Commission
　　Annual report of Commission
　　Commission to furnish information
　　Financial year and estimates of income and expenditure
　　Accounts
　　Auditors and audit
　　Investment of funds
　　III　　　SECURITIES AND FUTURES APPEALS PANEL
　　Constitution of Appeals Panel
　　Appeals (registration, forfeiture and notices)
　　Hearing of appeals by tribunal
　　Procedure for appeals
　　Case stated
　　IV　　　 ADDITIONAL REGISTRATION REQUIREMENTS
　　Applications under section 51 of Securities Ordinance or section
30 of
　　odities Trading Ordinance; supplementary provisions
　　Applicant under Securities Ordinance or Commodities Trading
Ordinance
　　urnish information to Commission
　　Certificates of registration to continue in force
　　Section 23 (2) and (3) to apply to inquiries under section 56 of
　　rities Ordinance or section 36 of Commodities Trading Ordinance
　　Registered persons to notify Commission where records etc. kept
　　Financial resources rules
　　Modification of financial resources rules in particular cases
　　
　　V　　　　REGULATION OF REGISTERED PERSONS' BUSINESS, ETC.
　　Supervision
　　Information relating to transactions
　　Certification to High Court relating to non-compliance under
section
　　r 31 33. Investigations
　　Returns
　　Production of computerized information
　　Magistrate's warrant
　　Destruction etc. of documents
　　Powers of intervention
　　Restriction of business
　　Restriction on dealing with assets
　　Maintenance of assets
　　Provisions relating to notices under section 39, 40, 41 or 43
　　Withdrawal, substitution or variation of notices under section
39, 40
　　1 44. Appeals against notices under this Part
　　Winding-up orders
　　Receiving orders
　　VI　　　 SPECIAL PROVISIONS RELATING TO EXCHANGE COMPANIES AND
　　RING HOUSES 47. Transfer and resumption of functions
　　Information: Exchange Companies and clearing houses
　　Notice of closure or re-opening
　　Additional powers--restriction notices relating to Exchange
Companies
　　clearing houses
　　Additional powers--suspension orders relating to Exchange
Companies
　　clearing houses
　　VII　　　FUNDING
　　Levies
　　Appropriation
　　Fees and other charges
　　VIII MISCELLANEOUS
　　Injunctions to restrain contraventions
　　Waiver or modification of requirements
　　Immunity, etc.
　　Liability of directors, etc.
　　Evidence
　　Preservation of secrecy, etc.
　　Service of notices
　　Penalties for offences
　　Prosecution of certain offences by Commission
　　Dissolution of Provisional Securities and Futures Commission
Limited
　　transfer of property
　　Transitional
　　DULE Functions of Commission to which section 9 does not apply
　　establish the Securities and Futures Commission and to amend the　
law
　　ting to dealing in securities and trading in futures contracts;
and to
　　ide for connected or incidental matters.
　　he Ordinance other than sections 27 (1) to (8), 30, 31, 32 and　
65　as
　　with item 1 (b) of paragraph 4 of Schedule 2 insofar as　they　
relate
　　he repeal of sections 122 and 123 of the Securities Ordinance
　　y 1989 L. N. 126 of 1989
　　remaining provisions: 1 August 1989] L. N. 230 of 1989
　PART I PRELIMINARY
　　
　　hort title
　　Ordinance may be cited　as　the　Securities　and　Futures　
Commission
　　nance.
　　nterpretation
　　his Ordinance, unless the context otherwise requires-
　　aring house" means a clearing house within the meaning of section
2
　　of the Commodities　Trading　Ordinance　(Cap.　250)　or　a　
recognized
　　ring house within the meaning of section 2 of the Securities
(Clearing
　　es) Ordinance (Cap. 420); (Amended 66 of 1990 s. 2; 68 of 1992
s. 20)
　　Commission" means the Securities and Futures　Commission　
established
　　ection 3; "Commodity Exchange" has　the　meaning　assigned　to　
it　by
　　ion 2 (1) of the Commodities Trading Ordinance (Cap. 250);
　　pany" means any company within the meaning of the Companies
Ordinance
　　. 32) and includes an overseas company　within　the　meaning　of　
that
　　nance or any other body corporate incorporated in Hong Kong　
having　a
　　e capital;
　　a equipment" has the meaning assigned to it by section 27;
　　a material" means any document or other material　used　in　
connection
　　or produced by data equipment;
　　ablishment day" means the day on which section 3 comes into
operation;
　　hange Company" means-
　　the Stock Exchange Company; or
　　the Futures Exchange Company,
　　"Exchange Companies" means both of those companies;
　　cutive director" and "non-executive director" mean a director　
of　the
　　ission who is appointed under section 5 as an executive director
and a
　　executive director thereof,　respectively;　"exempt　dealer"　
has　the
　　ing assigned to it by section 2 (1) of the Securities Ordinance　
(Cap.
　　;
　　ancial resources rules" means rules made under section 28;　
"financial
　　" means the period specified in section 14 (1);
　　m" has the meaning assigned to it by section 2 (1) of the　
Commodities
　　ing Ordinance (Cap. 250);
　　ction" includes power and duty;
　　ures contract" has the meaning assigned to it by section 2 (1)
of　the
　　odities Trading Ordinance (Cap. 250);
　　ures Exchange Company" means the Exchange Company within　the　
meaning
　　ection 2 (1) of the Commodities Trading Ordinance (Cap. 250);
　　up of companies" has the meaning assigned to it by section　2　(1)　
of
　　Companies Ordinance (Cap. 32);
　　etary Authority" means the Monetary Authority appointed under　
section
　　f the Exchange Fund Ordinance (Cap. 66); (Added 82 of 1992 s. 6)
　　icer", in relation to a company, has the meaning　assigned　to　
it　by
　　ion 2 (1) of the Companies Ordinance (Cap. 32);
　　el" means the Securities and　Futures　Appeals　Panel　
established　by
　　ion　18;　 "property　 investment　 arrangements"　 means　
investment
　　ngements as defined in relation to property other than　
securities　by
　　ion 2 of the Protection of Investors Ordinance (Cap. 335);
　　
　　ord or other document" includes--
　　a book, voucher, receipt or data material,　or　information　
which　is
　　rded in a non-legible form but is capable of　being　reproduced　
in　a
　　ble form; and (b) any document,　disc,　tape,　sound　track　or　
other
　　ce in which sounds　or　other　data　(not　being　visual　
images)　are
　　died so as to be capable (with or without the aid of other　
equipment)
　　eing reproduced and any film (including a microfilm),　tape　or　
other
　　ce in which visual images　are　embodied　so　as　to　be　
capable　(as
　　esaid) of being reproduced;
　　istered person" means a person who is registered under the　
Securities
　　nance (Cap. 333), the Commodities Trading　Ordinance　(Cap.　
250)　(or
　　those　Ordinances)　as　a　dealer,　dealing　partnership,　
dealer's
　　esentative, investment adviser, commodity trading adviser,　
investment
　　sers' partnership, investment representative or　a　commodity　
trading
　　ser's representative;
　　relevant Ordinances" means this Ordinance, Part II of　the　
Companies
　　nance (Cap.　32) (insofar as that Part relates,　whether　
directly　or
　　rectly, to the performance of functions by the Commission in　
relation
　　rospectuses and purchase by a company of its own shares) and Part　
XII
　　hat Ordinance (insofar as　that　part　relates,　whether　
directly　or
　　rectly, to the performance of functions by the Commission in　
relation
　　rospectuses), the　Securities　Ordinance　(Cap.　333),　the　
Commodity
　　anges (Prohibition)　Ordinance　(Cap.　82),　the　Commodities　
Trading
　　nance (Cap. 250), the Protection of Investors　Ordinance　(Cap.　
335),
　　Stock Exchanges Unification Ordinance (Cap. 361), the Securities
　　aring Houses) Ordinance (Cap.　420),　the　Securities　
(Disclosure　of
　　rests) Ordinance (Cap.　396)　and　the　Securities　(Insider　
Dealing)
　　nance (Cap. 395); (Amended 62 of 1990 s. 41; 68 of 1992 s. 20;　
87　of
　　s. 2) "securities" has the meaning assigned to it by section 2
(1) of
　　Securities Ordinance (Cap. 333);
　　ck Exchange Company" means the Exchange Company within the
meaning　of
　　ion 2 (1) of the Stock Exchanges Unification Ordinance (Cap. 361);
　　ding in commodity futures contracts" has the meaning assigned to
it by
　　ion 2 (1) of the Commodities Trading Ordinance (Cap. 250);
　　bunal" means a tribunal appointed under section 20;
　　fied Exchange" has the meaning assigned to it by section 2 (1)
of　the
　　k Exchanges Unification Ordinance (Cap. 361).
　PART II SECURITIES AND FUTURES COMMISSION
　　
　　ecurities and Futures Commission
　　There is hereby established a body to be known as the　Securities　
and
　　res Commission.
　　The Commission shall be a body corporate with　power　to　sue　
and　be
　　.　(3) The receipts of the Commission shall not be subject to
taxation
　　r the Inland Revenue Ordinance (Cap. 112).
　　(a) The Commission shall provide itself with a seal.
　　The seal of the Commission shall be authenticated by the signature　
of
　　chairman or deputy chairman of the Commission or, if both the
chairman
　　deputy chairman of the Commission are absent from Hong Kong or　
unable
　　ct, the signature of some other director of the Commission　
authorized
　　t to act in that behalf.
　　
　　unctions of Commission
　　The Commission shall have the following functions--
　　to　advise　the　Financial　Secretary　on　all　matters　
relating　to
　　rities, futures contracts and property investment arrangements;
　　without prejudice to any duties imposed or　powers　conferred　
on　any
　　r person　in　regard　to　the　enforcement　of　the　law　
relating　to
　　rities, futures contracts and property investment arrangements,
to　be
　　onsible for ensuring that the provisions of the　relevant　
Ordinances,
　　the provisions of any　other　Ordinance　so　far　as　they　
relate　to
　　rities, futures contracts and property　investment　
arrangements,　are
　　lied with;
　　to report to the Financial Secretary the occurrence of any dealing　
in
　　tion to securities which it reasonably believes or suspects to　
be　an
　　der dealing within the meaning of section 9 of the Securities
(Insider
　　ing) Ordinance (Cap. 395); (Amended 62 of 1990 s. 42)
　　to be responsible for supervising and monitoring the activities
of the
　　ange Companies and clearing houses;
　　to take all reasonable steps to safeguard　the　interests　of　
persons
　　ing in securities or trading in futures　contracts　or　entering　
into
　　erty investment arrangements;
　　to promote　and　encourage　proper　conduct　amongst　members　
of　the
　　ange Companies and clearing houses, and other registered persons;
　　to suppress illegal, dishonourable and improper practices　in　
dealing
　　ecurities,　trading　in　futures　contracts,　entering　into　
property
　　stment arrangements, and the provision of investment advice　or　
other
　　ices relating to securities, futures contracts and property
investment
　　ngements;
　　to promote and　maintain　the　integrity　of　registered　
persons　and
　　urage the promulgation by registered persons of balanced and　
informed
　　ce to their clients and to the public generally;
　　to consider and suggest reforms of the　law　relating　to　
securities,
　　res contracts and property investment arrangements;
　　to encourage the development of securities and futures markets
in Hong
　　and the increased use of such markets by investors in Hong　Kong　
and
　　where; (k) to promote and develop self-regulation by market
bodies　in
　　securities and futures industries;
　　subject to the provisions of this Ordinance, to co-operate　with　
and
　　st authorities or regulatory organizations, in Hong Kong or
elsewhere,
　　are concerned with securities and futures, or with banking,
insurance
　　ther financial services or with the affairs of corporations;
(Added 67
　　991 s. 2)
　　to perform any　other　functions　conferred　by　or　under　
any　other
　　nance.
　　As regards any　function, the　Commission　may, for　the　
guidance　of
　　stered persons and others, prepare and cause to be　published　in　
the
　　tte guidelines indicating the manner in which, in the absence　of　
any
　　icular consideration or　circumstance,　it　proposes　to　
perform　the
　　tion.
　　The Commission may from　time　to　time　engage　such　
consultants　or
　　sers as it may consider necessary to　assist　the　Commission　
in　the
　　ormance of its functions.　(4) Nothing in subsection (1) (k)
shall　be
　　rded as limiting or otherwise affecting　any　other　function　
of　the
　　ission.
　　
　　onstitution of Commission
　　Subject to subsection (2), the Commission shall consist of a　
chairman
　　inted by the Governor and such uneven number, not being less　than　
7,
　　ther directors so appointed as the Governor may　determine;　and　
when
　　number of such other directors ceases　to　be　an　uneven　
number　the
　　rnor shall make such appointment or appointments as may　be　
necessary
　　omply with this subsection.
　　Half of the directors of the Commission, including the chairman,
shall
　　ppointed　to　be　executive　directors　and　the　remainder　
shall　be
　　inted to be non-executive directors.
　　The Governor may appoint an executive director to be　deputy　
chairman
　　he Commission.
　　(a) If no appointment has been made under subsection　(3)　or　if　
the
　　ce of deputy chairman of　the　Commission　is　vacant,　the　
Financial
　　etary may designate an executive director to act as　chairman　of　
the
　　ission during any period during which the chairman of　the　
Commission
　　nable to act as chairman due to illness　or　other　incapacity　
or　is
　　nt from Hong Kong.
　　A designation under this subsection shall cease when　revoked　
by　the
　　ncial Secretary or　an　appointment　is　made　under　
subsection　(3),
　　hever first occurs.　(5) The terms　and　conditions　of　office　
of　a
　　ctor of the Commission shall be such as the Governor may
determine.
　　A director of the Commission may at any　time　resign　his　
office　by
　　er sent to the Governor.
　　A director of the Commission shall be　paid　by　the　Commission　
such
　　neration, allowances or expenses as the Governor may determine.
　　The Governor may by notice in writing remove from office any　
director
　　he Commission whose removal appears to him to　be　desirable　
for　the
　　ctive performance by the Commission of its functions.
　　Meetings of the Commission shall be held as often as may be　
necessary
　　the performance of its functions, and may be convened by the　
chairman
　　he deputy chairman or any 2 other directors.
　　If the office of chairman of the Commission is vacant or the
chairman
　　he Commission is unable to act as chairman due　to　illness　or　
other
　　pacity or is absent from Hong Kong the deputy chairman or an
executive
　　ctor designated under subsection (4) shall　act　as　chairman　
in　his
　　e.
　　At a meeting of the Commission--
　　the chairman shall be chairman of the meeting; or
　　if the chairman is not present, the deputy chairman shall be　
chairman
　　he meeting; or
　　if neither the chairman　nor　the　deputy　chairman　is　
present,　the
　　ctors present shall choose one of their number to be chairman　of　
the
　　ing.
　　The quorum for a meeting of the Commission shall be　4　directors　
of
　　2　shall　be　executive　directors　and　2　shall　be　non-
executive
　　ctors.
　　Each director of the Commission present at a　meeting　thereof　
shall
　　a vote.　(14) (a) Every question for decision at　a　meeting　of　
the
　　ission shall be determined by a majority of　votes　of　the　
directors
　　ent and, in the event that　voting　is　equally　divided,　
subject　to
　　graph (b) the chairman of the meeting shall have a casting vote.　
(b)
　　chairman of a meeting shall not exercise a casting vote until
after he
　　consulted the Financial Secretary as regards that exercise.
　　The Commission may act notwithstanding a vacancy among its
directors.
　　The　Commission　shall　organize　and　regulate　its　
administration,
　　edure and business.
　　
　　ommission may establish committees
　　The Commission may establish standing or special　committees　
and　may
　　r or assign to　any　such　committee　any　matter　for　
consideration,
　　iry or management by the committee.
　　The Commission may appoint any person to be a member of any　
committee
　　blished under this section, whether that person is a director　of　
the
　　ission or not.　(3) Any reference or assignment under　
subsection　(1)
　　every appointment under subsection (2) may be withdrawn or
revoked　by
　　Commission at any time, and no　such　reference　or　assignment　
shall
　　ent the performance by the Commission of any of its functions.
　　A committee established under　this　section　may　elect　any　
of　its
　　ers to be chairman and may regulate its own　procedure　and　
business;
　　in the exercise of its powers under　this　subsection　such　
committee
　　l be subject to and act in accordance with any direction given
to　the
　　ittee by the Commission for the purposes of this subsection.
　　Meetings of a committee established under this section shall　be　
held
　　uch times and places as the chairman of that committee may,
subject to
　　ection (4), determine.
　　taff of Commission
　　The Commission may from time to time employ persons who shall be　
paid
　　remuneration and allowances and shall hold their employment　on　
such
　　r terms and conditions as the Commission shall determine.
　　The Commission　may　make　arrangements　for　or　in　respect　
of　the
　　ision and maintenance of such schemes (whether　contributory　or　
not)
　　the payment to its employees and their dependants of　such　

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