Hong Kong Ordinances Hong Kong Ordinances
- CHAPTER 571
TABLE OF PROVISIONS
Long Title
1. Short title
2. Interpretation
3. Securities and Futures Commission
4. Regulatory objectives of Commission
5. Functions and powers of Commission
6. General duties of Commission
7. Advisory Committee
8. Commission may establish committees
9. Staff of Commission
10. Delegation and sub-delegation of Commission's functions
11. Directions to Commission
12. Commission to furnish information
13. Financial year and estimates
14. Appropriation
15. Accounts and annual report
16. Auditors and audit
17. Investment of funds
18. Interpretation of Part III
19. Recognition of exchange company
20. Transactions that may be conducted on recognized stock market and
recognized futures market
21. Duties of recognized exchange company
22. Immunity, etc.
23. Rules by recognized exchange company
24. Approval of rules or amendments to rules of recognized exchange
company
25. Transfer and resumption of functions of Commission
26. Appointment of chief executive of recognized exchange company requires
approval of Commission
27. Production of records, etc. by recognized exchange company
28. Withdrawal of recognition of exchange company and direction to cease
to provide facilities or services
29. Direction to cease to provide facilities or services in emergencies
30. Contravention of notice constitutes offence
31. Prevention of entry into closed trading markets
32. Publication of directions
33. Appeals
34. Restriction on use of titles relating to exchanges, markets, etc.
35. Contract limits and reportable open position
36. Rules by Commission
37. Recognition of clearing house
38. Duties of recognized clearing house
39. Immunity, etc.
40. Rules by recognized clearing houses
41. Approval of rules or amendments to rules of recognized clearing
house
42. Production of records, etc. by recognized clearing house
43. Withdrawal of recognition of clearing house and direction to cease
to provide facilities
44. Appeals
45. Proceedings of recognized clearing house take precedence over law of
insolvency
46. Supplementary provisions as to default proceedings
47. Duty to report on completion of default proceedings
48. Net sum payable on completion of default proceedings
49. Disclaimer of property, rescission of contracts, etc.
50. Adjustment of prior transactions
51. Right of relevant office-holder to recover certain amounts arising
from certain transactions
52. Application of market collateral not affected by certain other
interests, etc.
53. Enforcement of judgments over property subject to market charge, etc.
54. Law of insolvency in other jurisdictions
55. Clearing participant to be party to certain transactions as principal
56. Property deposited with recognized clearing house
57. Preservation of rights, etc.
58. Amendment of Schedule 3
59. Recognition of exchange controller
60. Interest of recognized exchange controller in recognized exchange
company or recognized clearing house cannot be increased or decreased
except with approval of Commission
61. Person not to become minority controller of exchange controller, etc.
without approval of Commission
62. Exemption from section 59(1) and revocation of exemption
63. Duties of recognized exchange controller
64. Immunity, etc.
65. Establishment and functions of Risk Management Committee
66. Rules by recognized exchange controllers
67. Approval of rules or amendments to rules of recognized exchange
controller
68. Transfer and resumption of function of the Commission
69. Chairman of recognized exchange controller
70. Appointment of chief executive or chief operating officer of
recognized exchange controller requires approval of Commission
71. Production of records, etc. by recognized exchange controller
72. Withdrawal of recognition of exchange controller
73. Appeals
74. Provisions applicable where recognized exchange controller, etc. seeks
to be listed corporation
75. Commission may give directions to recognized exchange controller where
it is satisfied that conflict of interest exists, etc.
76. Fees to be approved by Commission
77. Financial Secretary may appoint not more than 8 persons to board of
directors of HKEC
78. Amendment of Schedule 3
79. Recognition of investor compensation company
80. Transfer and resumption of functions of Commission
81. Immunity, etc
82. Rules by recognized investor compensation company
83. Approval of rules or amendments to rules of recognized investor
compensation companies
84. Production of records, etc. by recognized investor compensation
company
85. Withdrawal of recognition of investor compensation company
86. Appeals
87. Subrogation of recognized investor compensation company to rights,
etc. of claimant on payment from compensation fund
88. Financial statements of a recognized investor compensation company
89. Employees of and delegations by a recognized investor compensation
company
90. Further activities of recognized investor compensation company
91. Supply of information
92. Additional powers of Commission-restriction notices
93. Additional powers of Commission-suspension orders
94. Application of Companies Ordinance
95. Authorization for providing automated trading services
96. Application for authorization
97. Conditions for authorization
98. Withdrawal of authorization
99. Commission to maintain register of authorized automated trading
services
100. Rules by Commission
101. Providing automated trading services without authorization
102. Interpretation of Part IV
103. Offence to issue advertisements, invitations or documents relating to
investments in certain cases
104. Commission may authorize collective investment schemes
105. Commission may authorize issue of advertisements, invitations or
documents
106. Withdrawal of authorization under section 104 or 105, etc.
107. Offence to fraudulently or recklessly induce others to invest money
108. Civil liability for inducing others to invest money in certain cases
109. Offence to issue advertisements relating to carrying on of regulated
activities, etc.
110. Submission of information to Commission
111. Service of notices, etc. on approved persons
112. Amendment of Schedule 4
113. Interpretation of Part V
114. Restriction on carrying on business in regulated activities, etc.
115. Application of section 114 in relation to conduct or activities
outside Hong Kong
116. Corporations to be licensed for carrying on regulated activities
117. Grant of temporary licences to corporations for carrying on regulated
activities
118. Licensing conditions in certain cases
119. Registered institutions
120. Representatives to be licensed
121. Temporary licences for representatives
122. Approval and transfer of accreditation
123. Commission to be notified, etc. if licensed representative ceases to
act for principal
124. Duplicate licence, etc.
125. Requirement for executive officers
126. Approval of responsible officers
127. Variation of regulated activity specified in licence or certificate
of registration
128. Applicant to provide information
129. Determination of "fit and proper"
130. Suitability of premises for keeping records or documents
131. Restriction on substantial shareholding, etc.
132. Approval to become or continue to be substantial shareholder
133. Commission's power to give directions
134. Modification or waiver of requirements
135. Events to be reported by licensed persons and registered institutions
136. Commission to maintain register of licensed persons and registered
institutions
137. Publication of names of licensed persons and registered institutions
138. Annual fee and return
139. Prohibition of use of certain titles
140. Procedural requirements
141. Service of notices, etc. on licensed persons
142. Amendment of Schedule 5
143. Amendment of Schedule 6
144. Interpretation of Part VI
145. Financial resources of licensed corporations
146. Failure to comply with financial resources rules
147. Monitoring compliance with financial resources rules
148. Client securities and collateral held by intermediaries and their
associated entities
149. Client money held by licensed corporations and their associated
entities
150. Claims and liens not affected
151. Keeping of accounts and records by intermediaries and their
associated entities
152. Provision of contract notes, receipts, statements of account and
notifications by intermediaries and their associated entities
153. Auditor to be appointed by licensed corporations and associated
entities of intermediaries
154. Notification of proposed change of auditors by licensed corporations
and associated entities of intermediaries
155. Notification of end of financial year by licensed corporations and
associated entities of intermediaries, etc.
156. Audited accounts, etc. to be submitted by licensed corporations and
associated entities of intermediaries
157. Auditors of licensed corporations or associated entities of
intermediaries to lodge report with Commission, etc. in certain cases
158. Immunity in respect of communication with Commission, etc. by
auditors of licensed corporations or associated entities of
intermediaries
159. Power of Commission to appoint auditors for licensed corporations and
their associated entities
160. Power of Commission to appoint auditors for licensed corporations and
their associated entities on application
161. Auditors appointed under section 159 or 160 to report to Commission
162. Powers of auditors appointed under section 159 or 160
163. Offence to destroy, conceal, or alter accounts, records or documents,
etc.
164. Restriction on receiving or holding of client assets
165. Associated entities
166. Use of incriminating evidence in proceedings
167. Interpretation of Part VII
168. Business conduct of intermediaries and their representatives
169. Codes for business conduct of intermediaries and their representatives
170. Short selling restricted
171. Requirements to confirm short selling order
172. Requirements to disclose short sales
173. Requirements for options trading
174. Certain agreements not to be made during unsolicited calls
175. Requirements for offers by intermediaries or representatives for Type
1, Type 4 or Type 6 regulated activity
176. Certain representations prohibited
177. Amendment of Schedule 7
178. Interpretation of Part VIII
179. Power to require production of records and documents concerning
listed corporations, etc.
180. Supervision of intermediaries and their associated entities
181. Information relating to transactions
182. Investigations
183. Conduct of investigations
184. Offences in relation to investigations
185. Application to Court of First Instance relating to non-compliance
with requirements under section 179, 180, 181 or 183
186. Assistance to regulators outside Hong Kong
187. Use of incriminating evidence in proceedings
188. Lien claimed on records or documents
189. Production of information in information systems, etc.
190. Inspection of records or documents seized, etc.
191. Magistrate's warrants
192. Destruction of documents, etc.
193. Interpretation of Part IX
194. Disciplinary action in respect of licensed persons, etc.
195. Other circumstances for disciplinary actions in respect of licensed
persons, etc.
196. Disciplinary action in respect of registered institutions, etc.
197. Other circumstances for disciplinary action in respect of registered
institutions, etc.
198. Procedural requirements in respect of exercise of powers under Part
IX
199. Guidelines for performance of functions under section 194(2) or
196(2)
200. Effect of suspension under Part IX
201. General provisions relating to exercise of powers under Part IX
202. Requirement to transfer records upon revocation or suspension of
licence or registration
203. Permission to carry on business operations upon revocation or
suspension of licence or registration
204. Restriction of business
205. Restriction on dealing with property
206. Maintenance of property
207. Imposition of prohibition or requirement under section 204, 205 or
206
208. Withdrawal, substitution or variation of prohibitions or requirements
under section 204, 205 or 206
209. General provisions relating to sections 204, 205, 206 and 208
210. Cases of revocation or suspension of licensed corporations' licences
211. Application to Court of First Instance relating to non-compliance
with prohibitions or requirements under section 204, 205, 206 or 208
212. Winding-up orders and bankruptcy orders
213. Injunctions and other orders
214. Remedies in cases of unfair prejudice, etc. to interests of members
of listed corporations, etc.
215. Interpretation of Part XI
216. Securities and Futures Appeals Tribunal
217. Applications for review of specified decisions
218. Proceedings before Tribunal
219. Powers of Tribunal
220. Use of incriminating evidence required by Tribunal
221. Contempt dealt with by Tribunal
222. Privileged information
223. Costs
224. Notification of Tribunal determinations
225. Form and proof of orders of Tribunal
226. Orders of Tribunal may be registered in Court of First Instance
227. Applications for stay of execution of specified decisions
228. Applications for stay of execution of decisions of Tribunal
229. Appeal to Court of Appeal
230. No stay of execution on appeal
231. No other right of appeal
232. Time when specified decisions to take effect
233. Rules by Chief Justice
234. Amendment of Parts 2 and 3 of Schedule 8
235. Interpretation of Part XII
236. Establishment of compensation fund
237. Money constituting the compensation fund
238. Management of compensation fund
239. Money to be kept in account
240. Accounts of compensation fund
241. Investment of moneys
242. Payments out of the compensation fund
243. Subrogation of the Commission to rights, etc. of claimant on payment
from compensation fund
244. Rules by Chief Executive in Council and Commission
245. Interpretation of Part XIII
246. Interest in securities (insider dealing)
247. Connected with a corporation (insider dealing)
248. Connected with a corporation-possession of relevant information
obtained in privileged capacity (insider dealing)
249. Dealing in listed securities or their derivatives (insider dealing)
250. Interest in securities and beneficial ownership, etc. (market
misconduct other than insider dealing)
251. Market Misconduct Tribunal
252. Market misconduct proceedings
253. Powers of Tribunal
254. Further powers of Tribunal concerning evidence
255. Use of evidence received for purposes of market misconduct
proceedings
256. Privileged information
257. Orders, etc. of Tribunal
258. Further orders in respect of officers of corporation
259. Interest on moneys payable under order referred to in section
257(1)(d)
260. Costs
261. Contempt dealt with by Tribunal
262. Report of Tribunal
263. Form and proof of orders of Tribunal
264. Orders of Tribunal may be registered in Court of First Instance
265. Applications for stay of execution of orders of Tribunal under
section 257, 258, 259 or 260
266. Appeal to Court of Appeal
267. Powers of Court of Appeal on appeal
268. No stay of execution on appeal
269. Rules by Chief Justice
270. Insider dealing
271. Insider dealing-certain persons not to be regarded as having engaged
in market misconduct
272. Insider dealing-certain trustees and personal representatives not to
be regarded as having engaged in market misconduct
273. Insider dealing-certain persons exercising right to subscribe for or
acquire securities or derivatives not to be regarded as having
engaged in market misconduct
274. False trading
275. Price rigging
276. Disclosure of information about prohibited transactions
277. Disclosure of false or misleading information inducing transactions
278. Stock market manipulation
279. Duty of officers of corporations
280. Transactions relating to market misconduct not void or voidable
281. Civil liability for market misconduct
282. Conduct not to constitute market misconduct
283. No further proceedings after Part XIV criminal proceedings
284. Market misconduct regarded as contravention of provisions of this
Part
285. Interpretation of Part XIV
286. Interest in securities (insider dealing offence)
287. Connected with a corporation (insider dealing offence)
288. Connected with a corporation-possession of relevant information
obtained in privileged capacity (insider dealing offence)
289. Dealing in listed securities or their derivatives (insider dealing
offence)
290. Interest in securities and beneficial ownership, etc. (market
misconduct offences other than insider dealing offence)
291. Offence of insider dealing
292. Insider dealing offence-general defences
293. Insider dealing offence-defences for certain trustees and personal
representatives
294. Insider dealing offence-defences for certain persons exercising right
to subscribe for or acquire securities or derivatives
295. Offence of false trading
296. Offence of price rigging
297. Offence of disclosure of information about prohibited transactions
298. Offence of disclosure of false or misleading information inducing
transactions
299. Offence of stock market manipulation
300. Offence involving fraudulent or deceptive devices, etc. in
transactions in securities, futures contracts or leveraged foreign
exchange trading
301. Offence of disclosure of false or misleading information inducing
others to enter into leveraged foreign exchange contracts
302. Offence of falsely representing dealings in futures contracts on
behalf of others, etc.
303. Penalties
304. Transactions relating to contravention of Divisions 2 to 4 not void
or voidable
305. Civil liability for contravention of this Part
306. Conduct not to constitute offences
307. No further proceedings after Part XIII market misconduct proceedings
308. Interpretation of Part XV
309. Exemptions
310. Duty of disclosure: cases in which it may arise
311. Interests to be disclosed
312. Short positions to be disclosed
313. Circumstances in which duty of disclosure arises
314. Percentage level in relation to notifiable interests and short
positions
315. Notifiable percentage level and specified percentage level
316. Notification of family and corporate interests and short positions
317. Agreement to acquire interests in particular listed corporation
318. Interests of parties to agreement
319. Duty of parties to agreement acting together to keep each other
informed
320. Circumstances in which persons have interests in shares or short
positions by attribution
321. Notification by agents
322. Interests and short positions to be taken into account for the
purpose of notification
323. Interests and short positions to be disregarded for the purpose of
notification
324. Notification to be given
325. Time of notification
326. Particulars to be contained in notification
327. Duty to publish and notify Monetary Authority of information given
under Division 4
328. Offences for non-compliance with notification requirements
329. Power of listed corporation to investigate ownership of interests in
its shares, etc.
330. Duty to notify relevant exchange company, Commission and Monetary
Authority of information given under section 329
331. Listed corporation to investigate ownership of interests in its
shares, etc. on requisition by members
332. Listed corporation to report to members
333. Duty to deliver report prepared under section 332 to relevant
exchange company, Commission and Monetary Authority
334. Offences for failure to provide information required by listed
corporation
335. Inspection of reports
336. Register of interests in shares and short positions
337. Registration of interests and short positions disclosed under section
329
338. Removal of entries from register
339. Otherwise, entries not to be removed from register
340. Inspection of register
341. Duty of disclosure by director and chief executive
342. Interests to be disclosed by director and chief executive
343. Short positions to be disclosed by director and chief executive
344. Notification of family and corporate interests and short positions by
director and chief executive
345. Interests and short positions to be taken into account for the
purpose of notification by director and chief executive
346. Interests and short positions to be disregarded for the purpose of
notification by director and chief executive
347. Notification to be given by director and chief executive
348. Time of notification by director and chief executive
349. Particulars to be contained in notification by director and chief
executive
350. Duty to publish and notify Monetary Authority of information given
under Division 9
351. Offences for non-compliance with notification requirements by director
and chief executive
352. Register of directors' and chief executives' interests and short
positions
353. Removal of entries from register of directors' and chief executives'
interests and short positions
354. Otherwise, entries not to be removed from register of directors' and
chief executives' interests and short positions
355. Inspection of register of directors' and chief executives' interests
and short positions
356. Power to investigate ownership of listed corporation
357. Investigation of contraventions of sections 341 to 349
358. Inspector's powers during investigation
359. Production of records and evidence to inspectors
360. Delegation of powers by inspectors
361. Obstruction of inspectors
362. Inspector's reports
363. Expenses of investigation of affairs of corporation
364. Power to obtain information as to those interested in shares, etc.
365. Privileged information
366. Power of Court of First Instance to impose restrictions on shares,
etc. in case of failure to provide information required by listed
corporation
367. Power of Financial Secretary to impose restrictions on shares, etc.
in case of conviction of offences for non-compliance of notification
requirements
368. Power of Financial Secretary to impose restrictions on shares, etc.
in connection with investigation
369. Consequence of order imposing restrictions
370. Offences for attempted evasion of restrictions
371. Relaxation and removal of restrictions
372. Further provisions on sale by court order of restricted shares, etc.
373. Liability of members for offences by corporations
374. Method of giving notification and delivering report
375. Form of registers and indices
376. Regulations by Chief Executive in Council
377. Rules by Commission
378. Preservation of secrecy, etc.
379. Avoidance of conflict of interests
380. Immunity
381. Immunity in respect of communication with Commission by auditors of
listed corporations, etc.
382. Obstruction
383. False or misleading representations in applications to Commission
384. Provision of false or misleading information
385. Power of Commission to intervene in proceedings
386. Proceedings not to be stayed
387. Standard of proof
388. Prosecution of certain offences by Commission
389. Limitation on commencement of proceedings
390. Liability of officers of corporations for offences by corporations,
and of partners for offences by other partners
391. Civil liability for false or misleading public communications
concerning securities and futures contracts
392. Financial Secretary to prescribe interests, etc. as securities and
futures contracts
393. Financial Secretary to prescribe arrangements as collective investment
schemes
394. Orders by Chief Executive in Council for levies
395. Rules by Chief Executive in Council for payment of fees
396. Reduction of levy
397. Rules by Commission
398. General provisions for rules by Commission
399. Codes or guidelines by Commission
400. Service of notices, etc.
401. Evidence regarding Commission's records or documents
402. General requirements for documents lodged with Commission
403. General provisions for approvals by Commission
404. Exclusions of provisions of Gambling Ordinance
405. Inland Revenue Ordinance not affected
406. Repeals
407. Savings, transitional, consequential and related provisions, etc.
408. Provisions of Part XVII, etc. not to derogate from section 23 of
Interpretation and General Clauses Ordinance
409. Amendment of Schedule 10
SCHEDULE 1
SCHEDULE 2
SCHEDULE 3
SCHEDULE 4
SCHEDULE 5
SCHEDULE 6
SCHEDULE 7
SCHEDULE 8
SCHEDULE 9
SCHEDULE 10
[ Note: This table has been automatically generated and may be incomplete. ]