Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 104

Commission may authorize collective investment schemes

(1) On an application to the Commission, the Commission may, where it
considers appropriate, authorize any collective investment scheme, subject to
the condition specified in subsection (2) and to any other conditions it
considers appropriate.

(2) It shall be a condition of authorization of a collective investment scheme
under subsection (1) that at any time when the scheme is authorized-

   (a)  there is an individual approved by the Commission under subsection (3)
        as an approved person for the purpose of being served by the
        Commission with notices and decisions for the scheme; and

   (b)  the Commission is informed of particulars-

        (i)    subject to subparagraph (ii), of the current contact details of
               the approved person referred to in paragraph (a), including, in
               so far as applicable, the address, telephone and facsimile
               numbers, and electronic mail address of the approved person;

        (ii)   where there is any change in the contact details referred to in
               subparagraph (i), of the change, within 14 days after the
               change takes place.

(3) For the purposes of subsection (2)(a), on an application by any person to
the Commission, the Commission may, where it considers appropriate, approve
any individual nominated in the application in respect of a collective
investment scheme as an approved person for the purpose of being served by the
Commission with notices and decisions for the scheme, and may, by notice in
writing served on the person, withdraw the approval.

(4) The Commission may at any time, by notice in writing served on the
approved person for a collective investment scheme, amend or revoke any of the
conditions (other than the condition specified in subsection

(2)) imposed, or impose new conditions, in respect of the authorization
granted under subsection (1) in respect of the scheme.

(5) Without limiting any other ground on which the Commission may refuse to
authorize any collective investment scheme under subsection (1), the
Commission may refuse to do so where it is not satisfied that the
authorization is in the interest of the investing public.

(6) An application made pursuant to subsection (1) or (3) shall be accompanied
by such information and documents as the Commission requires.

(7) Where the Commission refuses to authorize a collective investment scheme,
or to approve an individual as an approved person, pursuant to subsection (1)
or (3), it shall by notice in writing notify the person making the application
in question of the decision and the reasons for which it is made.

(8) The Commission may publish in such manner as it considers appropriate
particulars of any collective investment scheme authorized under subsection
(1).

(9) Particulars published under subsection (8) are not subsidiary legislation.