Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 56

Property deposited with recognized clearing house

(1) Subject to subsections (2) and (3), where any property is deposited as
market collateral by a clearing participant with a recognized clearing house
in accordance with the rules of the clearing house, then, notwithstanding any
other enactment or rule of law, no action, claim or demand, either civil or
criminal, in respect of any right, title or interest in such property held or
enjoyed by any person lies, or shall be commenced or allowed, against the
clearing house or its nominees.

(2) The operation of subsection (1) in respect of any property deposited as
market collateral with a recognized clearing house is subject to the
modifications and exclusions provided in the rules of the clearing house.

(3) This section does not operate to prejudice the operation of section 100 of
the Companies Ordinance ( Cap 32).