Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 67

Approval of rules or amendments to rules of recognized exchange controller

(1) Subject to subsection (7), no rule (whether or not made under section 66)
of a recognized exchange controller or any amendment thereto shall have effect
unless it has the approval in writing of the Commission.

(2) A recognized exchange controller shall submit or cause to be submitted to
the Commission-

   (a)  for its approval the rules and every amendment thereto that require
        approval under subsection (1), together with explanations of their
        purpose and likely effect, including their effect on the investing
        public, in sufficient detail to enable the Commission to decide
        whether to approve them or refuse to approve them; and

   (b)  for its information the rules which belong to a class the subject of a
        declaration under subsection (7) and every amendment to the rules, as
        soon as reasonably practicable after they have been made.

(3) The Commission shall, not later than 6 weeks after the receipt of a
submission under subsection (2)(a) from a recognized exchange controller, by
notice in writing served on the controller, give its approval or refuse to
give its approval (together with its reasons for the refusal) to the rules or
amendment of the rules (as the case may be) or any part thereof, the subject
of the submission.

(4) The Commission may give its approval under subsection (3) subject to
requirements which shall be satisfied before the rules or amendment of the
rules or any part thereof take effect.

(5) The Commission may in a particular case, with the agreement of the
recognized exchange controller concerned, extend the time prescribed in
subsection (3).

(6) The Financial Secretary may, after consultation with the Commission and
the recognized exchange controller concerned, extend the time prescribed in
subsection (3).

(7) The Commission may, by notice published in the Gazette, declare any class
of rules of a recognized exchange controller to be a class of rules which are
not required to be approved under subsection (1) and, accordingly, any rules
of the controller which belong to that class

(including any amendment thereto) shall have effect notwithstanding that they
have not been so approved.

(8) Neither the rules under section 66(1) nor a notice under subsection (7) is
subsidiary legislation.