Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 70

Appointment of chief executive or chief operating officer of recognized exchange controller requires approval of Commission

(1) No appointment of a person as chief executive or chief operating officer
of a company which is a recognized exchange controller shall have effect
unless the appointment has the approval in writing of the Commission.

(2) Where the Commission, after consultation with the Financial Secretary and
the chairman of a recognized exchange controller, is satisfied that it is
appropriate to do so-

   (a)  in the interest of the investing public or in the public interest; or

   (b)  for the proper regulation of markets in securities or futures
        contracts, it may, by notice in writing served on a person who is the
        chief executive or chief operating officer of the controller, remove
        the person from that office with effect from a date specified in the
        notice for the purpose.

(3) A notice served under subsection (2) shall take effect immediately.