Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 80

Transfer and resumption of functions of Commission

(1) The Commission may request the Chief Executive in Council to
transfer, by order ("transfer order") published in the Gazette, to a
recognized investor compensation company ("designated investor compensation
company"), a function to which this section applies, if the Commission is
satisfied that the designated investor compensation company is willing and
able to perform the function.

(2) This section applies to a function of the Commission under Part XII (other
than sections 240(4) and (9) and 244(2)) or rules made under that Part.

(3) For the purposes of subsection (2), the function of the Commission under
Part XII to maintain the compensation fund includes a function to maintain all
or any part of the compensation fund, and the other provisions of this
Ordinance shall apply accordingly.

(4) A function to which this section applies may be transferred by a
transfer order either in whole or in part, and the transfer may be subject to-

   (a)  a reservation that the Commission is to perform the function
        concurrently with the designated investor compensation company; and

   (b)  such other conditions as the Commission considers appropriate.

(5) A transfer order may contain such incidental, supplemental and
consequential provisions as may be necessary or expedient for the purpose of
giving full effect to the order.

(6) The Commission may at the request or with the consent of a
designated investor compensation company resume a function transferred by a
transfer order, but the resumption takes effect only by order of the Chief
Executive in Council.

(7) The Chief Executive in Council may order that the Commission resume a
function transferred to a designated investor compensation  company by a
transfer order if the Commission so requests and if it appears to the Chief
Executive in Council to be in the public interest to do so.