Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 88

Financial statements of a recognized investor compensation company

(1) Subject to subsection (3), a recognized investor compensation company
shall-

   (a)  prepare such financial statements and other documents, for such
        periods, as are prescribed by rules made under section 397 for the
        purposes of this section; and

   (b)  submit the financial statements and other documents, together with an
        auditor's report, to the Commission not later than 4 months after the
        end of the financial year to which they relate.

(2) Without limiting the generality of subsection (1), the requirements under
that subsection relating to the financial statements and other documents, and
the auditor's report, referred to in that subsection include the requirements
that-

   (a)  the financial statements and other documents are to relate to such
        matters and contain such particulars as are prescribed by rules made
        under section 397 for the purposes of this section;

   (b)  the auditor's report is to contain such particulars, including such
        statement of opinion, as are prescribed by the rules;

   (c)  the financial statements and other documents, and the auditor's
        report, are to be prepared in accordance with such principles or bases
        as are prescribed by the rules; and

   (d)  without limiting the generality of section 129B of the
        Companies Ordinance ( Cap 32), the financial statements and other
        documents are to be signed by the chief executive officer of the
        recognized investor compensation company, by which they are prepared.

(3) On an application in writing by the recognized investor compensation
company by which any financial statements and other documents, and any
auditor's report, are required under subsection (1) to be submitted, the
Commission may, where it is satisfied that there are special reasons for so
doing, extend the period within which the financial statements and other
documents, and the auditor's report, are required to be submitted, for such
period and subject to such conditions as the Commission considers appropriate,
and upon the Commission granting the extension, subsection (1) shall apply
subject to the extension accordingly.

(4) A recognized investor compensation company shall cause a copy of each of
the financial statements and other documents and the auditor's report that are
required under subsection (1) to be submitted by it to be sent to the
Financial Secretary and to be published in the Gazette.

(5) A reference in this section to financial statements shall not be construed
as including a reference to financial statements of the compensation fund.