EXCHANGES (SPECIAL LEVY) RULES - CHAPTER 351A EXCHANGES (SPECIAL LEVY) RULES - LONG TITLE Empowering section VerDate:30/06/1997 (Cap 351 section 8) [24 December 1987] (L.N. 421 of 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 1 Citation VerDate:30/06/1997 These rules may be cited as the Exchanges (Special Levy) Rules. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 2 Remission of Commodity Exchange special levy VerDate:30/06/1997 REMISSION OF LEVIES (1) On the 1st trading day of each month the Futures Exchange Company shall remit all special levies imposed under section 3 of the Ordinance from the 15th day of the previous month to the last day of that month. (2) On the 1st trading day after the 14th day of each month the Futures Exchange Company shall remit all special levies imposed under section 3 of the Ordinance from the 1st day of that month to the 14th day of that month. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 3 Remission of Stock Exchange special levy VerDate:30/06/1997 On or before the 7th trading day of each month the Stock Exchange Company shall remit all special levies imposed under section 4 of the Ordinance for the previous month. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 4 Remission of levies collected before commencement VerDate:30/06/1997 The Exchange Companies shall include in their first remission following the commencement of these rules, all special levies previously imposed under the Ordinance but not previously remitted. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 5 Returns VerDate:30/06/1997 (1) The special levies shall be remitted as directed by the trustee and shall be accompanied by a return, signed by an authorized director of each Exchange Company, containing information required by the trustee. (2) A return and the amount of money remitted in respect of a return may be adjusted to reflect an error in a previous return, in a manner approved by the trustee. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 6 Late remission charge VerDate:30/06/1997 If an Exchange Company fails to remit a special levy as and when required under these rules, it is liable to pay on demand by the trustee a late remission charge of 2 per cent above the best lending rate of The Hongkong and Shanghai Banking Corporation Limited calculated on a daily basis during the period of default on the amount of the late remission at the date of default. (Enacted 1987; L.N. 333 of 1989) EXCHANGES (SPECIAL LEVY) RULES - RULE 7 Records VerDate:30/06/1997 EXCHANGE COMPANIES EXAMINATION AND AUDIT The Exchange Companies shall maintain proper books and records relating to the special levies imposed under the Ordinance. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 8 Trustee's access to records VerDate:30/06/1997 The Exchange Companies shall permit the trustee or his agent to have access to and to take copies of their books and records for the purposes of verifying compliance with the Ordinance and fulfilling his duties as trustee. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 9 Audit report VerDate:30/06/1997 (1) Within one month, or within a later date specified by the trustee, after 30 June of each year each Exchange Company shall, at its expense, provide to the trustee, in a form required by him, a report by its company auditor appointed under the Companies Ordinance (Cap 32), certifying that the returns submitted under rule 5 in respect of the special levies for the period from 1 July of the previous year to 30 June of the current year are correct and in accordance with the Ordinance. (2) Within one month after 30 June of any year, an Exchange Company may in writing apply to the Commission for a waiver of the requirement in paragraph (1). (3) Where the Commission receives an application under paragraph (2) from an Exchange Company, the Commission shall- (a) consult the trustee before deciding whether or not to grant the application; and (b) give notice to the Exchange Company in writing of its decision to approve or disapprove the application. (Enacted 1987. L.N. 560 of 1994) EXCHANGES (SPECIAL LEVY) RULES - RULE 10 Deposit of fund money VerDate:30/06/1997 TRUSTEE ADMINISTRATION AND AUDIT The trustee shall deposit the money of the special levy fund in a bank in Hong Kong within the meaning of section 2 of the Banking Ordinance (Cap 155) unless otherwise authorized by the lenders under the facility letters. (Enacted 1987. 49 of 1995 s. 53) EXCHANGES (SPECIAL LEVY) RULES - RULE 10A Notification to the Secretary VerDate:30/06/1997 Where all the loans made under the facility letters are repaid, the trustee shall as soon as practicable deliver written notice of that fact to the Secretary together with a statement of the amount of the balance, if any, in the special levy fund. (71 of 1993 s. 7) EXCHANGES (SPECIAL LEVY) RULES - RULE 11 Accounts VerDate:30/06/1997 (1) The trustee shall keep accounts of all transactions of the special levy fund and shall prepare, in respect of the period from 29 October 1987 to 30 June 1988, and, subject to paragraph (2), afterward in respect of every period of one year ending on 30 June, a statement of the accounts of the fund which shall include a receipts and payments account and a balance sheet and shall be signed by the trustee. (2) Upon the disposal of the balance, if any, in the special levy fund after the repayment of all the loans made under the facility letters, the trustee shall prepare, in respect of the period from the preceding 1 July to the date of such disposal, a final statement of the accounts of the fund in the same manner as required under paragraph (1). (Enacted 1987; 71 of 1993 s. 8) EXCHANGES (SPECIAL LEVY) RULES - RULE 12 Fund audit VerDate:30/06/1997 The accounts of the special levy fund and the signed statement of the accounts shall be audited by the Director of Audit who shall certify the statement subject to such report, if any, as he may think fit. (Enacted 1987) EXCHANGES (SPECIAL LEVY) RULES - RULE 13 Distribution and publication VerDate:30/06/1997 The trustee shall, within 6 months or an extended time authorized by the lenders- (a) after the end of each period in respect of which a statement of the accounts is required to be prepared under rule 11(1) and audited under rule 12; and (b) after the end of the period in respect of which a final statement of the accounts is required to be prepared under rule 11(2) and audited under rule 12, give to each lender under the facility letters and publish in the Gazette- (i) a copy of the signed and audited statement of the accounts and the report of the auditor prepared under rules 11 and 12; and (ii) a report of the trustee on the administration of the special levy fund during the period. (71 of 1993 s. 9)