LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES
- CHAPTER 451E

LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - LONG TITLE  
Empowering section (Repealed 5 of 2002 s. 406) VerDate:01/04/2003







LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - LONG TITLE  
Empowering section VerDate:30/06/1997



(Cap 451 sections 2(2)(k) and 73)

[1 September 1994] L.N. 482 of 1994

(L.N. 441 of 1994)



LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - SECT 1
(Omitted as spent) VerDate:30/06/1997



PART I 

PRELIMINARY

(Omitted as spent)
(Enacted 1994)



LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - SECT 2
(Repealed 5 of 2002 s. 406) VerDate:01/04/2003



PART II



LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - SECT 2
Exemption under section 2(2)(k) of the Ordinance VerDate:30/06/1997



PART II

EXEMPTION

For the purposes of the Ordinance, other than section 39, "foreign 
exchange trading" (外匯買賣) and "leveraged foreign exchange trading" (槓桿式外匯買
賣) do not include any act performed for or in connection with a contract 
or arrangement or a proposed contract or arrangement by-

        (a)	any person which is a corporation belonging to the class 
specified in section 3;

        (b)	a unit trust or a mutual fund corporation authorized by the 
Commission under section 15 of the Securities Ordinance (Cap 333); or

        (c)	any person in the course of business for the purpose of 
managing a unit trust or mutual fund corporation authorized by the 
Commission under section 15 of the Securities Ordinance (Cap 333).
(Enacted 1994. L.N. 559 of 1994)
"foreign exchange trading" (外匯買賣) and "leveraged foreign exchange trading" 
(槓桿式外匯買賣) 


LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - SECT 3
(Repealed 5 of 2002 s. 406) VerDate:01/04/2003







LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - SECT 3
Qualifying class VerDate:30/06/1997




(1)	A corporation belongs to the class referred to in section 2(a) 
only if-  (L.N. 559 of 1994)

        (a)	(i)	it has a qualifying credit rating; or

        (ii)	its shares are wholly-owned, directly or indirectly, by 
another corporation, or by a partnership, which has such a rating; and

        (b)	(i)	its principal business is not in leveraged foreign 
exchange spot transactions; or

        (ii)	the average principal amount of each transaction in its 
leveraged foreign exchange spot trading, calculated for each financial 
year of the corporation, is not less than $7.8 million.

(2)	For the purposes of subsection (1)(b)(ii), the average 
principal amount shall be computed by dividing the aggregate of all 
principal amounts of leveraged foreign exchange spot transactions carried 
out by the relevant corporation during the relevant financial year by the 
total number of such transactions for that year.
(Enacted 1994)



LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - SECT 4
(Repealed 5 of 2002 s. 406) VerDate:01/04/2003







LEVERAGED FOREIGN EXCHANGE TRADING (EXEMPTION) RULES - SECT 4
Notices VerDate:30/06/1997




(1)	Any corporation belonging to the class referred to in section 
2(a) which, but for these Rules, would require to be licensed by the 
Commission under section 7(1)(a) of the Ordinance, shall annually, within 
4 months of the end of its financial year, notify the Commission in 
writing-  (L.N. 559 of 1994)

        (a)	that it belongs to the class specified in section 3; and

        (b)	of the grounds on which it belongs to that class, in sufficient 
detail to enable the Commission to verify that the corporation does so 
belong.

(2)	If a corporation belonging to the class referred to in section 
2(a) which has filed a notice pursuant to subsection (1) ceases to have a 
qualifying credit rating, it shall within 7 days thereof notify the 
Commission in writing of the cessation.  (L.N. 559 of 1994)
(Enacted 1994)