Hong Kong Regulations

SECURITIES AND FUTURES (FEES) RULES - SECT 11

Waiver of fees

PART 5

MISCELLANEOUS

(1) Subject to subsection (2), the Commission may, in relation to any person
or class of persons-

   (a)  waive, in whole or in part, the payment of any fee provided for under
        these Rules; or

   (b)  refund, in whole or in part, any fee paid as provided for under these
        Rules, if it is of the opinion that otherwise the payment of the fee
        would be unduly burdensome or inappropriate.

(2) The Commission may only-

   (a)  waive the payment of the fee prescribed in item 6 of Schedule 1 to the
        extent that the fee exceeds $1200;

   (b)  waive the payment of the fee prescribed in item 7 of Schedule 1 to the
        extent that the fee exceeds $600.

(3) Where a corporation, an authorized financial institution or an individual-

   (a)  is, or applies to be, licensed, registered or approved for Type 1 or
        Type 2 regulated activity under section 116, 119, 120(1), 126 or
        127(1) of the Ordinance; and

   (b)  is, or applies to be, licensed, registered or approved for Type 7
        regulated activity under section 116, 119, 120(1), 126 or 127(1) of
        the Ordinance, if the carrying on, or proposed carrying on, of Type 7
        regulated activity by the corporation, authorized financial
        institution or individual (as the case may be) is incidental to the
        carrying on, or proposed carrying on, of Type 1 or Type 2 (as the case
        may be) regulated activity by the corporation, authorized financial
        institution or individual (as the case may be)-

   (c)  the payment of-

        (i)    the fee prescribed in item 3, under paragraph (A), of Schedule
               3 for Type 7 regulated activity;

        (ii)   the fee prescribed in item 5 of Schedule 3 for Type 7 regulated
               activity;

        (iii)  the fee prescribed in item 6, under paragraph (A), of Schedule
               3 for Type 7 regulated activity;

        (iv)   the fee prescribed in item 12 of Schedule 3 for Type 7
               regulated activity;

        (v)    the fee prescribed in item 13(a)(i), under paragraph (A), of
               Schedule 3 for Type 7 regulated activity;

        (vi)   the fee prescribed in item 13(b)(i), under paragraph (A), of
               Schedule 3 for Type 7 regulated activity; and

        (vii)  the fee prescribed in item 13(c)(i) of Schedule 3 for Type 7
               regulated activity, shall be waived; and

   (d)  the payment of the annual fee prescribed in item 18 of Schedule 3 for
        Type 7 regulated activity shall be waived.

(4) Where the occurrence of an event occasions the need to make an application
under section 122(1) or (2), 126(1), 127(1) or 134(1) of the Ordinance as well
as an application for which a fee is prescribed in item 9(a) or (b) (as the
case may be) of Schedule 1, the payment of the fee prescribed in item 9(a) or
(b) (as the case may be) of that Schedule for the latter application shall be
waived.

(5) In this section-

   (a)  where any fee prescribed in an item in Schedule 3 is described as
        being so prescribed under paragraph (A), the reference to the fee so
        described shall be construed as a reference only to the part of the
        fee that is so prescribed under such paragraph (A) that appears in
        that item in column 3 of that Schedule; and

   (b)  without prejudice to paragraph (a), where any fee prescribed in an
        item in Schedule 3 (whether or not it is also described as being so
        prescribed under paragraph (A)) is described as being so prescribed
        for Type 7 regulated activity, the reference to the fee so described
        shall be construed as a reference only to the part of the fee that is
        so prescribed with reference to that regulated activity (however
        described).