Hong Kong Regulations

SECURITIES AND FUTURES (FEES) RULES - SECT 7

Fees for hearings concerning compliance with Codes or any rulings under them

(1) Where a hearing takes place before the Takeovers Panel in any disciplinary
proceedings instituted under section 12 of the Introduction  to the Codes, a
fee, the amount of which shall be determined in accordance with subsection
(3), shall, within 30 days after the delivery by the Takeovers Panel of its
ruling, be payable to the Commission by any person who in the opinion of the
Takeovers Panel-

   (a)  has caused unnecessary expense to be incurred in connection with the
        investigation by the Commission of any allegation against the person
        or with the conduct of the hearing; or

   (b)  has committed a breach of the Takeovers Code, the Share 
        Repurchase Code or a ruling of the Executive or the Takeovers Panel.

(2) Where a hearing takes place before the Takeovers Panel for the purpose of
deliberating the appropriate sanction to be imposed upon a person who has
agreed that he is in breach of the Takeovers Code, the Share Repurchase Code
or a ruling of the Executive or the Takeovers Panel, a fee, the amount of
which shall be determined in accordance with subsection (3), shall be payable
to the Commission by the person within 30 days after the delivery by the
Takeovers Panel of its ruling.

(3) The fee payable under subsection (1) or (2) shall be $50000 and, in
addition, $20000 in respect of each day or part of a day in excess of the
first 2 days on which the Takeovers Panel meets for the purposes of the
hearing in question.