Hong Kong Regulations

SECURITIES AND FUTURES (FINANCIAL RESOURCES) RULES - SECT 5

Paid-up share capital requirement for licensed corporations

(Past version on 01/04/2003).

For the purposes of section 4, a licensed corporation other than one which
carries on a regulated activity solely as one or more of the following-

   (a)  an approved introducing agent who is not a licensed corporation
        licensed for Type 3 regulated activity;

   (b)  a trader;

   (c)  a futures non-clearing dealer;

   (d)  a licensed corporation licensed for Type 4, Type 5 or Type 9 regulated
        activity, which is subject to the specified licensing  condition;
        (L.N. 117 of 2006)

   (da) a licensed corporation licensed for Type 6 regulated activity, which
        is subject to both the specified licensing condition and the no 
        sponsor work licensing condition. (L.N. 117 of 2006) shall at all
        times maintain paid-up share capital of not less than-

   (e)  where it is licensed for only one regulated activity specified in
        column 1 of Table 1 in Schedule 1, the amount specified in column 2 of
        the Table opposite the regulated activity or, where any further
        description is set out for the regulated activity in column 1 of the
        Table, opposite the applicable description; or

   (f)  where it is licensed for 2 or more regulated activities specified in
        column 1 of the Table, the amount which is the higher or highest upon
        comparing each amount specified in column 2 of the Table opposite any
        of such regulated activities or, where any further description is set
        out for any of such activities in column 1 of the Table, opposite any
        of such activities or any of the applicable descriptions.