Hong Kong Regulations

SECURITIES AND FUTURES (FINANCIAL RESOURCES) RULES - SECT 54

Licensed corporations to notify Commission of failure to comply with these Rules

PART 5

MISCELLANEOUS

(1) Where a licensed corporation notifies the Commission-

   (a)  under section 146(1) of the Ordinance that it is unable to maintain,
        or to ascertain whether it maintains, financial resources in
        accordance with the specified amount requirements that apply to it; or

   (b)  under section 146(3) of the Ordinance that it is unable to comply
        with, or to ascertain whether it complies with, all or any of the
        requirements of these Rules, other than the
        specified amount requirements, it shall include in the notice-

   (c)  full details of the matter and the reason therefor; and

   (d)  full details of any steps it is taking, has taken or proposes to take
        to redress the inability.

(2) The Commission may, where a licensed corporation gives notice to the
Commission under section 146(1) and (3) of the Ordinance, request the licensed
corporation to provide, in such form and within such time as the Commission
may specify, such additional information and document as the Commission may
require in connection with the matter, whereupon the licensed corporation
shall comply with the request accordingly.

(3) For the purposes of this section and section 144 of the
Ordinance, "specified amount requirements" (指明數額規定), in relation
to a licensed corporation, means the applicable requirements specified in
section 4 and-

   (a)  the requirement to maintain paid-up share capital in the amount
        required under section 5; and

   (b)  the requirement to maintain liquid capital not less than its
        required liquid capital under section 6.

"specified amount requirements" (指明數額規定)