Hong Kong Regulations

SECURITIES AND FUTURES (CONTRACT NOTES, STATEMENTS OF ACCOUNT AND RECEIPTS) RULES - SECT 3

Application

(1) These Rules, other than sections 11(4) and (5) and 13, do not apply to-

   (a)  an intermediary licensed or registered for asset management; or

   (b)  an associated entity of such an intermediary, in relation to the
        conduct by the intermediary of asset management.

(2) Where a client of an intermediary is a professional investor within the
meaning of-

        (a)	any of paragraphs (a) to (i) of the definition of "professional 
investor" in section 1 of Part 1 of Schedule 1 to the Ordinance, and-

        (i)    the intermediary has notified the client in writing that unless
               the client objects, the intermediary will not provide to the
               client any contract notes, statements of account or receipts
               (as the case may be) in accordance with these Rules and the
               intermediary has not received any objection from the client; or

        (ii)   an associated entity of the intermediary has notified the
               client in writing that unless the client objects, the
               associated entity will not provide to the client any receipts
               in accordance with these Rules and the associated entity has
               not received any objection from the client; or

        (b)	paragraph (j) of the definition of "professional investor" in 
section 1 of Part 1 of Schedule 1 to the Ordinance and has agreed in writing
with-

        (i)    the intermediary not to receive from the intermediary any
               contract notes, statements of account or receipts (as the case
               may be) in accordance with these Rules; or

        (ii)   an associated entity not to receive from the associated entity
               any receipts in accordance with these Rules, then section 5, 8,
               9, 11 or 13 (as the case may be) does not apply to the
               intermediary or the associated entity in relation to the
               client.

(3) For the avoidance of doubt, nothing in these Rules affects section 19 of
the Stamp Duty Ordinance ( Cap 117).