Hong Kong Regulations

SECURITIES AND FUTURES (CONTRACT NOTES, STATEMENTS OF ACCOUNT AND RECEIPTS) RULES - SECT 4

Avoidance of duplication

(1) Where-

   (a)  a person is a client of 2 intermediaries;

   (b)  each of the intermediaries has entered into a relevant contract for a
        dealing in securities or futures contracts; and

   (c)  one of the intermediaries has agreed in writing with the other
        intermediary to prepare and provide to the person a contract note or
        statement of account in accordance with these Rules, then that other
        intermediary is exempt from compliance with the provisions of these
        Rules relating to the contract note or statement of account (as the
        case may be) to the extent that the contract note or statement of
        account (as the case may be) relates to the relevant contract.

(2) Where an intermediary has an arrangement with a foreign  intermediary that
is a related corporation of the intermediary under which the
foreign intermediary will prepare and provide to a client of the intermediary
a contract note, statement of account or receipt (as the case may be) in
accordance with and to the extent required by the law of the
specified jurisdiction under which the foreign intermediary is regulated, then
the intermediary is exempt from compliance with the provisions of these Rules
relating to the contract note, statement of account or receipt

(as the case may be).

(3) Where an associated entity of an intermediary which receives client assets
of an intermediary has an arrangement with a foreign  intermediary that is a
related corporation of the intermediary under which the foreign intermediary
will prepare and provide to a client of the intermediary a receipt in
accordance with and to the extent required by the law of the
specified jurisdiction under which the foreign intermediary is regulated, then
the associated entity is exempt from compliance with the provisions of these
Rules relating to the receipt.