SECURITIES AND FUTURES (LEVY) ORDER - CHAPTER 571Z SECURITIES AND FUTURES (LEVY) ORDER - LONG TITLE Empowering section VerDate:01/04/2003 (Cap 571, section 394) [1 April 2003] L.N. 12 of 2003 (L.N. 221 of 2002) SECURITIES AND FUTURES (LEVY) ORDER - SECT 1 (Omitted as spent) VerDate:01/04/2003 PART 1 PRELIMINARY (Omitted as spent) SECURITIES AND FUTURES (LEVY) ORDER - SECT 1 Commencement VerDate: PART 1 PRELIMINARY This Order shall come into operation on the day appointed for the commencement of the Securities and Futures Ordinance (Cap 571). SECURITIES AND FUTURES (LEVY) ORDER - SECT 2 Interpretation VerDate:12/07/2008 In this Order, unless the context otherwise requires- "currency futures contract" (貨幣期貨合約) means a futures contract in respect of any currency; "Mini-Hang Seng China Enterprises Index Futures Contract" (小型恒生中國企業指數期貨合約) means a futures contract entitled "Mini-Hang Seng China Enterprises Index Futures Contract" for which the contract specifications are set out in the rules of the Futures Exchange Company; (L.N. 121 of 2008) "Mini-Hang Seng Index Futures Contract" (小型恒生指數期貨合約) means a futures contract entitled "Mini-Hang Seng Index Futures Contract" for which the contract specifications are set out in the rules of the Futures Exchange Company; "Mini-Hang Seng Index Options Contract" (小型恒生指數期權合約) means a futures contract entitled "Mini-Hang Seng Index Options Contract" for which the contract specifications are set out in the rules of the Futures Exchange Company; "new futures contract" (新期貨合約) means a futures contract that- (a) has been approved by the Commission for the purposes of section 20(2)(a) of the Ordinance; and (b) has not been traded on a recognized futures market operated by the Futures Exchange Company prior to the commencement of this Order; "relevant period" (有關期間), in relation to a new futures contract, means the period of 6 months commencing on the first day of trading in the contract on a recognized futures market operated by the Futures Exchange Company; "securities market maker permit" (證券莊家執照) means a permit which is issued to an exchange participant by the Stock Exchange Company in accordance with the rules of the Stock Exchange Company to carry out market making activities in respect of certain securities; (L.N. 121 of 2008) "stock futures contract" (股票期貨合約) means a futures contract entitled "Stock Futures Contract" for which the contract specifications are set out in the rules of the Futures Exchange Company. (L.N. 121 of 2008) "currency futures contract" (貨幣期貨合約) "Mini-Hang Seng China Enterprises Index Futures Contract" (小型恒生中國企業指數期貨合約) "Mini-Hang Seng Index Futures Contract" (小型恒生指數期貨合約) "Mini-Hang Seng Index Options Contract" (小型恒生指數期權合約) "new futures contract" (新期貨合約) "relevant period" (有關期間) "securities market maker permit" (證券莊家執照) "stock futures contract" (股票期貨合約) SECURITIES AND FUTURES (LEVY) ORDER - SECT 2 Interpretation VerDate:01/04/2003 In this Order, unless the context otherwise requires- "currency futures contract" (貨幣期貨合約) means a futures contract in respect of any currency; "exchange traded fund" (交易所買賣基金) means a collective investment scheme that- (a) holds portfolios of securities; (b) is designed generally to correspond to the price and yield performance of the underlying portfolios of securities with in kind creation and redemption facilities; and (c) is listed or traded on a recognized stock market operated by the Stock Exchange Company as a single security; "exchange traded funds market maker" (交易所買賣基金莊家) means any person who is registered as an exchange traded funds market maker by the Stock Exchange Company in accordance with the rules of the Stock Exchange Company; "Mini-Hang Seng Index Futures Contract" (小型恒生指數期貨合約) means a futures contract entitled "Mini-Hang Seng Index Futures Contract" for which the contract specifications are set out in the rules of the Futures Exchange Company; "Mini-Hang Seng Index Options Contract" (小型恒生指數期權合約) means a futures contract entitled "Mini-Hang Seng Index Options Contract" for which the contract specifications are set out in the rules of the Futures Exchange Company; "new futures contract" (新期貨合約) means a futures contract that- (a) has been approved by the Commission for the purposes of section 20(2)(a) of the Ordinance; and (b) has not been traded on a recognized futures market operated by the Futures Exchange Company prior to the commencement of this Order; "pilot programme" (試驗計劃) has the meaning assigned to it by the rules of the Stock Exchange Company; "pilot programme market maker" (試驗計劃莊家) has the meaning assigned to it by the rules of the Stock Exchange Company; "pilot programme securities" (試驗計劃證券) means securities that are traded on a recognized stock market operated by the Stock Exchange Company under the pilot programme; "relevant period" (有關期間), in relation to a new futures contract, means the period of 6 months commencing on the first day of trading in the contract on a recognized futures market operated by the Futures Exchange Company; "stock futures contract" (股票期貨合約) means a futures contract entitled "Stock Futures Contract" for which the contract specifications are set out in the rules of the Futures Exchange Company. "currency futures contract" (貨幣期貨合約) "exchange traded fund" (交易所買賣基金) "exchange traded funds market maker" (交易所買賣基金莊家) "Mini-Hang Seng Index Futures Contract" (小型恒生指數期貨合約) "Mini-Hang Seng Index Options Contract" (小型恒生指數期權合約) "new futures contract" (新期貨合約) "pilot programme" (試驗計劃) "pilot programme market maker" (試驗計劃莊家) "pilot programme securities" (試驗計劃證券) "relevant period" (有關期間) "stock futures contract" (股票期貨合約) SECURITIES AND FUTURES (LEVY) ORDER - SECT 3 Application of Part 2 VerDate:01/04/2003 PART 2 LEVY PAYABLE IN RESPECT OF SALE AND PURCHASE OF SECURITIES DESCRIBED IN SECTION 394(1)(a) OF ORDINANCE This Part does not apply in relation to a sale and purchase of securities unless it is recorded on a recognized stock market or notified to a recognized exchange company under its rules. SECURITIES AND FUTURES (LEVY) ORDER - SECT 4 Securities VerDate:12/07/2008 Subject to sections 5 and 7A, for the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of securities- (L.N. 121 of 2008) (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, 0.004% of the consideration for the sale; or (ii) in the case of the purchaser, 0.004% of the consideration for the purchase. (L.N. 142 of 2006) SECURITIES AND FUTURES (LEVY) ORDER,SECURITIES AND FUTURES (LEVY) ORDER - SECT 4 Securities VerDate:01/12/2006 Subject to sections 5, 6 and 7, for the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of securities- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, 0.004% of the consideration for the sale; or (ii) in the case of the purchaser, 0.004% of the consideration for the purchase. (L.N. 142 of 2006) SECURITIES AND FUTURES (LEVY) ORDER - SECT 4 Securities VerDate:01/04/2003 Subject to sections 5, 6 and 7, for the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of securities- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, 0.005% of the consideration for the sale; or (ii) in the case of the purchaser, 0.005% of the consideration for the purchase. SECURITIES AND FUTURES (LEVY) ORDER - SECT 5 Stock options VerDate:01/04/2003 For the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of a stock option- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, 0% of the consideration for the sale; or (ii) in the case of the purchaser, 0% of the consideration for the purchase. SECURITIES AND FUTURES (LEVY) ORDER - SECT 6 (Repealed L.N. 121 of 2008) VerDate:12/07/2008 SECURITIES AND FUTURES (LEVY) ORDER - SECT 6 Pilot programme securities VerDate:01/12/2006 For the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of pilot programme securities- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller- (A) subject to sub-subparagraph (B), 0.004% of the consideration for the sale; (B) where the seller is a pilot programme market maker, 0% of the consideration for the sale; or (ii) in the case of the purchaser- (A) subject to sub-subparagraph (B), 0.004% of the consideration for the purchase; (B) where the purchaser is a pilot programme market maker, 0% of the consideration for the purchase. (L.N. 142 of 2006) SECURITIES AND FUTURES (LEVY) ORDER - SECT 6 Pilot programme securities VerDate:01/04/2003 For the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of pilot programme securities- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller- (A) subject to sub-subparagraph (B), 0.005% of the consideration for the sale; (B) where the seller is a pilot programme market maker, 0% of the consideration for the sale; or (ii) in the case of the purchaser- (A) subject to sub-subparagraph (B), 0.005% of the consideration for the purchase; (B) where the purchaser is a pilot programme market maker, 0% of the consideration for the purchase. SECURITIES AND FUTURES (LEVY) ORDER - SECT 7 (Repealed L.N. 121 of 2008) VerDate:12/07/2008 SECURITIES AND FUTURES (LEVY) ORDER - SECT 7 Exchange traded funds VerDate:01/12/2006 For the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of an exchange traded fund- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller- (A) subject to sub-subparagraph (B), 0.004% of the consideration for the sale; (B) where the seller is an exchange traded funds market maker, 0% of the consideration for the sale; or (ii) in the case of the purchaser- (A) subject to sub-subparagraph (B), 0.004% of the consideration for the purchase; (B) where the purchaser is an exchange traded funds market maker, 0% of the consideration for the purchase. (L.N. 142 of 2006) SECURITIES AND FUTURES (LEVY) ORDER - SECT 7 Exchange traded funds VerDate:01/04/2003 For the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale and purchase of an exchange traded fund- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller- (A) subject to sub-subparagraph (B), 0.005% of the consideration for the sale; (B) where the seller is an exchange traded funds market maker, 0% of the consideration for the sale; or (ii) in the case of the purchaser- (A) subject to sub-subparagraph (B), 0.005% of the consideration for the purchase; (B) where the purchaser is an exchange traded funds market maker, 0% of the consideration for the purchase. SECURITIES AND FUTURES (LEVY) ORDER - SECT 7A Sale and purchase of securities by securities market maker permit holders VerDate:12/07/2008 For the purposes of section 394(1)(a) of the Ordinance, the levy payable for a sale or purchase of securities by an exchange participant is nil, if the exchange participant- (a) holds a securities market maker permit in respect of the securities that is in force at the time of the sale or purchase; and (b) makes the sale or purchase in the course of making a market for the securities. (L.N. 121 of 2008) SECURITIES AND FUTURES (LEVY) ORDER - SECT 8 Application of Part 3 VerDate:01/04/2003 PART 3 LEVY PAYABLE IN RESPECT OF SALE AND PURCHASE OF FUTURES CONTRACTS DESCRIBED IN SECTION 394(1)(b) OF ORDINANCE This Part does not apply in relation to a sale and purchase of a futures contract unless it is traded on a recognized futures market. SECURITIES AND FUTURES (LEVY) ORDER,SECURITIES AND FUTURES (LEVY) ORDER - SECT 9 Futures contracts VerDate:01/12/2006 Subject to sections 10, 11, 12 and 13, for the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a futures contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, $0.80; or (ii) in the case of the purchaser, $0.80. (L.N. 142 of 2006) SECURITIES AND FUTURES (LEVY) ORDER - SECT 9 Futures contracts VerDate:01/04/2003 Subject to sections 10, 11, 12 and 13, for the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a futures contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, $1.00; or (ii) in the case of the purchaser, $1.00. SECURITIES AND FUTURES (LEVY) ORDER - SECT 10 Mini-Hang Seng Index Futures Contracts, Mini-Hang Seng Index Options Contracts and Mini-Hang Seng China Enterprises Index Futures Contracts* VerDate:12/07/2008 For the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a Mini-Hang Seng Index Futures Contract, a Mini-Hang Seng Index Options Contract or a Mini-Hang Seng China Enterprises Index Futures Contract- (L.N. 121 of 2008) (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, $0.16; or (ii) in the case of the purchaser, $0.16. (L.N. 142 of 2006) ___________________________________________________________________________ ______________ Note: * (Amended L.N. 121 of 2008) SECURITIES AND FUTURES (LEVY) ORDER - SECT 10 Mini-Hang Seng Index Futures Contracts and Mini-Hang Seng Index Options Contracts VerDate:01/12/2006 For the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a Mini-Hang Seng Index Futures Contract or a Mini-Hang Seng Index Options Contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, $0.16; or (ii) in the case of the purchaser, $0.16. (L.N. 142 of 2006) SECURITIES AND FUTURES (LEVY) ORDER - SECT 10 Mini-Hang Seng Index Futures Contracts and Mini-Hang Seng Index Options Contracts VerDate:01/04/2003 For the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a Mini-Hang Seng Index Futures Contract or a Mini-Hang Seng Index Options Contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, $0.20; or (ii) in the case of the purchaser, $0.20. SECURITIES AND FUTURES (LEVY) ORDER - SECT 11 Currency futures contracts VerDate:01/04/2003 For the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a currency futures contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, nil; or (ii) in the case of the purchaser, nil. SECURITIES AND FUTURES (LEVY) ORDER - SECT 12 New futures contracts VerDate:01/04/2003 For the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a new futures contract during the relevant period of the contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, nil; or (ii) in the case of the purchaser, nil. SECURITIES AND FUTURES (LEVY) ORDER,SECURITIES AND FUTURES (LEVY) ORDER - SECT 13 Stock futures contracts VerDate:01/12/2006 For the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a stock futures contract or an option on such a contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, $0.16; or (ii) in the case of the purchaser, $0.16. (L.N. 142 of 2006) SECURITIES AND FUTURES (LEVY) ORDER - SECT 13 Stock futures contracts VerDate:01/04/2003 For the purposes of section 394(1)(b) of the Ordinance, the levy payable for a sale and purchase of a stock futures contract or an option on such a contract- (a) is payable by the seller and purchaser; and (b) is- (i) in the case of the seller, $0.20; or (ii) in the case of the purchaser, $0.20.