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Guidance to the Securities and Futures Ordinance, Cap. 571

Guidance to the Securities and Futures Ordinance, Cap. 571

10. Formation of Process Review Panel

Ahead of the enactment of the SFO, an independent, non-statutory Process Review Panel has been established with the power to review SFC’s compliance with its internal processes, including investigative process and audit their actions to ensure that the SFC has followed their set procedures and given effect to due process. The panel would report its findings to the Financial Secretary. However, it would not be required to publish the entirety of its conclusions because, it cannot generally disclose details of the precise steps that the SFC have taken in the performance of their functions.

11. Subsidiary Legislation

On top of the SFO, a set of subsidiary legislation is to be enacted by government and will come into force at the same time as the SFO. The table below sets out the current process on the subsidiary legislation under the SFO as at 21 August 2002.

Enabling provision in the SFO Subsidiary Legislation Consultation Period Consultation Conclusion Paper
Part III
1.

Section 25(1)

Draft Securities and Futures (Stock Market Listing) Rules and the Draft Securities and Futures (Transfer of Functions – Stock Exchange Company) Order

06.05.02 –

07.06.02

24.07.02
2.

Section 35(1)

Draft Securities and Futures (Contracts Limits and Reportable Positions) Rules

28.03.02 –

16.04.02

19.04.02
3.

Section 36(1)

Draft Securities and Futures (Stock Market Listing) Rules and the Draft Securities and Futures (Transfer of Functions – Stock Exchange Company) Order

06.05.02 –

07.06.02

24.07.02
4. Section 80(1) Draft Securities and Futures (Stock Market Listing) Rules and the Draft Securities and Futures (Transfer of Functions – Stock Exchange Company) Order

28.03.02 –

25.04.02

05.06.02
Part V
5. Section 116(5) Draft Securities and Futures (Insurance) Rule

26.06.02 –

25.07.02

6. Section 118(2) Draft Securities and Futures (Leveraged Foreign Exchange Trading – Arbitration) Rules

28.03.02 –

16.04.02

19.04.02
7. Section 145(1) Draft Securities and Futures (Financial Resources) Rules

14.06.02 –

12.07.02

8. Section 148(1) Draft Securities and Futures (Client Securities) Rules

12.04.01 –

24.05.01

11.07.02
9. Section 149(1) Draft Securities and Futures (Client Money) Rules

12.04.01 –

24.05.01

11.07.02
10. Section 151(1) Draft Securities and Futures (Keeping of Records) Rules

15.02.02 –

15.03.02

11.07.02
11. Section 152(1) Draft Securities and Futures (Contract Notes, Receipts and Statements of Account) Rules

28.09.01 –

09.11.01

06.06.02
12. Sections 156(1) & 397(1) Draft Securities and Futures (Accounts and Audit) Rules

21.12.01 –

31.01.02

11.07.02
14. Sections 165(1) & 397(1) Draft Securities and Futures (Associated Entities) Rules

22.03.02 –

19.04.02

30.05.02
Part VII
15. Sections 170(3)(e) & 397(1) Draft Securities and Futures (Short Selling Exemption and Stock Lending) Rules

24.05.02 –

21.06.02

11.07.02
16. Sections 174(3)(d) & 397(1) Draft Securities and Futures (Unsolicited Calls – Exclusion) Rules

19.10.01 –

19.11.01

15.03.02
Part IX
17. Sections 194(5) & 397(1) Draft Securities and Futures (Registration of Disciplinary Orders) Rules

27.03.02 –

24.04.02

05.06.02
18. Section 233(d) Draft Securities and Futures (Securities and Futures Appeals Tribunal) Rules
19. Sections 226 & 233(b) Draft Securities and Futures (Appeals Tribunal – Registration of Orders) Rules
20. Section 234 Draft Securities and Futures (Amendment of Schedule 8) Order

05.08.02 –

26.08.02

Part XII
21. Section 244(1) Draft Securities and Futures (Investor Compensation – Levy) Rules

28.03.02 –

25.04.02

05.06.02
22. Section 244(1) Draft Securities and Futures (Investor Compensation – Compensation Limits) Rules

28.03.02 –

25.04.02

05.06.02
23. Section 244(2) Draft Securities and Futures (Investor Compensation – Claims) Rules

28.03.02 –

25.04.02

05.06.02
Part XIII
24. Sections 264 & 269(b) Draft Securities and Futures (Market Misconduct Tribunal – Registration of Orders) Rules
25. Sections 282(1) & 306(1) Draft Securities and Futures Market Misconduct (Exemption for Stabilization Activities) Rules

08.02.02 –

08.03.02

09.07.02
Part XV
26. Section 376(1)(b) Draft Securities and Futures (Disclosure of Interests – Exclusions) Regulations

16.05.02 –

08.06.02

12.07.02
27.

Section 377

Draft Securities and Futures (Disclosure of Interests – Securities Borrowing and Lending) Rules

19.12.01 –

26.01.02

12.07.02
Part VI
28.

Section 393

Draft Securities and Futures (Gold Purchase) Notice

25.03.02 –

22.04.02

03.06.02
29. Section 394(1) Draft Securities and Futures (Levy) Order

03.04.02 –

30.04.02

05.06.02
30. Section 394(5) Draft Securities and Futures (Levy) Rules

03.04.02 –

30.04.02

05.06.02
31. Section 395 Draft Securities and Futures (Fees) Rules

30.07.02 –

24.08.02

– Proposed Licensing Fees under the Securities and Futures (Fees) Rules

08.03.02 –

08.04.02

30.07.02
32. Section 397 Draft Securities and Futures (Intermediary Information) Rules

19.07.02 –

08.08.02

33. Sections 397 & 173 Draft Securities and Futures (Miscellaneous) Rules

02.07.02 –

26.07.02

34. Section 398(6) Draft Securities and Futures (Offences and Penalties) Regulations

26.07.02 –

16.08.02

35. Section 397(1) Draft Securities and Futures Licensed Persons and Registered Institutions) Rules

16.11.01 –

17.12.01

18.04.02
36. Section 397(1) Draft Securities and Futures (Leveragd Foreign Exchange Trading – Exemption) Rules 05.06.02 –
26.06.02
11.07.02
37. Section 397(1) Draft Securities and Futures (Professional Investor) Rules 01.02.02 –
28.02.02
04.06.02
38. Section 397(1) Draft Securities and Futures (Recognized Counter-party) Rules

30.11.01 –

29.12.01

23.04.02
39. Section 397(1) Draft Securities and Futures (Corporation) Rules
40. Section 397(1) Draft Securities and Futures (Information) Rules

19.03.02 –

16.04.02

19.04.02

August 2002

This note is provided for information purposes only and does not constitute legal advice. Specific advice should be sought in relation to any particular situation. This note has been prepared based on the laws and regulations in force at the date of this note which may be subsequently amended, modified, re-enacted, restated or replaced.

The Securities and Futures Ordinance

SFC Hong Kong

Hong Kong market misconduct

Hong Kong Market Misconduct Tribunal

SFC regulated activities

Hong Kong Licensing and Registration Regime

Hong Kong disclosure of interest

Automated trading services in Hong Kong

Professional Investors Markets in Hong Kong

Investor compensation system in Hong Kong

Hong Kong Securities and Futures Appeals Tribunal
Hong Kong Monetary Authority
Hong Kong financial regulator
Securities and Futures Commission
SFC news

 

Skills

Posted on

2002-08-02