A308
Ord. No. 55/80
Section
14(1)(b)
14(1)(d)
14(1)(e)
14(1)(7)
14(1)(fa)
14(1)(b)
14(3)
15(1)(a)
Heading to Part III
20
20
21
STOCK EXCHANGES UNIFICATION
Amendment
By deleting "any stock exchange" and substituting "the Exchange Company".
By deleting the paragraph and substituting the following-
"(d) the qualifications for membership of the Exchange Company and the maximum number of persons that may be admitted to such membership;".
By deleting "stock exchanges" and substituting "the Unified Exchange".
1. By deleting "a stock exchange" and substituting "the Unified Exchange".
2. By deleting "exchange" and substituting "Exchange Com- pany".
1. By deleting "the chairman of a stock exchange com- mittee" and substituting "a chairman of the committee of the Exchange Company".
2. By deleting "exchange" and substituting "Exchange Company".
By deleting "a stock exchange which" and substituting "the Exchange Company when it”.
By deleting the subsection and substituting the following-
(55 of 1980.)
"(3) Nothing in this section prevents the Ex- change Company from making rules on any matter mentioned in subsection (1) under section 34 of the Stock Exchanges Unification Ordinance 1980 or the constitution of the Exchange Company if those rules have been approved by the Commission, but any such rules shall have effect only to the extent that they are not repugnant to any rule made by the Commission under subsection (1).".
By deleting "stock exchanges" and substituting "the Ex- change Company”.
By deleting "EXCHANGES" and substituting "MARKETS".
By deleting subsection (1) and substituting the following-
"(1) No person shall—
"(55 of 1980.)
(a) establish or operate a stock market that is not
the Unified Exchange; or
(b) assist in the operation of a stock market that, to his knowledge, is not the Unified Exchange.".
By deleting subsection (1) and substituting the following-
(1) Subject to section 42(2) of the Stock Ex- changes Unification Ordinance 1980, no person, other than the Exchange Company, shall-
(a) take or use the title "stock exchange" or "unified exchange" or "unified stock ex- change" or "united exchange" or "united stock exchange"; or
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h
Section
22
22
24(4)
25
26, 27, 28 and 29
STOCK EXCHANGES UNIFICATION
Amendment
Ord. No. 55/80
A309
(b) take or use, or have attached to or exhibited at any place, any title which resembles any of the titles referred to in paragraph (a) or which so closely resembles any of such titles as to be calculated to deceive.".
By deleting "stock market of a stock exchange" and sub- stituting "Unified Exchange".
By deleting "exchange" and substituting "market".
By repealing the section.
By repealing and replacing the sections by the following——
26. (1) The Commission may-
**Suspension
of dealings
for misconduct, etc.
(55 of 1980.)
(a) on any of the grounds specified in sec- tion 36 of the Stock Exchanges Unifica- tion Ordinance 1980; and
(b) instead of withdrawing its recognition of the Exchange Company pursuant to that section,
direct that the premises of the Unified Exchange be closed forthwith for the transaction of dealings in securities and remain closed until the Commis- sion revokes the direction.
(2) Without prejudice to the exercise of its powers under subsection (1), the Commission may, where it has received a recommendation from the Disciplinary Committee pursuant to section 39(2)(a) in respect of the Exchange Company, which the Committee has found guilty of misconduct under that section, direct that the premises of the Unified Exchange be closed for the transaction of dealings in securities and remain closed until the Commis- sion revokes the direction.
(3) The Commission shall give to the Ex- change Company not less than 14 days' notice in writing of its intention to issue a direction under subsection (1) or (2) and the notice shall specify the grounds therefor.
(4) While a direction under subsection (1) or (2) remains in force, the recognition of the Exchange Company given under section 3 of the Stock Exchanges Unification Ordinance 1980 shall, for the purposes of the application of sections 20, 21 and 22, be deemed to have been withdrawn.
(5) Where any direction under subsection (1) or (2) is in force, any authorized officer may take such steps as may be necessary to ensure that the premises to which the direction relates are locked and secured.
(6) Any person who enters or attempts to enter any premises in respect of which a direction under subsection (1) or (2) is in force without the authority of an authorized officer shall be guilty of an offence and shall be liable on conviction to a fine of $50,000.