Appeal
To the
Disciplinary Committee against refusals of applica- tion, etc.
Appeals from racisions of the
Disciplinary Committee, etc. in certain
cases,
(Cap. 43
Exempt dealers.
58. (1) Where-
50
(a) the application of any person for registration or renewal
of registration under this Part is refused; or
(5) the application of a person for registration or renewal of registration under this Part is granted subject to con- ditions with which he is dissatisfied; or
(c) the registration of any registered person is revoked or
suspended under section 55 or section 56; or
(d) the deposit of a registered dealer is forfeited under
section 52(2)(c),
that person may, within one month of being notified of the decision by the Commissioner, appeal to the Disciplinary Com- mittee in accordance with any rules made under section 45.
(2) After considering the representations submitted and evidence produced by or on behalf of the appellant and the Com. missioner, the Disciplinary Committee may confirm, reverse, or vary that decision,
59. (1) An appeal shall lie to the Court against any decision of the Disciplinary Committee in relation to the hearing of an appeal under section 58 by any interested party who is aggrieved by the decision of the Committee; and the Court may confirm, vary, or reverse the decision of the Committee and give such other directions as it thinks just and equitable.
(2) Every such appeal shall be made within such time and in such manner, and shall be heard in accordance with such procedure, as may be prescribed by rules of court made under the Supreme Court Ordinance.
(3) The decision of the Court on an appeal under this sec- tion shall be final.
60. (1) The Commissioner may declare any person to be an exempt dealer for the purposes of this Ordinance if he is satisfied that the business of that person complies with the follow- ing requirements, that is to say--
(a) the main business of that person consists of one or
both of the following activities—
(i) carrying on some business other than the business of dealing in securities;
(ii) dealing in securities in one or more of the ways specified in subsection (2); and
$1
(6) the greater part of any business of dealing in securities done by him in Hong Kong, otherwise than in one of the ways specified in subsection (2), is effected with or through the agency of one or more of the following persons-
(i) a registered dealer;
(ii) an exempt dealer; or
(iii) a member of a stock exchange outside Hong Kong.
(2) The ways of dealing in securities referred to in sub- ∙nection (1) are-
(a) issuing any document which is or is to be deemed to
be a prospectus within the meaning of the Companies (ca. 32) Ordinance or any prospectus approved by the Commis- sioner that is issued by a mutual fund corporation or unit trust authorized by the Commission;
(b) making or offering to make with any person an agree- ment for or with a view to the underwriting of securities by that person;
(c) making any invitation to persons to subscribe for securities or to purchase securities on the first occasion that they are sold;
(d) making any invitation to persons to subscribe for or purchase securities of the Government or the govern- ment of any country or territory outside Hong Kong: (e) effecting any transaction with a person whose business involves the acquisition and disposal or the holding of securities, being a transaction with that person as a principal.
(3) The Commissioner may revoke a declaration under sub- section (1) that a person is an exempt dealer if it appears to him chat-
(a) the business of that person does not comply with the
requirements set out in subsection (1): or
(b) the circumstances relevant to the making of the declara-
tion have materially changed since it was made.
(4) Without prejudice to subsection (1), the Commissioner may, by notice in the Gazette, declare-
(a) any licensed bank;