Certain representa- tions prohibited.
Disclosure of certain interests.
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(3) Any such dealer may impose a charge not exceeding an amount prescribed by regulations for a copy of a document pro- vided pursuant to subsection (1),
(4) Any dealer who, without reasonable excuse, fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine of $2,000.
78. (1) A registered person shall not in any communica- tion, whether written or oral, represent or imply or knowingly permit to be represented or implied in any manner to a person that the abilities or qualifications of the registered person have in any respect been approved by the Hong Kong Government, the Commission or the Commissioner.
(2) A statement made to the effect that a person is registered under this Ordinance or is the bolder of a certificate of registra, tion is not a contravention of subsection (1).
(3) Any registered person who, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine of $2,000.
79. (1) Where, in a circular or other written communication issued in Hong Kong by him to more than one person, a dealer or an investment adviser (including an exempt dealer or exempt invest- ment adviser) makes a recommendation, whether expressly or by implication, with respect to any securities or any class of securities of a corporation, he shall include in the circular or other com- munication, in type not less bold and not less legible than that used in its text, a statement as to whether or not he has, at the date specified in the circular or communication pursuant to sub- section (5), an interest in any of the securities of that corporation.
(2) Subsection (1) does not require in the case of a circular or other written communication issued by a stockbroker the in- clusion of a statement in relation to an interest that consists of the right to charge commission as provided by the rules of the stock exchange of which he is a member on the sale or purchase of the securities or class of securities that are being recommended.
(3) For the purposes of subsection (1), a person who has entered into an underwriting agreement in respect of any securities shall be deemed to have a financial interest in the sale or purchase of those securities.
(4) Where an offer to the public of securities is not fully subscribed, a person who has subscribed for or taken up, or is
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required to subscribe for or take up, any of those securities under an underwriting agreement shall not, during the period of 90 days after the close of the offer, make any offer or recommenda- tion in respect of those securities unless the offer or recommenda- tion contains or is accompanied by a statement to the effect that the offer or recommendation relates to securities that he has acquired, or is or will be required to acquire, under an under- writing agreement as a result of the offer to the public not being fully subscribed.
(5) Every circular or other written communication to which this section relates shall be dated and shall contain on its face the name of the dealer or investment adviser who issued it.
(6) A dealer or investment adviser who issues a circular or communication to which this section relates shall retain a copy of it bearing his signature in such mannet, and for such time or until the happening of such event, as may be prescribed by fegulations.
(7) For the purposes of this section, a circular or other written communication shall be deemed to have been issued by the person whose name is contained on its face.
(8) In this section a reference to securities does not include a reference to the stock or debentures of, or bonds made available by, a government or a local government authority, or to securities guaranteed by a government or a local government authority.
(9) Without prejudice to the power to make regulations under section 146, regulations may be made under that section- (a) requiring the lodging with the Commissioner of copies of any circular or other written communication issued by a dealer or investment adviser: and
(b) making provision for or with respect to the keeping of records of circulars or other similar written communica- tions issued by a dealer or by an investment adviser.
(10) Any dealer or investment adviser, whether registered or exempted from registration, who-
(a) issues a circular or other written communication in con-
travention of subsection (1) or subsection (5);
(b) contravenes subsection (4); or
(c) fails to retain a copy of circular or other written com-
munication as required by subsection (6),