Amendrasol of section 18.
Amendment of reculon 24h.
4
(b) by inserting after paragraph (f) the following new paragraphs- "(a) requiring the chairman of a stock exchange committee who has become aware of any matter which adversely affects, or ja likely to adversely affect, the ability of any member of the exchange to meet his obligations as a dealer, to make a report concerning the matter to the Commission as soon as practicable after becoming aware of the matter:
(fb) requiring a stock exchange which expels, or suspenda the membership of, any of its members, or requests any of its members to resign his membership, to notify the Commission of that fact within 3 trading days after the expulsion, suspension or making of the request, as the case may be, and, in addition, to cause the expulsion, suspension or request to be notified to the public în such manner and within such period as may be prescribed in the rules:".
Section 18(2) of the principal Ordinance is amended by deleting "(including fines and fees) and substitaling the following-
7.
other than deposits made under Part VI or X.”.
Section 25 of the principal Ordinance is amended in subsection
(K)
(a) by deleting sub-paragraph (vii) and substituting the following-- "(viii) a corporation, unless at least one of its directors or, in the case of a corporation having only one director. that director, actively participates in, or is directly responsible for the supervision of, the corporation's business of dealing in securities, and unless each of the directors of the cor- poration who actively participates in, or is in any way directly responsible for the supervision of, the corporation's business of dealing in securities is a member of the applicant company or of another company which is approved as a stock exchange under subsection (2);""; and
(0) by deleting sub-paragraphs (xii) and (xii) and substituting the
following-
(Cap. 37)
"(xii) a firm, unless at least one of its partners actively participates in, or is directly responsible for the supervision of, the firm's business of dealing in securities, and unless cach of the partners of the firm who actively participates in, or is in any way directly responsible for the supervision of, the firm's business of dealing in securities is a member of the applicant company or of another company which is approved as a stock exchange under subsection (2);
(xii) a limited partnership registered under the Limited Partnerships Ordinance, unless at least one of its partners actively participates in, or is directly responsible for the supervision of, the partnership's business of dealing in securities, and unless each of the partners of the partnership who actively participates in, or is in any way directly respon- sible for the supervision of, the partnership's business of dealing in securities is a general partner and is a member of the applicant company or of another company which is approved as a stock exchange under subsection (2); and
5
_{xiv) a person who is in partnership with another person who carries on a business of dealing in securities but is not a member of the applicant company or of another company which is approved as a stock exchange under subsection (2);**,
Section 32 of the principal Ordinance is amended-
(a) in subsection (2), by inserting after "the members". the
following
"of the committee":
(b) in subsection (6), by inserting, after "who is a member", the
following-
"of the committee”; and
(c) in subsection (9), by inserting, after paragraph (6), the following
new paragraph-
"(bu) has been convicted of an offence, whether in Hong Kong or elsewhere, involving fraud or dishonesty or has been convicted of any offence in respect of which he is sentenced to a term of imprisonment;".
9. Section 48 of the principal Ordinance is amended—
(o) by inserting, after subsection (1), the following new subsection— "(1A) A corporation shall not carry on a business in Hong Kong of dealing in secmilies, or hold itself out as carrying on such a business, unless at least one of the directors of the corporation, or, in the case of a corporation baving only one director, that director, actively participates in, or is directly responsible for the supervision of, the cor- poration's business of dealing in securities and is registered as a dealer under this Parl."; and
(b) in subsection (2), by inserting. after "subsection (1)", the
following-
"ar (1A)".
10. Section 49 of the principal Ordinance is amended-
(o) by inserting, after subsection (1), the following now subsection
"(1A) A corporation shall not in Hong Kong act as an investrocul adviser, or hold itself out to be an investment adviser, unless at least one of the directors of the corporation, or, in the case of corporation having only one director, that director, actively participates in, or is directly respon- sible for the supervision of, the corporation's business as an investment adviser and is registered as an investment advises under this Part."; and
(A) in subsection (2), by inserting, after "subsection (1)', the
following-
for (1A)".
Aromodeseal of section $2.
Anacrument of
action 48,
Amendment of decat 49.
II. Section 51(1) of the principal Ordinance is amended by deleting Amsadment of "sections $2" and substituting the following-
"sections 51A, 52".
derbara $1.