1974-HKRS28-16-22_Part01 — Page 40

Commis- sioner may

order closurTC of stock exchanges in emer gencies, etc.

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(a) revoke the approval given or deemed to have been given

under section 25; or

(6) direct that the premises of the stock exchange be closed for the transaction of dealings in securities until the Commission revokes the direction.

(4) While a direction under subsection (2) or subsection (3) remains in force, the approval given or deemed to have been given under section 25 to the company in question shall, for the purposes of the application of sections 20 to 22, be deemed to have been revoked.

(5) Where any direction under subsection (2) or subsection (3) 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 made under subsection (2) or sub- section (3) is in force without the authority of an authorized officer shall be guilty of an offence and shall be liable on convic- tion to a fine of $50,000.

(7) In this section "authorized officer" means the Commis- sioner or any police officer.

27. (1) Without prejudice to the powers of the Commission under section 26, the Commissioner may, after consultation with the Federation, order that all stock exchanges be closed for the transaction of dealings in securities for a period not excceding 5 bank trading days.

(2) The Commissioner may make an order under subsection (1) on the ground that, in his opinion, the orderly transaction of business at stock exchanges is being or is likely to be pre- vented because-

(a) an emergency or natural disaster has occurred in Hong

Kong, or

(b) there exists an economic or financial crisis, whether in Hong Kong or elsewhere, or any other circumstance, which is likely to prevent orderly trading from being carried on at stock exchanges.

(3) Any order made under subsection (1) or under this sub- section may be renewed by a further order for a further period of not more than 5 bank trading days.

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(4) Any dealer who deals in securities at or through a stock exchange while an order made under subsection (1) is in force in respect of the exchange (being an order which has been notified to the committee of the exchange) shall be guilty of an offence, and shall be liable on conviction to a fine of $50,000.

(5) Where any order under subsection (1) has been made, the Commissioner may take such steps as are necessary to secure compliance with the order and may, in particular, cause the premises of stock exchanges to be locked and secured.

(6) Any person who, without the authority of the Commis. sioner, enters or altemple to enter the premises of a stock exchange which have been locked and secured under subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine of $20,000.

28. Where the Commission revokes any approval given or Revocation deemed to have been given under section 25 or issues any direc. of approval, tion under section 26, or the Commissioner makes any order notified in etc, to be under section 27, notice of the revocation, direction, or order, the Gazette. as the case may be, shall be published in the Gazette.

29. (1) Where-

(a) the Commission has refused to approve a registered

company as a stock exchange under section 25,

has re- voked any approval under section 26, or has given a direction under subsection (2) or (3) of section 26 in relation to a stock exchange; or

(b) the Disciplinary Committee has imposed any penalty on any stock exchange, or on any member of the committee of a stock exchange, pursuant to paragraph (5) or para- graph (c) of section 39(2),

the stock exchange or such member of the committee may, within 14 days→→→

( after notification of the refusal or after the publication in the Gazerie of notice of the revocation or direction; or (ii) after being notified of the decision of the Disciplinary

Committee imposing the penalty.

appeal to the Governor in Council against the refusal, revoca- tion or direction or against the decision of the Disciplinary Committee.

(2) After considering any appeal under subsection (1) the Governor in Council may confirm, reverse or vary the decision

Appeal revocation against

of approval.

etc.