Immunity of Disci- plinary
Committee, witnesses, solicitors and counsel,
Witnesses" expenses.
Rules of procedure.
Form and proof of orders of Disciplinary Committee.
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(6) require evidence to be given on oath, either orally or in writing, and books, papers, or documents to be produced.
(3) For the purpose of subsection (2) the chairman of the Committee may administer an oath.
(4) Any person who, without lawful authority or reasonable excuse, refuses or fails-
(2) to attend and give evidence when required to do so by
the Disciplinary Committee; or
(b) to answer truly and fully questions put to him by a
member of the Disciplinary Committee; or
(c) to produce any book, paper, or document which he has
been required to produce,
shall be guilty of an offence and shall be liable on conviction to a fine of $10,000.
43. The Disciplinary Committee, and witnesses and any solicitor or counsel appearing before the Disciplinary Committee, shall have the same privileges and immunities in inquiries and appeals beard under this Part as they would have if those pro- ceedings were proceedings in a court.
44. (1) Every witness giving evidence or attending to give evidence at the hearing of any inquiry under section 39 or any appeal under section 58 shall be entitled in the discretion of the Disciplinary Committee to such sum for his expenses and loss of time as the Disciplinary Committee may determine.
(2) Subject to any order made by the Disciplinary Com- mittee as to the payment of costs or expenses, all such witnesses' expenses shall be paid out of money provided by the Legislative Council.
45. Subject to this Part, the Commission may make rules in respect of the hearing and determination of inquiries under this Part and of appeals made under section 58.
46. (1) Every decision of the Disciplinary Committee shall be in writing signed by the chairman of the Committee and shall contain a statement of the reasons for the decision.
(2) Every document purporting to contain a decision of the Disciplinary Committee and to be signed by the Committee's chairman shall, until the contrary is proved, be deemed to be a decision of the Committee duly made.
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PART VI
REGISTRATION of DEALERS, INVESTMENT ADVISERS.
AND REPRESENTATIVES
47. (1) Except so far as specifically provided, this Part does Application not apply to an exempt dealer or to an exempt investment adviser, of Part V1. or to the representative of an exempt dealer or exempt investment adviser. but-
(a) subject to section 61, nothing in this subsection exempts an exempt dealer who carries on a business as an invest- ment adviser from being registered as such under this part; and
(b) subject to section 60, nothing in this subsection exempts an exempt investment adviser who carries on a business of dealing in securities from being registered as a dealer. (2) Where a person would, but for this subsection, be liable to a penalty for not being registered as a dealer, dealer's repre- sentative, investment adviser, or invesment representative, he shall not be so liable-
(a) until the expiry of a period of 3 months immediately
following the commencement of this Part; or
(b) where, before the expiry of that period, he applies for
registration, until—
(i) he is registered; or
(ii) his application is refused.
48. (1) A person (whether an individual or a body cor- Registra- porale, or a member of a partnership or director of a body tion as a
dealer. corporate) shall not carry on a business in Hong Kong of dealing
in securities, or hold himself out as carrying on such a business, unless he is registered as a dealer under this Part.
(2) Any person who knowingly acts in contravention of sub- section (1) shall be guilty of an offence and shall be liable on conviction to a fine of $50,000 and, in the case of a continuing offence, to a further fine of $500 for each day during which the offence continues.
49. (1) A person (whether an individual or a body cor- Registration porate, or a member of a partnership or director of a body as an
investment corporate) shall not in Hong Kong act as an investment adviser advisor. or hold himself out to be an investment adviser unless he is registered as an investment adviser under this Part.
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