1974-HKRS28-16-22_Part01 — Page 46

Registration

as a repre- sentative,

Grant of certificates of regis- Iration.

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(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 $20,000 and, in the case of a continuing offence, to a further fine of $200 for each day during which the offence continues,

50. (1) No person shall

(a) act as a dealer's representative in Hong Kong unless he

is registered as such under this Part: or

(b) act as an investment representative in Hong Kong unless

he is registered as such 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 $10,000 and, in the case of a continuing offence, to a further fine of $100 for each day during which the offence continues.

51. (1) Subject to sections 52 and 53, the Commissioner shall, on application by any person in the prescribed manner and on payment of the prescribed fee, issue to that person—

(a) a certificate of registration authorizing him to carry on

business as a dealer in securities;

(b) a certificate of registration authorizing him to deal in securities as a representative of a registered dealer: (c) a certificate of registration authorizing him to carry on

business as an investment adviser; or

(d) a certificate of registration authorizing him to act as a

representative of a registered investment adviser.

(2) A certificate of registration shall be-

(a) valid for a period of 12 months beginning with the day

on which it is issued; and

(b) subject to such reasonable conditions as the Commis-

sjoner considers necessary,

(3) A certificate of registration issued to a dealer or invest- ment adviser shall specify the name of the person thereby authorized to carry on a business of dealing in securities or as an investment adviser, as the case may be.

(4) The issue of a certificate of registration to a person shall not authorize such a person to carry on that business under any name other than that specified in the certificate.

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(5) Notwithstanding subsection (4), if the Commissioner thinks fit, a certificate of registration to which that subsection relates may, at the request of the applicant for registration. authorize the applicant to carry on business as a dealer or invest- ment adviser, either alone or jointly with any other person who is registered as a dealer or investment adviser, as the case may be, under such name or style as the applicant may specify.

52. (1) Subject to subsection (6), the Commissioner shall Deposit not register an applicant as a dealer unless the applicant has required

before deposited with the Commissioner such amount as is prescribed registration in regulations.

(2) If-

(a) the dealer, being an individual person or member of a partnership of dealers, becomes bankrupt. the Commis- sioner shall pay the deposit to the dealer's trustee in bankruptcy:

(b) the dealer, being a corporation, is ordered to be wound up by or under the supervision of the Court, the Commis- sioner shall pay the deposit to the liquidator of the corporation; or

(c) the certificate of registration of the dealer is revoked, or the dealer or any servant of the dealer, or where the dealer is a partnership or a corporation any member of the partnership or director or officer of the corporation, is convicted of an offence necessarily involving à finding that he or it was guilty of a breach of trust, defalca- tion, fraud, or misfeasance in respect of any money or securities of a person who is a client of the dealer, the Commissioner may direct that all or any part of the deposit be forfeited.

(3) In the event of the deposit or any part of the deposit being paid to the dealer's trustee in bankruptcy or liquidator under subsection (2)(a) or subsection (2)(b), the amount paid shall be applied by the trustee or liquidator, as the case may be, in accordance with regulations made under this Ordinance for the purposes of this subsection.

(4) In the event of the deposit or any part of the deposit being forfeited under subsection (2)(c), the amount forfeited shall be applied by the Commissioner subject to and in accordance with regulations made under this Ordinance for the purposes of this subsection.

as a dealer.