Publication et Godge of revocanoa
pe closure.
comproodluca probabled
dosure of Commodhy Exchanne
Prevention of
cacy lato Cormacklity Bretame
Appeal.
Cheaters to ba registered,
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(2) The Governor may extend the closure of the Commodity Exchange under subsection (1) for further periods not exceeding 5 bank working days.
(3) The Governor shall specify the grounds for closure in the direction given under subsection (1) and the grounds for any extension of the closure under subsection (2)
zt. Where
(a) a licence is revoked under section 18 or 20; or
(b) the Exchange Company is directed to close the Commodity
Exchange under section 19, 20 or 21,
the Commissioner shall publish in the English and Chinese languages in such manner as he thinks fit a police of such revocation of the licence or the particulars of the direction for the closure of the Commodity Exchange, as the case may be.
23, (1) Notwithstanding any other provision of this Ordinance, no person shall in any manner transact any trading in commodity futures contracts of the type specified in a direction under section 19, 20 or 21 during the period of the closure of the Commodity Exchange.
(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine of $50,000.”
24. (0) Where the Commodity Exchange is closed under section 19, 20 or 21 for the transaction of any trading in commodity futures contracts, the Commissioner or any police officer not below the rank of super- intendent may, during the period the closure in effective, take such steps as may be necessary to ensure that the premises of the Commodity Exchange provided for the transaction of such trading are locked and secured.
(2) Any person who, without the authority of the Commissioner or a police officer not below the rank of superintendent, enters any premises which are locked and secured under subsection (1) shall be guilty of an offence and shall be liable on conviction to a Bae of $50,000,
25. (1) Where—
(a) a licence is revoked under section 18 or 20; or
(6) the Exchange Company is directed to close the Commodity
Exchange under section 19 or 20,
the Exchange Company may appeal to the High Court against the decision of the Commission, and the High Court may confirm, vary or reverse the decision and give such other directions as it thinks just and equitable.
(2) The decision of the High Court on an appeal under subsection (1) shall be final.
PART IV
REGISTRATION OF Dealers, COMMODITY TRADING ADVISERS AND REPRESENTATIVES
26. (1) Subject to subsections (2), (3) and (4), no person, whether as principal or agent, shall-
(a) carry on a business of trading in commodity futures contracts; or
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(6) hold himself out as carrying on such a business,
unless such person is registered as a dealer under this Ordinance.
(2) No corporation that is a dealer shall carry on business as a dealer unless every director or employee who is accredited to the corpora- tion is registered as a dealer under this Ordinance.
(3) No firm that is a dealer shall carry on business as a dealer unless every partner or employee who is accredited to the firm is registered as a dealer under this Ordinance.
(4) Subsection (1) shall not apply to
(a) a person who trades in commodity futures contracts only through
a dealer registered under this Ordinance;
(b) to any trading in commodity futures contracts on a commodity
exchange referred to in section 3(a), (b), (c) or (d) of the Com- (Cap. 12.3 modity Exchanges (Prohibition) Ordinance.
(5) Any person who knowingly contravenes this section shall be guilty of an offence and shall be liable on conviction upon indictment to s fine of $50,000 and, in the case of a continuing offence, to a further fios of $500 for each day during which the offence continues.
(6) Any futures contract made by any person, whether as principal or agent, who is required to be registered under subsection (1) and who is not registered as so required, may be rescinded by any other party to the contract who, upon so doing, shall be entitled to recovery of any money or other thing he may have paid or delivered under the contract.
27. (1) Subject to subsections (2) and (3), no person shall-
Commodity
(a) for direct remuneration carry on a business of advising any other diver
person concerning the purchase or sale of futures contracts.
(b) for direct remuneration as part of a regular business issue or circulate analyses or reports concerning the purchase or sale of Futures contracts;
(e) for direct remuneration pursuant to a contract or arrangement with a client, undertake on behalf of the client the management of a portfolio of commodities. including the arranging of purchase. sale, exchange or storage of commodities; or
( hold himself out as carrying on the business referred to in
paragraph (0),
unless such person is registered as a commodity trading adviser under this Ordinance.
(2) Subsection (1Ka) shall not apply to the giving of advice concern- ing the purchase or sale of futures contracts by a dealer to his client, if such activity is incidental to his carrying on business as a dealer,
(3) Subsection (1)α) and (b) shall not apply to the proprietor or publisher of, or contributor to, a publication that is generally available to the public otherwise than on subscription who only in that publication advises other persons concerning the purchase or sale of futures contracts, or issues or circulates analyses or reports concerning the purchase and sale of futures contracts, not being a proprietor or publisher of, or con- tributor to, a publication whose principal or only object is to advise others
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