A432
Ord. No. 44/89
PROTECTION OF INVESTORS (AMENDMENT)
(b) by adding after paragraph (ƒ)—
"(fa) the issue of any advertisement, invitation or document (being an advertisement, invitation or document to which this section relates) made in respect of the issue of a certificate of deposit by an authorized institution;
(fb) the issue of any advertisement, invitation or document (being an advertisement, invitation or document to which this section relates) made in respect of the issue, whether in Hong Kong or elsewhere, of a certificate of deposit by a multilateral agency or an overseas bank which complies with the conditions specified in subsection (6A);
(fc) the issue of any advertisement, invitation or document (being an advertisement, invitation or document to which this section relates) made in respect of the issue, whether in Hong Kong or elsewhere, of any instrument specified in Part II of the Schedule by an authorized institution, an exempted body or a multilateral agency which complies with the conditions specified in subsection (6B);"; and
(c) by repealing paragraph (g) and substituting
"(g) the issue of any advertisement, invitation or document (being an advertisement, invitation or document to which this section relates) made in respect of any matter not referred to in paragraph (fa), (fb) or (fc), where an application for authorization by the Commission in respect of that issue is accompanied by such information and docu- ments as may be required by the Commission and the advertisement, invitation or document is authorized, subject to such conditions as may be imposed under subsection (7), by the Commission before issue, or is required or authorized by or under any other Ordinance.”.
(2) Section 4(3)(a)(i) is repealed and the following substituted—
“(i) subject to subsection (8), with respect to securities, by or on behalf of a dealer or investment adviser who is registered under the Securities Ordinance (Cap. 333) or who is a dealer or investment adviser exempted from registration under that Ordinance;".
(3) Section 4 is amended by adding after subsection (6) —
"(6A) For the purposes of subsection (2) (fb), the following conditions are specified-
(a) the amount or denomination of the certificate of deposit is not less than
the sum specified in Part I of the Schedule;
(b) in the case of an overseas bank, the Commissioner of Banking has declared in writing that he is satisfied that that bank is likely to be adequately supervised by the relevant authority of the place in which it is incorporated or has its principal place of business.
(6B) For the purposes of subsection (2)(fc), the following conditions are specified-
(a) the amount or denomination of the instrument is not less than the sum
specified in Part I of the Schedule;
(b) where the issue of the instrument is made by a corporation having a share capital, the paid-up share capital of that corporation is not less than the sum specified in Part V;
PROTECTION OF INVESTORS (AMENDMENT)
Ord. No. 44/89 A433
(c) where the issue of the instrument is made by a corporation having a share capital and that corporation is a subsidiary of another corporation ("parent corporation") having a share capital—
(i) the paid-up share capital of that subsidiary is not less than the sum specified in Part V; or
(ii) the issue of that instrument is guaranteed by that parent corpora- tion, and the paid-up share capital of that parent corporation is not less than the sum specified in Part V.".
(4) Section 4 is amended by adding after subsection (7)—–—–
"(8) For the purposes of subsection (3)(a)(i), the shares of a mutual fund corporation or the units of a unit trust, being a mutual fund corporation or unit trust which has not been authorized by the Commission pursuant to the Securities Ordinance (Cap. 333), together with any prospectus in relation thereto, shall not be treated as securities referred to therein.".
Section added
4.
The following is added after section 7—
"Submission of information to Commission
7A. (1) Subject to subsections (2) and (4), every-
(a) authorized institution;
(b) exempted body;
(c) multilateral agency or authorized representative of that agency; or (d) overseas bank or authorized representative of that bank,
shall submit to the Commission within 10 working days after the issue by any person of any advertisement, invitation or document referred to in section 4(2) (fa), (fb) or (fc) such information with respect to that advertisement, invitation or document, and in such form, as the Commission may specify by notice in the Gazette.
(2) The Commission may, by notice published in the Gazette, specify for any purpose or by reference to any special circumstances a number of working days in substitution for the number of working days referred to in subsection (1).
(3) Any person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
(4) This section does not apply to the issue of any advertisement, invitation or document to which section 4(3) or (5) applies.
(5) For the purposes of subsection (1) “authorized representative”, in relation to the issue of any advertisement, invitation or document, means any person resident in Hong Kong who is authorized by a multilateral agency or overseas bank, as the case may be, to act for and on behalf of that agency or bank with respect to that issue.".
Section and Schedule added
5.
The following are added after section 8-
No comments yet.
Private notes are available after approval.