1964_COMMODITIES_TRADING_ORDINANCE — Page 32

1989 Ed.]

Commodities Trading

[CAP. 250

31

(b) if the Commission on the application of the client so directs, make available for inspection by the client, at all reasonable times during the dealer's ordinary hours of business, the dealer's copy of the contract note and the client's account with the dealer. (Amended 10 of 1989 s. 65)

(2) Subsection (1) does not require a dealer to-

(a) provide, or keep available for inspection, a copy of any contract note which relates to a dealing transacted more than 2 years before the date of the request; or

(b) provide a copy of, or keep available for inspection, any account which relates to a dealing transacted more than 7 years before the date of the request.

(3) Any dealer who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine of $10,000 and to imprisonment for 6 months.

(Added 54 of 1980 s. 3)

46. Monies to be paid into segregated accounts

(1) A dealer shall establish and keep with an organization approved by the Commission for the purposes of this subsection, a deposit-taking company registered under the Deposit-taking Companies Ordinance (Cap. 328) or a licensed bank, one or more segregated accounts into which he shall pay, within 4 bank trading days after their receipt, all amounts (less brokerage and other proper charges relating to the requirements of a clearing house or other clearing organization) which are received from, or for the account of, any client in respect of the purchase or sale of futures contracts, except those amounts paid to that client, or in accordance with his directions, not being directions for the payment into an account of the dealer which is not a segregated account.

(2) All amounts required to be paid into a segregated account under subsection (1) shall be retained there by the dealer until they are paid to the client on whose behalf they are being held or in accordance with his directions or, as the case may be, until they are required to complete payment in respect of the purchase of futures contracts on behalf of such client.

(3) All amounts required to be paid into a segregated account under subsection (1) shall be so paid within 4 bank trading days after they are received by the dealer.

(4) No amount other than an amount referred to in subsection (1) shall be paid into a segregated account.

(5) Every dealer shall keep records of-

(a) all amounts paid into a segregated account kept by him, specifying the clients on whose behalf the amounts are held and the dates on which they were paid into the account;