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CAP. 333] Securities (Miscellaneous) Regulations

[1988 Ed.

[Subsidiary]

SECURITIES (MISCELLANEOUS) REGULATIONS

L.N. 303/85 - L.N. 148/88

(Cap. 333, section 146)

[25 October 1985]

Citation

1. These regulations may be cited as the Securities (Miscellaneous) Regulations.

Interpretation

2. In these regulations, unless the context otherwise requires—

“authorization” means authorization under section 15(1)(c) of the Ordinance,

and “authorized” shall be construed accordingly; (L.N.148/88) "dealer" includes a person whose registration as a dealer has been revoked;

“default”, in relation to the failure of a dealer to perform a legal obligation,

means a default arising from-

(a) any breach of trust committed by the dealer or any co-trustee of the dealer, and if the dealer is a corporation, by any director or other officer of the corporation;

(b) any defalcation, fraud or misfeasance committed by the dealer or any servant of the dealer and-

(i) if the dealer is a member of a dealing partnership, by any partner of the partnership; or

(ii) if the dealer is a corporation, by any director or officer of the corporation;

“deposit” means a deposit or that part of a deposit required to be paid, or directed to be forfeited, by the Commissioner under section 52(2) of the Ordinance;

“fund” means-

(a) in the case of a mutual fund corporation, a separate pool of assets in respect of which the corporation is the issuer of redeemable shares;

(b) in the case of a unit trust, a separate pool of assets in respect of which the beneficiaries under the trust may participate; (L.N. 148/88) “legal obligation” includes an obligation arising under a contract or quasi-contract or under a trust (including a constructive trust).

Amounts to be deposited

3. The following amounts are prescribed for the purposes of section 52(1) of the Ordinance-