1988 Ed.]
Securities (Miscellaneous) Regulations
[CAP. 333
A 3
[Subsidiary]
(a) in the case of an applicant who is an individual, whether he intends to carry on business alone or in partnership with one or more other dealers, a sum of $50,000 payable in cash; and
(b) in the case of an applicant which is a corporation a sum consisting of $50,000 payable in cash for each dealing director of the corporation.
Application of deposits by trustees in bankruptcy
4. (1) Subject to paragraph (2), where the Commissioner pays a deposit to the trustee in bankruptcy of a bankrupt dealer pursuant to section 52(2)(a) of the Ordinance, the trustee shall apply the deposit as if the clients of the dealer in his capacity as a dealer in securities were the only creditors of the dealer.
(2) If there are no clients of the dealer who are his creditors or if their claims against the dealer have been fully satisfied, the trustee in bankruptcy may apply the deposit or, as the case may be, the balance of the deposit for the benefit of any other creditors of the dealer.
Application of deposits by liquidators
5. (1) Subject to paragraph (2), where the Commissioner pays a deposit to the liquidator of a dealer pursuant to section 52(2)(b) of the Ordinance and the dealer, being a corporation, is ordered to be wound up by the Court, the liquidator shall apply the deposit as if the clients of the dealer in its capacity as a dealer in securities were the only creditors of the dealer.
(2) If there are no clients of the dealer who are its creditors or if their claims against the dealer have been fully satisfied, the liquidator may apply the deposit or, as the case may be, the balance of the deposit for the benefit of any other creditors of the dealer.
Application of deposits forfeited under section 52(2)(c) of the Ordinance
6. (1) Where a deposit made by a dealer is forfeited under section 52(2)(c), it shall be applied for the purpose of compensating persons who establish claims as provided in this regulation.
(2) Where a person sustains pecuniary loss because of the failure of a dealer, by reason of a default committed in the course of or in connection with the dealer's business of dealing in securities, to perform a legal obligation owed to that person in relation to any money, securities or other property-
(a) which was entrusted to or received by that dealer, or any director, partner or employee of that dealer, for or on behalf of that person; and
(b) to which that person is entitled or in which that person has a beneficial interest (whether existing or contingent),
he shall be entitled to claim compensation in accordance with this regulation.
(3) The amount which a claimant shall be entitled to claim as compensation is the amount of the actual pecuniary loss suffered by him (including the
1988 Ed.]
Securities (Miscellaneous) Regulations
[CAP. 333
A 3
[Subsidiary]
(a) in the case of an applicant who is an individual, whether he intends to carry on business alone or in partnership with one or more other dealers, a sum of $50,000 payable in cash; and
(b) in the case of an applicant which is a corporation a sum consisting of
$50,000 payable in cash for each dealing director of the corporation.
Application of deposits by trustees in bankruptcy
4. (1) Subject to paragraph (2), where the Commissioner pays a deposit to the trustee in bankruptcy of a bankrupt dealer pursuant to section 52(2)(a) of the Ordinance, the trustee shall apply the deposit as if the clients of the dealer in his capacity as a dealer in securities were the only creditors of the dealer.
(2) If there are no clients of the dealer who are his creditors or if their claims against the dealer have been fully satisfied, the trustee in bankruptcy may apply the deposit or, as the case may be, the balance of the deposit for the benefit of any other creditors of the dealer.
Application of deposits by liquidators
5. (1) Subject to paragraph (2), where the Commissioner pays a deposit to the liquidator of a dealer pursuant to section 52(2)(b) of the Ordinance and the dealer, being a corporation, is ordered to be wound up by the Court, the liquidator shall apply the deposit as if the clients of the dealer in its capacity as a dealer in securities were the only creditors of the dealer.
(2) If there are no clients of the dealer who are its creditors or if their claims against the dealer have been fully satisfied, the liquidator may apply the deposit or, as the case may be, the balance of the deposit for the benefit of any other creditors of the dealer.
Application of deposits forfeited under section 52(2)(c)
of the Ordinance
-
6. (1) Where a deposit made by a dealer is forfeited under section 52(2)(c), it shall be applied for the purpose of compensating persons who establish claims as provided in this regulation.
(2) Where a person sustains pecuniary loss because of the failure of a dealer, by reason of a default committed in the course of or in connection with the dealer's business of dealing in securities, to perform a legal obligation owed to that person in relation to any money, securities or other property-
(a) which was entrusted to or received by that dealer, or any director, partner or employee of that dealer, for or on behalf of that person; and
(b) to which that person is entitled or in which that person has a beneficial
interest (whether existing or contingent),
he shall be entitled to claim compensation in accordance with this regulation.
(3) The amount which a claimant shall be entitled to claim as compensa- tion is the amount of the actual pecuniary loss suffered by him (including the
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