1964_SECURITIES_AND_FUTURES_COMMISSION_ORDINANCE — Page 76

HK Historical Laws 香港歷史法例 All AI Reviewed

CAP. 24]

Securities and Futures Commission

[1989 Ed.

46. Receiving orders

(1) If it appears to the Commission that it is expedient in the public interest to do so and subject to subsection (2) the Commission may present a petition for a receiving order in accordance with the Bankruptcy Ordinance (Cap. 6) against a registered person if the registered person has committed an act of bankruptcy within the meaning of that Ordinance, and that Ordinance shall apply in relation to such petition as it applies in relation to a petition presented by a creditor.

(2) The Commission shall not present a petition under subsection (1) in respect of any person who is a member of an Exchange Company or a clearing house unless the Commission has given written notification of its intention to that Exchange Company or, as may be appropriate, that clearing house.

PART VI

SPECIAL PROVISIONS RELATING TO EXCHANGE COMPANIES AND CLEARING HOUSES

47. Transfer and resumption of functions

(1) If it appears to the Commission that an Exchange Company is willing and able to perform all or any of the functions to which this section applies, it may request the Governor in Council to make an order ("transfer order") transferring all or any of those functions to that Exchange Company (“designated Exchange Company”) or transfer the functions in so far as they or it applies to the members or applicants for membership of that company.

(2) This section applies to any function of the Commission under sections 28 and 29, Parts VI and VIA of the Securities Ordinance (Cap. 333) and Part IV of the Commodities Trading Ordinance (Cap. 250).

(3) Any function to which this section applies may be transferred by a transfer order either wholly or in part, and any such transfer may be subject to a reservation that the function is to be exercisable by the Commission concurrently with the designated Exchange Company.

(4) The Commission shall not make a request under subsection (1) that a transfer order be made in respect of the making of financial resources rules unless the proposed designated Exchange Company has first supplied the Commission with a draft of the financial resources rules which it proposes to make, and the Commission is satisfied that those rules, if made, will afford the investing public an adequate level of protection.

(5) The Commission may at the request or with the consent of a designated Exchange Company resume all or any of the functions transferred by a transfer order, but such resumption shall take effect only by order of the Governor in Council.

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76 CAP. 24] Securities and Futures Commission [1989 Ed. 46. Receiving orders (1) If it appears to the Commission that it is expedient in the public interest to do so and subject to subsection (2) the Commission may present a petition for a receiving order in accordance with the Bankruptcy Ordinance (Cap. 6) against a registered person if the registered person has committed an act of bankruptcy within the meaning of that Ordinance, and that Ordinance shall apply in relation to such petition as it applies in relation to a petition presented by a creditor. (2) The Commission shall not present a petition under subsection (1) in respect of any person who is a member of an Exchange Company or a clearing house unless the Commission has given written notification of its intention to that Exchange Company or, as may be appropriate, that clearing house. PART VI SPECIAL PROVISIONS RELATING TO EXCHANGE COMPANIES AND CLEARING HOUSES 47. Transfer and resumption of functions (1) If it appears to the Commission that an Exchange Company is willing and able to perform all or any of the functions to which this section applies, it may request the Governor in Council to make an order ("transfer order") transferring all or any of those functions to that Exchange Company (“designated Exchange Company”) or transfer the functions in so far as they or it applies to the members or applicants for membership of that company. (2) This section applies to any function of the Commission under sections 28 and 29, Parts VI and VIA of the Securities Ordinance (Cap. 333) and Part IV of the Commodities Trading Ordinance (Cap. 250). (3) Any function to which this section applies may be transferred by a transfer order either wholly or in part, and any such transfer may be subject to a reservation that the function is to be exercisable by the Commission concurrently with the designated Exchange Company. (4) The Commission shall not make a request under subsection (1) that a transfer order be made in respect of the making of financial resources rules unless the proposed designated Exchange Company has first supplied the Commission with a draft of the financial resources rules which it proposes to make, and the Commission is satisfied that those rules, if made, will afford the investing public an adequate level of protection. (5) The Commission may at the request or with the consent of a designated Exchange Company resume all or any of the functions transferred by a transfer order, but such resumption shall take effect only by order of the Governor in Council.

Baseline (Original)

76 CAP. 24] Securities and Futures Commission [1989 Ed. 46. Receiving orders (1) If it appears to the Commission that it is expedient in the public interest to do so and subject to subsection (2) the Commission may present a petition for a receiving order in accordance with the Bankruptcy Ordinance (Cap. 6) against a registered person if the registered person has committed an act of bankruptcy within the meaning of that Ordinance, and that Ordinance shall apply in relation to such petition as it applies in relation to a petition presented by a creditor. (2) The Commission shall not present a petition under subsection (1) in respect of any person who is a member of an Exchange Company or a clearing house unless the Commission has given written notification of its intention to that Exchange Company or, as may be appropriate, that clearing house. PART VI SPECIAL PROVISIONS RELATING TO EXCHANGE COMPANIES AND CLEARING HOUSES 47. Transfer and resumption of functions (1) If it appears to the Commission that an Exchange Company is willing and able to perform all or any of the functions to which this section applies, it may request the Governor in Council to make an order ("transfer order" ( *)) transferring all or any of those functions to that Exchange Company (“designated Exchange Company" (X)) or transfer the functions in so far as they or it applies to the members or applicants for membership of that company. (2) This section applies to any function of the Commission under sections 28 and 29, Parts VI and VIA of the Securities Ordinance (Cap. 333) and Part IV of the Commodities Trading Ordinance (Cap. 250). (3) Any function to which this section applies may be transferred by a transfer order either wholly or in part, and any such transfer may be subject to a reservation that the function is to be exercisable by the Commission concurrently with the designated Exchange Company. (4) The Commission shall not make a request under subsection (1) that a transfer order be made in respect of the making of financial resources rules unless the proposed designated Exchange Company has first supplied the Commission with a draft of the financial resources rules which it proposes to make, and the Commission is satisfied that those rules, if made, will afford the investing public an adequate level of protection. (5) The Commission may at the request or with the consent of a designated Exchange Company resume all or any of the functions transferred by a transfer order, but such resumption shall take effect only by order of the Governor in Council.

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