1964_SECURITIES_ORDINANCE — Page 11

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CAP. 333]

Securities

[1989 Ed.

"Exchange Company" means the company recognized as the Exchange Company under section 3 of the Stock Exchanges Unification Ordinance (Cap. 361); (Added 58 of 1986 s. 33)

"exempt dealer" means a person declared under section 60 to be an exempt dealer for the purposes of this Ordinance;

"exempt investment adviser" means a person declared under section 61 to be an exempt investment adviser for the purposes of this Ordinance; (Added 62 of 1976 s. 2)

"financial year" means--

(a) in the case of a dealer, the period notified by him under section 87A or permitted by the Commission under that section; (Amended 10 of 1989 s. 65)

(b) in any other case, a period of 12 months ending on the 31st March in any calendar year; (Replaced 62 of 1976 s. 2)

"foreign stock exchange" means a stock exchange which is permitted to operate in a country or territory outside Hong Kong by the law of that country or territory or, in the case of a country or territory which has no written law relating to stock exchanges, is not prevented from operating by the law of that country or territory;

"individual member" means a natural person who is a member of the Exchange Company; (Replaced 58 of 1985 s. 33)

"investment adviser" means any person who-

(a) for remuneration carries on a business of advising other persons concerning securities;

(b) for remuneration as part of a regular business issues analyses or reports concerning securities; or

(c) for remuneration pursuant to a contract or arrangement with a client, undertakes on behalf of the client the management of a portfolio of securities, including the arranging of purchases, sales, or exchanges of securities through a dealer or exempt dealer, (Amended 10 of 1989 s. 65)

and, in the case of a corporation which is an investment adviser, includes any director of the corporation who actively participates in, or is in any way directly responsible for the supervision of, the corporation's business as an investment adviser; but does not include-

(i) a licensed bank;

(ii) a solicitor or professional accountant whose carrying on business as an investment adviser is wholly incidental to the practice of his profession;

(iii) the proprietor or publisher of, or any contributor to, a bona fide newspaper, magazine, journal, or other periodical publication that is generally available to the public, otherwise than on subscription, who, only in that bona fide newspaper, magazine, journal, or other periodical publication,