1964_SECURITIES_ORDINANCE — Page 45

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CAP. 333]

Securities

(1989 Ed.

(a) not less than 3 years' experience in dealing in securities-

(i) in Hong Kong; or

(ii) on any other stock market recognized by the Commission for the purposes of this paragraph by notice in the Gazette;

or

(b) passed an examination approved for the purposes of this

paragraph by the Commission by notice in the Gazette. (3) No corporation may be registered as a dealer unless-

(a) it is-

(i) a registered company; or

(ii) an overseas company to which Part XI of the Companies Ordinance (Cap. 32) applies and which has complied with the provisions of that Part relating to the registration of documents;

(b) every person who will be a dealing director is a registered dealer;

and

(c) it is able to comply with the requirements of section 65B.

(Added 58 of 1985 s. 50)

(4) No partnership may be registered as a dealing partnership unless-

(a) all the partners, in the case of a general partnership; or

(b) all the general partners, in the case of a limited partnership,

are able to comply with the requirements of section 65B. (Added 58 of 1985 5.50)

65B. Capital requirements for dealers

(1) A registered dealer shall provide and at all times maintain in his business as a dealer-

(a) if he is a company, a net capital of not less than $5,000,000; or (b) subject to subsection (2), in any other case a net capital of not less

than $1,000,000.

(2) A registered dealing partnership shall provide and at all times maintain in their business as a dealer a net capital which in aggregate amounts to not less than-

(a) $5,000,000 for each corporation which is a partner; and (b) $1,000,000 for any other person who is a partner, being in either case, a partner who is required by this Ordinance to be a registered dealer.

(3) A registered dealer or dealing partnership shall at all times maintain in his or their business as a dealer a liquidity margin of not less than 10 per centum of the minimum net capital requirement specified in subsections (1) and (2).

(4) Nothing in this section shall apply to a registered dealer who is a dealing director.

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