The background. These help us improve our services by providing analytical data on how users use this site. To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page. leg. Account opening. Securities and Futures Ordinance (Amendment of Schedule 1) Notice 2012. The new regulatory regime under the SFO is expected to be launched early next year. The Securities and Futures Ordinance (Amendment of Schedule 5) Notice 2005 (Amendment Notice) will be published in the Government Gazette on Friday (November 11). Ordinance; 1. 571) of Hong Kong. Contact Us | The following is a highlight of some major SFO subsidiary … Securities and Futures Ordinance (SFO) 1 Securities and Futures Ordinance (SFO) Consolidate and streamline 10 former ordinances [operational in April 2003] 1) Securities and Futures Commission 2) Commodities Trading Ordinance 3) Securities Ordinance 4) Protection of Investors Ordinance 5) Stock Exchange Unification Ordinance Securities and Futures Ordinance (with subsidiary legislation) We are directing you to the Hong Kong e-Legislation (HKeL) operated by the Department of Justice (DoJ) of the Hong Kong Special Administrative Region Government to view the full contents of the Securities and Futures Ordinance (SFO), including its subsidiary legislation. No. Important Notices. Most relevant lists of abbreviations for SFO (Securities and Futures Ordinance) 1. REVISED EDITION 2004 (29th February 2004) [1st October 2002; 1st April 2003: — regulation 54 ] PART I. The Securities and Futures Ordinance is the primary piece of legislation regulating Hong Kong’s securities and futures markets. To begin the winding-up process of the DDS, the Government has published in the Gazette today the Securities and Futures Ordinance (Appointed Day-Dealers Deposit Scheme) Notice to appoint January 1, 2020 as the appointed day to begin the process to wind up the DDS. In the rules' Legislative … The SF Ordinance seeks to eliminate many uncertainties existing in the current securities legislation and to contribute to modernising the Hong Kong market. The SFC has no control over and takes no responsibility for the availability and searchability of such information. The Securities and Futures Ordinance . The enactment of the Securities and Futures Ordinance (the "SF Ordinance") on 13 March 2002 was an important landmark in the regulatory history of Hong Kong’s securities market, ending a decade of debate both within the industry and beyond. These are used to track user interaction and detect potential problems. For those who operate in the financial services market, the new legislation brings some significant changes. Interpretation In this Ordinance, unless the context otherwise requires-'clearing house' ( ) means a clearing house within the meaning of section 2(1) of the Commodities Trading Ordinance (Cap. Add to Compare. Securities and Futures Ordinance Part XV - Disclosure of Interests. 571) (“SFO”). The 2019 Edition is fully updated: reviewing and analyzing all the amendments to the law over the la.. HK$3,335.00 . Securities and Futures Ordinance (SFO) (cont’d) 6) Securities (Insider Dealing) Ordinance 7) Securities (Disclosure of Interest) 8) Securities and Futures (Clearing Houses) 9) Leveraged Foreign Exchange Trading 10) Exchanges and Clearing Houses (Merger) Ordinance 3 Objectives of SFO - promote fair, orderly & transparent market - cope with new products innovations and new advances in technological … The SFO, which consolidates ten separate ordinances governing the securities and futures markets into one comprehensive ordinance, has introduced a number of significant changes to the existing regulatory framework. The Securities and Futures Commission also participates in supervising market operations including exchanges, clearing house and alternative trading platforms and helping to enhance market infrastructure and authorising investment products and/or offering documents prior to their distribution to retail investors. To facilitate a better understanding of the SFO, an article entitled "The Securities and Futures Ordinance, 2002 - Continuity and Change", which has been issued by the Securities and Futures Commission (SFC) and provides an overview of the Ordinance, is attached at Annex 1 for your reference. However, many aspects of the Ordinance have been, and are likely to remain, controversial. Add to Cart. Disqualification Orders under the Securities and Futures Ordinance. The rules prescribe a 'safe harbour' for permitted stabilization from the market misconduct provisions of the ordinance, including stock market manipulation. History. Securities and Futures Ordinance (CAP 571): Commentary and Annotations 2019 . Securities and Futures Ordinance (Cap 571) Separation and Maintenance Orders Ordinance (Cap 16) Sex Discrimination Ordinance (Cap 480) Stamp Duty Ordinance (Cap 117) Summary Offences Ordinance (Cap 228) Supply of Services (Implied Terms) Ordinance (Cap 457) Tax Reserve Certificates Ordinance (Cap 289) Telecommunications Ordinance (Cap 106) Telephone Ordinance (Cap 269) (Repealed in 2000 by … The Securities and Futures Ordinance, Cap. It is anticipated that the SFO will not come into force until early 2003, possibly the first or second quarter when the Securities and Futures Commission (“the SFC”) and the Hong Kong Monetary Authority (“the … Cap 571 - Securities and Futures Ordinance 1 Chapter: 571 Securities and Futures Ordinance Gazette Number Version Date Long title E.R. 571D 9HUL¿HG&RS\ the date on which the advertisement, invitation or document is issued, or possessed for the purposes of issue; (b) in the case of a call described in section 174(2)(a) of the Ordinance, means the date on which the call is made; (c) in … Securities and Futures Ordinance (Cap 571) Separation and Maintenance Orders Ordinance (Cap 16) Sex Discrimination Ordinance (Cap 480) Stamp Duty Ordinance (Cap 117) Summary Offences Ordinance (Cap 228) Supply of Services (Implied Terms) Ordinance (Cap 457) Tax Reserve Certificates Ordinance … Such duty of disclosure arise for substantial shareholders and directors of a company which is being listed, and the relevant disclosure filings is referred to as “Initial Notification”. However, they may only be relied upon in the prescribed circumstances and when there is full compliance with their requirements. The Amendment Notice is made by the Financial Secretary pursuant to section 142 of the Securities and Futures Ordinance (Cap. Legal and regulatory requirements; Circulars; Other publications and information sources; Suitability … The licensing and registration of persons operating in Hong Kong’s securities and futures markets and non-bank retail leveraged foreign exchange market is dealt with in Part V of the Securities and Futures Ordinance (the ‘SFO’) which came into effect on 1 April 2003. 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"Banking (Amendment) Ordinance 2002 and Securities and Futures Ordinance" issued on 5 July 2002 and "Register of relevant individuals to be maintained by the HKMA under the Banking (Amendment) Ordinance 2002" issued on 12 September 2002. INTRODUCTION. The SFO (along with its subsidiary legislation) is the principal legislation to regulate the securities and futures industry in Hong Kong. In the light of this, the BAO 2002 has introduced various corresponding amendments to the Banking Ordinance (BO). links. Search:: Point in Time: Monolingual Mode: … Section 35(1) of the Securities and Futures Ordinance (Cap. The SFO is administered by the Securities and Futures Commission (the ‘SFC’). 'Market misconduct' includes 6 offences: insider dealing, false trading, price rigging, disclosure of information about prohibited transactions, disclosure of false or misleading information inducing … "Subsidiary legislation under the Securities and Futures Ordinance (SFO)" issued on 18 November 2002. The Securities and Futures Ordinance (Cap. The Securities and Futures Ordinance ("SFO"), which has come into effect on 1 April 2003, has widened the previous regime governing the disclosure of interests in Hong Kong listed securities, with the aim of promoting transparency in Hong Kong's securities markets. Annex No. It is constituted under the Securities and Futures Ordinance ("SFO") and is intended to be "independent of the SFC", to provide a "full merits" review of SFC decisions and to act as "a powerful safeguard in ensuring that SFC decisions are correct, proper and fair." 571) ("SFO") empowers the SFC to make rules to (i) prescribe limits on the number of futures contracts1or options contracts2that may be held or controlled by a person; and (ii) require a person holding or controlling a reportable position to notify the recognized exchange company or the SFC3. A comprehensive Securities and Futures Ordinance (SFO) was implemented in 2003, which expanded the SFC's regulatory functions and powers. The Securities and Futures (Price Stabilizing) Rules are regulations made by the Securities and Futures Commission under the Securities and Futures Ordinance, which came into force at the same time as the ordinance. Add to Wish List. Bookmark List Printing List View RSS Feed Subscribe by Email Main. A set of Securities and Futures (OTC Derivative Transactions – Reporting and Record Keeping Obligations) Rules (the “Reporting Rules”) came into effect in two … Although the tribunal … S 457/2002. The Amendment Ordinance serves as a regulatory framework for the OTC derivatives market in Hong Kong. Securities and Futures Commission54/F, One Island East18 Westlands Road, Quarry Bay, Hong Kong, Tel +852 2231 1222 Securities and Futures Commission v Lee Kwok Wa & Ors, CACV 33/2016, 9 November 2017, is an appeal that arises out of (among other things) the application of s. 300 of the Securities and Futures Ordinance to securities listed on a foreign exchange (in this case in Taiwan).. Two of the original defendants and one of the appellants are solicitors and some of the background to the case is mentioned in an … Security; 1. This Ordinance may be cited as the Securities and Futures Commission Ordinance. 2. In the absence of a formal class action regime in Hong Kong, the commission has made … Abbreviation in images. Its scope is wide; ranging from regulating the conduct of listed companies and financial intermediaries to providing standards for the authorisation of, and regulating offers of, investment products. 2. The Securities and Futures Ordinance (SFO) which came into effect on 1 April 2003 establishes dual civil and criminal regimes under Parts XIII and XIV respectively in relation to all types of market misconduct. The overriding objective of Part XV of the Securities and Futures Ordinance is to enable those investing in listed corporations to obtain relevant information on a timely basis so they can make informed investment decisions. Securities and Futures (Licensing and Registration) (Information) Rules (Cap. Yau had pleaded guilty to … 250) or,,and under any other Recurides; 'the Commission' ( ) means the Securities and Futures Commission established by section … We would like to show you a description here but the site won’t allow us. It should be noted that some of the SFC … We use cookies to offer you a better browsing experience. Law Soc: 1 CPD . Interpretation In this Ordinance, unless the context otherwise requires-'clearing house' ( ) means a clearing house within the meaning of section 2(1) of the Commodities Trading Ordinance (Cap. Market; 1. Business; Alternative Meanings 162 alternative SFO meanings. 2 of 2012 02/08/2012 An Ordinance to consolidate and amend the law relating to financial products, the securities and futures market and the securities and futures industry, the regulation of activities and other matters connected with financial products, the securities … "The Amendment Notice seeks to amend the definitions of some … Disclosure obligations under Part XV of the SFO in the event of a listing Part XV of the Securities and Futures Ordinance (Cap. The licensing and registration of persons operating in Hong Kong’s securities and futures markets and non-bank retail leveraged foreign exchange market is dealt with in Part V of the Securities and Futures Ordinance (the ‘SFO’) which came into effect on 1 April 2003. L.N.94 of 2012: Amendment to SFO, Schedule 1, Parts 2 & 3-----Companies Ordinance. PRELIMINARY: Citation: 1. 3. The Securities and Futures Ordinance (SFO) which came into effect on 1 April 2003 establishes dual civil and criminal regimes under Parts XIII and XIV respectively in relation to all types of market misconduct. Such application must be made within twenty - one days after the day on which this Notice is served on the Specified Corporation. THE LICENSING REGIME UNDER THE SECURITIES AND FUTURES ORDINANCE. Email enquiry@sfc.hk, Securities and Futures Ordinance (with subsidiary legislation), We use cookies to improve the website performance and user experience. 571) (the Ordinance) consolidates and modernises 10 existing Ordinances relating to financial and investment products, regulation of the securities and futures market, and the protection of investors, and modernise our regulatory framework for the securities and futures market to keep it on par with prevailing international standards. Now you can attend your CPT / CPD training online anytime anywhere and even on your smartphone or tablet! Securities and Futures Ordinance. Cookies that are necessary for the site to function properly. If you continue to use this website, you are agreeing to their uses. Enable word stemming. Yau was not licensed with the SFC in any capacity or in relation to any regulated activity. Definitions: 2. &KDQJHVWREHQRWL¿HGE\LQWHUPHGLDULHV licensed representatives and substantial shareholders 12 5. Home View Legislation . means the Securities and Futures Ordinance (Cap. New powers given to the Securities & Futures Commission to resolve a company under financial distress as a result of the Financial Institutions Ordinance (Cap.628); Reviews the progress of the proposed on the HK Exchange’s company listing reforms – controversial as lawmakers/attorneys and the Securities Futures Commission have differing views; A comprehensive Securities and Futures Ordinance (SFO) was implemented in 2003, which expanded the … Consent (i) to the processing of your personal data for the purposes specified in our, Sponsor Work Standards Expected by the SFC, SFC Report: Deficiencies in IPO Sponsor Work, SFC Disciplinary Action against Citigroup for Sponsor Work on the Real Gold Mining IPO, SMEs positioning for equity fund raising or listing, Financial institutions & securities companies, Applying to the SFC for a Type 9 (Asset Management) Licence, Corporate Governance Code Amendments and Guidance for Boards and Directors, Hong Kong Super Connector role in Belt and Road, regime governing offers of investment products, insider dealing and other market misconduct, interests of a beneficiary of a discretionary trust (unless s/he is also a director of the listed corporation), interests of bare trustee who has no authority to exercise discretion in dealing in the interests in shares or rights attached thereto, “exempt custodian interests” where the relevant shares are held by a corporation which carries on a business of holding securities in custody for another person, whether on trust or by contract, and that corporation has no authority to exercise discretion in dealing in the interest in shares or the rights attached thereto, interests in shares of holder of a unit or a share in the scheme, a trustee or custodian of an authorised collective investment scheme, certain pension or provident fund schemes, and a qualified overseas scheme, “exempt security interests” where the relevant interests are security interests held by qualified lenders (i.e. The SFC is funded by levies on transactions conducted on the Stock Exchange of Hong Kong and the Hong Kong Futures Exchange, as well as fees charged to those who apply for and hold licenses with us or who make other types of application for licences. The Securities and Futures Ordinance has vested the Securities and Futures Commission with multiple roles, chiefly to strike a balance among the interests of industry participants, market players and the community in general, More precisely, the scope of work the Securities and Futures Commission is involved in includes setting and enforcing market regulations such as investigating breaches of rules and market misconduct and taking appropriate enforcement actions. Ordinance; Subsidiary Legislation; Instrument; Option . Disclaimer: How content is arranged in HKeL is solely the remit of DoJ. Introduction. The regime thus formulated under Part XV also enables investors to identify: Under section 217 of the SFO, an application may be made to the Securities and Futures Appeals Tribunal for a review of the Commission’s decision to impose the prohibitions and/or requirements specified in this Notice. To facilitate a better understanding of the SFO, an article entitled "The … Wheatley first served as Chairman, and became CEO in 2006 when the posts of chairman and CEO were segregated to further promote corporate … Hyperlink policy | Regulatory requirements; Acceptable account opening approaches; List of eligible jurisdictions for remote onboarding of overseas individual clients ; Anti-money laundering and counter-financing of terrorism. THE LICENSING REGIME UNDER THE SECURITIES AND FUTURES ORDINANCE. No. It is anticipated that the SFO will not come into force until early 2003, possibly the first or … The Ordinance was enacted on 13 March 2002 and came into force on 1 April 2003, together with some forty pieces of related subsidiary legislation and a number of revised codes and guidelines. Market Misconduct under the Securities and Futures Ordinance. New-10% *Pre-order* Butterworths … “Market misconduct” as regulated under Parts XIII and XIV comprises 6 offences: insider dealing, false trading, price rigging, disclosure of information about prohibited transactions, disclosure … 571 sub. Guiding principles in drafting … The Amendment Ordinance serves as a regulatory framework for the OTC derivatives market in Hong Kong. The Ordinance was amended subsequently to deal with these technical issues. To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page. REGULATIONS WEEK 6. The Securities and Futures Ordinance (“ SFO ”) which came into effect on 1 April 2003 establishes dual civil and criminal regimes (under Parts XIII and XIV respectively) in respect of … 571 of the Laws of Hong Kong) (SFO) relates to the obligation of substantial shareholders and directors of a listed corporation to make disclosure filings to the Hong Kong Stock Exchange and notify the listed corporation in connection with interests held by them. Enable word stemming . authorised financial institution, exchange participant of a recognised exchange company, authorised insurance company and intermediary licensed to deal in securities or margin financing) only for the purposes of a transaction entered into in the ordinary course of its business. Securities and Futures Ordinance (with subsidiary legislation) Companies (Winding Up and Miscellaneous Provisions) Ordinance (with subsidiary legislation) Legislative history. Match case . The Securities and Futures (Price Stabilizing) Rules provide a 'safe harbour' for permitted stabilization from the market misconduct provisions of the Securities and Futures Ordinance, including stock market manipulation. Independence of the SFAT. To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page. The SFO requires disclosure of substantial shareholdings in corporations listed on The Stock Exchange of Hong Kong Limited (the "Stock … Other Information [Switch to complete mode] Timeline * Match case. Securities and Futures Ordinance (Amendment of Schedule 8) Order 2002-----* The Order supplements the operation of the Securities and Futures Appeals Tribunal (SFAT). Define Securities and Futures Ordinance. Interpretation 2 3. Under the Securities and Futures Ordinance (SFO), Asset management is a regulated activity. Information to be contained in annual returns 16 6. FINANCIAL LAW AND. The HKMA will regulate OTC derivative activities of authorized institutions ("AIs") and approved money brokers ("AMBs"), while the SFC will regulate OTC derivative activities of licensed … Some issues, such as the delineation of the powers of the Securities and Futures Commission (the "SFC") and the role of the executive arm of the … The Securities and Futures Commission has commenced its first set of proceedings in the Market Misconduct Tribunal against a listed company for allegedly failing to disclose price-sensitive inside information to the public as soon as reasonably practicable, contrary to the Securities and Futures Ordinance. The Securities and Futures Ordinance is the primary piece of legislation regulating Hong Kong’s securities and futures markets. 571) (SFO). The new regime under the Securities and Futures (Amendment) Ordinance 2014 (to come into operation on a date to be appointed by the Secretary for Financial Services) will be overseen and regulated by the SFC and HKMA jointly. Since the enactment of the Securities and Futures Ordinance (the "SFO") in March this year, the Securities and Futures Commission (the "SFC") sped up the public consultation process for many pieces of subsidiary legislation to be enacted under the SFO. Ord. Short title and commencement ..... A203 Under section 114(1)(b) of the Securities and Futures Ordinance (SFO), it is an offense to hold oneself out as carrying on a business in a regulated activity without a license from the SFC. On 30 May 2016, the Securities and Futures Commission obtained disqualification orders for 6 to 10 years against three former senior executives of China Best Group Holdings Limited (the “Company”), a listed company in Hong Kong, pursuant to section 214(2)(d) of the Securities and Futures Ordinance (Cap. … To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page. These will not be discussed in deal in this note save to note that, inter alia, the following interests may be exempted from disclosure obligations: Terms & conditions | The licensing and registration of persons operating in Hong Kong’s securities and futures markets and non-bank retail leveraged foreign exchange market is dealt with in Part V of the Securities and Futures Ordinance (the ‘SFO’) which came into effect on 1 April 2003. to “professional investors” as defined in the Securities and Futures Ordinance (Cap. Since the enactment of the Securities and Futures Ordinance (the "SFO") in March this year, the Securities and Futures Commission (the "SFC") sped up the public consultation process for many pieces of subsidiary legislation to be enacted under the SFO. To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page. The Legislative Council enacted the Securities and Futures (Amendment) Ordinance 2014 (Amendment Ordinance) on 26 March 2014. In particular, the Securities and Futures Commission is involved in licensing and supervising intermediaries seeking to conduct regulated activities for which the Securities and Futures Commission has regulatory responsibility, such as brokers, investment advisers and fund manners. SFO and related ordinances; SFO subsidiary legislation New powers given to the Securities & Futures Commission to resolve a company under financial distress as a result of the Financial Institutions Ordinance (Cap.628); 6. The Legislative Council enacted the Securities and Futures (Amendment) Ordinance 2014 (Amendment Ordinance) on 26 March 2014. Schedule No. This training provides an overview of SIX types of market misconduct under the Securities and Futures Ordinance including below with some enforcement cases information: - insider dealing - false trading - price rigging - disclosure of information about prohibited transactions - disclosure of false or … The Licensing Regime under The Securities and Futures Ordinance. As a legislative instrument, it is a consolidated and amended package of the regulations pertaining to: financial products, securities and futures market and industry, and 571) of Hong Kong (the “Securities and Futures Ordinance”) and any rules made under that Ordinance; or (iii) Special Offers. Andrew Sheng served as Chairman of the SFC from 1998 until 2005, when he was succeeded by Martin Wheatley. 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