Ordinance the ordinance was passed by the legislative council on 22 june 2016 and gazetted on 30 june 2016. It security guidance for hong kong monetary authority hkma. The licensing regime under the securities and futures. With the current laws of hong kong available on the web, the historical laws of hong kong online database rightly. Sfc reprimands and fines credit suisse hong kong limited. Please set the page orientation to landscape for printing of bilingual texts on a single page. The sfc is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote hong kong as an international financial centre and a key financial market in china. Securities and futures ordinance hong kong elegislation. Market misconduct under the securities and futures ordinance. The securities and futures ordinance guidelines for. Securities and futures ordinance contents section page part i preliminary 1. The securities and futures ordinance guidelines for dealing. Which one of the following does the securities and futures commission recognise as hong kong s exchange controller.
Other transactions, such as initial public offerings, are also regulated by the companies winding up and miscellaneous. A guide to the securities and futures ordinance pdf. Sfo refers to the securities and futures ordinance chapter 571, laws of hong kong. Index paragraphs chapter 1 introduction 1 79 citic and its sino iron project 3 8. With the current laws of hong kong available on the web, the historical laws of hong kong online. Subcommittee on draft subsidiary legislation to be made. Securities and futures disclosure of interestssecurities. Corporations to be licensed for carrying on regulated activities a407 117. Securities and futures ordinance with subsidiary legislation we are directing you to the hong kong elegislation 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 disclaimer. Market misconduct under the securities and futures ordinance introduction 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 all types of market misconduct. The sfc is the regulator empowered by the securities and futures ordinance sfoto oversee such. Hong kong, for example through a rights offering or by way of a professional offering in hong kong that was part of a worldwide offering, would not automatically result in revocation of its exemption. The securities and futures ordinance, 2002 continuity and.
Grant of temporary licences to corporations for carrying on regulated. The securities and futures ordinance guidelines for dealing with an onsite investigation conducted by the sfc at a companys premises. The securities and futures ordinance sfo contains an equivalent section, namely, section 115. Disqualification orders under the securities and futures. The disciplinary action is taken in relation to two incidents of failures by cshk. On 7 february 2017, the market misconduct tribunal the mmt handed down a decision finding mayer holdings limited the company and nine of its current and former senior executives having failed to disclose inside information as soon as reasonably practicable as required under part xiva of the securities and futures ordinance cap. The historical laws of hong kong online is a fulltext image database providing access to past revised editions of hong kong laws. Securities and futures commission ordinance listed as sfco. How content is arranged in hkel is solely the remit of doj. Market structure of securities exchanges in hong kong.
The securities and futures ordinance and the banking. Sfc securities and futures ordinance see above for link. A hong kong umbrella unit trust authorised under section 104. The predecessor of csc financial, china securities aka huaxia securities, was named after huaxia. Historical laws of hong kong online securities ordinance. The amendment ordinance mainly amends the securities and futures ordinance sfo and. Other transactions, such as initial public offerings, are also regulated by the companies winding up and miscellaneous provisions ordinance cwumpo. The securities and futures commission sfc of hong kong is the independent statutory body charged with regulating the securities and futures markets in hong kong. Hong kongs securities and futures markets are governed by the securities and futures ordinance sfo, which was implemented in april 2003 to consolidate and modernise the previous legislation. Highlights of the sfc licencing requirements in hong kong. Hong kong securities and futures commission announces new.
Hong kong securities and futures commission announces new framework for regulating virtual asset trading platforms. 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 2142d of the securities and futures ordinance cap. 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 and futures market. The securities and futures ordinance sfo which came into force on 1 april 2003 has broadened considerably the previous regime governing the disclosure of interests in the shares and debentures of hong kong listed companies with a view to enhancing transparency in the hong kong market. In common with other developed financial markets hong kong has experienced an increased assertiveness on the part of its regulators since the financial crisis. At all times material to the enquiry before the tribunal, the company was called citic pacific. The sfo is administered by the securities and futures commission. To print the whole chapter in html, please click at the bottom of the toc panel and then click. The requirements are mainly based on the existingsection 84 and division 6 of part xa of the securities ordinance, section 46 of the commodities trading ordinance and section 23 of the leveraged foreign exchange trading ordinance. 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 and futures. Definition of a professional investor 19 july 2018.
To view the current and previous versions of the amended provisions of the securities and futures ordinance sfo, its subsidiary legislation and related ordinances, please refer to the hong kong elegislation hkel operated by the department of justice doj of the hong kong special administrative region government disclaimer. Securities and futures commission sfc published final new. Monitoring compliance with financial resources rules. Hong kongs securities and futures commission issued a position paper to announce a new voluntary framework for the licensing and regulation of virtual asset trading platforms. The predecessor of hong kong futures exchanges is the hong kong commodity exchange, which has been a derivatives leader in the asiapacific region. Principles of relevant hong kong law and the new companies ordinance. We are directing you to the hong kong elegislation hkel operated by the. Under the hong kong regulatory regime, companies and individuals that intend to carry on regulated activities ra in hong kong are required to apply for the relevant type of ra licence from the securities and futures commission sfc. Guidance to the securities and futures ordinance, cap. Regulatory overview of the hong kong financial industry. Hong kong s securities and futures markets are governed by the securities and futures ordinance sfo, which was implemented in april 2003 to consolidate and modernise the previous legislation. Market misconduct under the securities and futures ordinance introduction 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.
Part xiva of the securities and futures ordinance and resumption of trading this announcement is made by chun wo development holdings limited the company, together with its subsidiaries, the group pursuant to rule 3. Hong kong securities law securities and futures ordinance. The securities and futures ordinance was drafted to provide a regulatory framework which. A hong kong umbrella unit trust authorised under section 104 of the securities and futures ordinance cap. Sfo absorbs the ten ordinances that cur rently regulate the securities and futures industry in hong kong. The ordinance establishes a regime for the orderly resolution of systemically important financial institutions in the banking, insurance, and securities and futures sectors, as well as.
The securities of the company may not be offered or sold in hong kong, by means of any document, other than i to professional investors as defined in the securities and futures ordinance cap. The sfo also introduces a number of key initiatives to improve the regulation and supervision of the hong kong securities and futures market. To view the current and previous versions of the amended provisions of the securities and futures ordinance sfo, its subsidiary legislation and related ordinances, please refer to the hong kong elegislation hkel operated by the department of justice doj of the hong kong special administrative region government. Historical laws of hong kong online securities and futures. Securities and futures ordinance with subsidiary legislation we are directing you to the hong kong elegislation 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. The ma is appointed and established by the exchange fund ordinance cap. Securities and futures ordinance sfo free download as powerpoint presentation. The main products traded on the commodity exchange were cotton futures, sugar futures, soybean futures and gold futures. The securities and futures ordinance, 2002 continuity. Application of section 114 in relation to conduct or activities outside hong kong a405 116. The database comprises a total of seven consolidations of the laws of hong kong. Notwithstanding the repeal of the securities and futures commission ordinance cap. Csc financial also used china securities finance co. Sfc refers to the securities and futures commission.
Ordinance whereas it appears to the securities and futures commission that market misconduct within the meaning of section 277 of part xiii of the ordinance has or may have taken place in relation to the securities of evergrande real estate group limited stock code. Securities and futures ordinance with subsidiary legislation. A hong kong collective investment scheme authorised under. Securities and futures ordinance sfo securities finance. Securities and futures ordinance sfo licensing and registration, and subsidiary legislation. Securities and futures commission ordinance how is. Sbl securities borrowing and lending sehk stock exchange of hong kong limited sfo securities and futures ordinance cap. Offshore private equity fundasset management ands might use ancillary professional services, such as services for launching, fundraising, closing, structuring, documentation, investing, ongoing managing, divestment and distribution, in hong kong. The securities and futures commission is an independent hong kong statutory body set up to regulate hong kong s securities and futures markets. A report pursuant to section 2523a, b and c of the securities and futures ordinance, cap 571.
New requirements under the securities and futures ordinancce. Business and risk management questionnaire for licensed. Securities and futures commission 2 commodities trading ordinance 3 securities ordinance 4 protection of investors ordinance 5 stock exchange unification ordinance. Hong kong monetary authority hkma published a policy. The licensing and registration of persons operating in hong kong s securities and futures markets and nonbank 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. Under the new scheme, qualified crypto exchange operators may apply for a license covering type 1 dealing in securities and type 7 providing automated trading services regulated activities. Hkex is the only recognised exchange controller in hong kong. A hong kong collective investment scheme authorised under section 104 of the securities and futures ordinance chapter 571 of the laws of hong kong stock code.
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