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10 big finance license plate of Hong Kong
On April 1, 2003 of become effective " negotiable securities and futures orders " V ministry, the foreign currency of bar type beyond the negotiable securities option market to be in Hong Kong and bank trades of the public figure that retail market has business deal reach register make a provision. Negotiable securities and control commission of futures general affairs (" card inspect is met " ) be in charge of carrying out this byelaw.
" negotiable securities and futures orders " V ministry was made " onefold deal " system, pursue different type from this suffer compasses canal activity to need to one deals or be registered only. The exclusive and exceptional circumstance of unitary dealing system is, person of financing of negotiable securities bail and its representing must have its business through another law group (118(1)(d) ) , because this needs,get a card additionally.
Those who be like below 10 kinds of categories " get compasses canal activity " :
The 1st kind: Negotiable securities trades
The 2nd kind: Futures contract trades
The 3rd kind: Foreign currency of bar type trades
The 4th kind: Offer an opinion with respect to negotiable securities
The 5th kind: Offer an opinion with respect to futures contract
The 6th kind: Offer an opinion with respect to orgnaization financing
The 7th kind: Offer automation to trade service
The 8th kind: Offer financing of negotiable securities bail
The 9th kind: Provide asset management
The 10th kind: Provide credit grade service
To preserve the flexibility that gets used to new product and service, " negotiable securities and futures orders " gift the 142nd times finance department director edits the gets list of compasses canal activity to reach its to define right that this regulations subordinate list holds 5 times.
Altogether, " negotiable securities and futures orders " prohibit any personages undertake (or indication itself undertakes) get compasses canal activity, unless win proper authorization or applicable exempt or exceptional case (114(1) and (2) ) . Basis " negotiable securities and futures orders " subordinate list 5 the 2nd about accepting the definition of compasses canal activity, if male the personage obtains exempt to abide by " negotiable securities and futures orders " of V ministry deal reach register a requirement.
Later development is expatiatory suffer definition of compasses canal activity to be like mediumly male general exempt. Unless have a specification additionally, the article the 4th pass an imperial examination 5 in what narrate " license plate " reach " hold a card / get a card / obtain deal " respectively with " register " reach " obtain award register " have identical meaning.
If the law is round undertake if male get compasses pipe the activity is completely accessary already obtained another kind when deal to get compasses canal activity at law group, this law group not may be needed former get a card. Accessary exempt applies to the following circumstance:
Law group already sufferred compasses canal activity to get a card with respect to the 1st kind. If this law group plans to undertake the 4th kind (offer an opinion with respect to negotiable securities) , the 6th kind (offer an opinion with respect to orgnaization financing) or the 9th kind (provide asset management) get compasses pipe the activity is completely accessary at this law round negotiable securities trades business, not must suffer compasses canal activity to get a card with respect to these 3 kinds. This exempt applies to stock manager to offer investment opinion or management to entrust account for the negotiable securities client of its itself normally.
The 2nd kind suffers compasses canal activity to obtain deal (futures contract trades)
Law group already sufferred compasses canal activity to get a card with respect to the 2nd kind. If this law group plans to undertake the 5th kind (offer an opinion with respect to futures contract) pass an imperial examination 9 kinds (provide asset management) get compasses pipe the activity is completely accessary at this law round futures contract trades business, criterion this law group not must suffer compasses canal activity to get a card with respect to these two kinds. This exempt applies to stock manager to offer investment opinion or management to entrust account for the negotiable securities client of its itself normally.
The 9th kind gets compasses canal activity (provide asset management)
Law group already sufferred compasses canal activity to get a card with respect to the 9th kind. If this law group plans to undertake the 1st kind (negotiable securities trades) or the 2nd kind (futures contract trades) because offer,getting compasses canal activity is purely asset runs business and arise, this law group not must suffer compasses canal activity to get a card with respect to these two kinds. The client government negotiable securities that this exempt applies to fund manager to be its itself normally and / or when futures contract invests combination, to trade business is given out trade directive.
In addition, the 9th kind law that hold a card is round, collective investment plans the negotiable securities below or futures contract invests combination to provide administrative service, reach offer collective investment to plan with respect to this law group only and issue an analysis or report. Below this kind of circumstance, this law group obtains exempt at getting compasses canal activity with respect to the 4th kind (offer an opinion with respect to negotiable securities) or the 5th kind gets compasses canal activity (offer an opinion with respect to futures contract) get a card (inspect circumstance and calm) . This exempt allows fund manager to introduce their product to the market, and the product offers an opinion and need not get for its additional license plate. For example, its run intent sale the manager of the 9th kind of fund of a fund below, the investment opinion with can be offerred certain to potential investor above all or concerned research result are in with showing him the special skill of this domain, and need not obtain the 4th kind or the 5th kind deals.
If the law is round only to the wholy-owned and affiliated company of this law group, hold its already released the holding company of share entirely or the other and wholy-owned affiliated company of this holding company is offerred invest an opinion with what suffer compasses canal activity to concern or serve, this law group not must get compasses canal activity with respect to the 4th kind (offer an opinion with respect to negotiable securities) , the 5th kind gets compasses canal activity (offer an opinion with respect to futures contract) , the 6th kind gets compasses canal activity (with respect to the orgnaization financing offers an opinion) or the 9th.
However, below the case that the property that this exempt owns with respect to its group company in this law group only provides concerned service to this group company applicable. If provides a service with respect to the capital fund that attributes group company client, this exempt is not applicable.
The opinion that if lawyer, big lawyer or professional accountant offer or service are completely accessary at its major hold course of study, not must get compasses canal activity with respect to the 4th kind (offer an opinion with respect to negotiable securities) , the 5th kind gets compasses canal activity (offer an opinion with respect to futures contract) , the 6th kind gets compasses canal activity (offer an opinion with respect to orgnaization financing) or the 9th kind suffer compasses.
Basis " depositary byelaw " the trust company that VIII ministry registers, the procuratorial identity that this trust company invests a plan with some collective represents in case its advocate thing person is carried out distribute application form case, buy an announcement, changeover announcement and clinch a deal receipt and / or receive money to reach give out receipt to wait for function, this trust company not must get compasses canal activity with respect to the 1st kind (negotiable securities trades) get a card.
Basis " depositary byelaw " the trust company that VIII ministry registers, if this trust company is offerred investment opinion or service are completely accessary the duty that serves as fiducial person at it, not must get compasses canal activity with respect to the 4th kind (offer an opinion with respect to negotiable securities) , the 5th kind gets compasses canal activity (offer an opinion with respect to futures contract) , the 6th kind gets compasses canal activity (offer an opinion with respect to orgnaization financing) or the 9th kind suffer compasses.
The public figure that offer an opinion with respect to contract of negotiable securities, futures or orgnaization financing through following way or issue relevant analysis or reports:
I. Offer generally grant the newspaper that the public reads, magazine, book or other journal; Or
Ii. Receive for the public (no matter whether need to pay fee) telecast or radiobroadcast,
Not must get compasses canal activity with respect to the 4th kind (offer an opinion with respect to negotiable securities) , the 5th kind gets compasses canal activity (offer an opinion with respect to futures contract) or the 6th kind gets compasses canal activity (offer an opinion with respect to orgnaization financing) get a card.
" negotiable securities trades " point to conclude with another person or should conclude with another person about agreement, or prevail on or intentional prevail on another person concludes or should conclude about agreement with:
I. Obtain, deal with, subscribe or have exclusive selling rights negotiable securities; Or
Ii. Make an any accrual from negotiable securities or consult the wave motion of negotiable securities value scores gain.
If,subordinate list exists in the definition of 5 male exceptional circumstance, outside dividing the 4th afore-mentioned indicating exempt, still include:
I. Register through the 1st kind runs card law group or obtaining the 1st kind approbate an orgnaization to undertake the 1st kind gets compasses canal activity (suffer trade in the light of investor and negotiable securities between business seek profit intermediary person limitation is restricted) ;
Ii. Make give priority to thing person, through with " professional investor " (no matter be,make give priority to thing person or procuratorial identity) acting means take action. At this point exempt, professional investor includes article appendix A to summarize only " negotiable securities and futures orders " subordinate list 1 the 1st " professional investor " of the definition (A) paragraph to (H) paragraph personage (" subordinate list 1 professional personage " ) . At this point exempt, professional investor does not include " negotiable securities and futures (professional investor) regular " indicating investor category (the public figure of tall capital that includes to have total assets of 8 million yuan of Hongkong dollar or above investment combination or 40 million yuan of Hongkong dollar or above and law round) .
Iii. Make give priority to thing person, obtain, deal with, subscribe or have exclusive selling rights negotiable securities; Reach
Iv. By " banking regulations " the 2nd (1) manager of indicating nuclear money undertakes trading relevantly activity, and be represented by manager of money of this nucleus and participate in trade each just are approbate financial orgnaization.
The 2nd kind: Futures contract trades
" futures contract trades " point to
I. To conclude, obtain or deal with futures contract and conclude with another person or should conclude with another person about agreement;
Ii. Prevail on or intentional prevail on another person concludes or should conclude about futures contract; Or
Iii. Another person obtains prevail on or intentional prevail on or deal with futures contract.
Outside the exceptional circumstance that indicates except the 4th, " futures contract trades " if,the definition still is included male particular exceptional case, include:
I. Register through the 2nd kind runs card law group or obtaining the 2nd kind approbate an orgnaization to undertake the 2nd kind gets compasses canal activity (suffer trade in the light of investor and negotiable securities between business seek profit intermediary person limitation is restricted) ;
Ii. Make give priority to thing person, through with " professional investor " (no matter be to make give priority to thing person or procuratorial identity) the activity that acting means has concerned futures contract, and this futures contract is not trade at approbating option market to go up. At this point exempt, the definition of professional investor is confined to " subordinate list 1 professional personage " , do not include " negotiable securities and futures (professional investor) regular " indicating investor.
" foreign currency of bar type trades " point to:
I. Conclude or should conclude foreign currency of bar type trades about agreement, or prevail on or other of intentional prevail on conclude or should conclude foreign currency of bar type trades about agreement;
Ii. Offer any financial get around regulations, undertake with benefit foreign currency trades or (I) paragraph allude as; Or
Iii. Conclude with another person or should conclude with another person one is the arrangement that make a contract and makes about, or prevail on or someone of intentional prevail on conclude with another person one is the arrangement that make a contract and makes (conclude on the foundation that whether this arrangement decides in take into consideration the circumstances no matter) , undertake with benefit (I) or (Ii) paragraph allude as.
" agreement of foreign currency of bar type " point to any agreement or arrange, and the one party that its effect is this agreement or arrangement agrees or acceptance:
I. In its oneself are another with the agreement, be opposite according to some money photograph the appreciation at another money or decrease a value to make adjust;
Ii. Pay the money of some amount or consign the commodity of some amount to other one party of the agreement, and this amount or this amount are what go up in currency value to another money according to some money photograph is fluctuant and Zuo decides; Or
Iii. Be in agreed in the future a certain time, press brushstroke agreed the money that cost calculative views destiny specified number, another of consign agreement.
Accordingly, " foreign currency of bar type trades " the definition covered any foreign currency to trade (not must be bar type) reach benefit the financial get around regulations that its trade. Generally speaking, this definition includes upper limit of monetary exchange rate, drop period trade, floor level of interest rate upper limit, interest rate, period authority and foreign currency of merchandise on hand trade agreement (if just be handed in at future,close) .
Exempt includes:
I. The agreement that every concludes by some law group or arrangement, and:
A. The major servicing of this law group does not include the money of any forms to trade;
B. This law group concludes the purpose of agreement or the arrangement such as this is pair of it changes a risk with respect to money of susceptive of its business place; Reach
C. Agreement or the arrangement such as this are conclude with another law group (of this definition (Ii) paragraph) ;
Ii. By any suffer compasses canal activity to win the contract that deal or win registered public figure or concludes at demonstrate futures exchange through this personage with respect to the 2nd kind, or completely accessary at portion or many one agreement of this kinds of agreement (of this definition (Vi) paragraph) ;
Iii. The agreement that belongs to completely accessary Yu Yizong or negotiable securities of many demonstrate debt to trade or arrangement (the debt negotiable securities that demonstrate debt negotiable securities includes a government to issue and any debt negotiable securities that issue by the publisher that has grade of joint-stock case credit) (should define (Xi) paragraph.
Iv. By the agreement that approves financial orgnaization to make or arrangement (this definition (Xii) paragraph) ; Reach
V. The agreement that every concludes by some law group or arrangement, and:
A. This law group or its the wholy-owned and affiliated company that any debt tools have * of grade of joint-stock case credit or this law group to be the law group that has grade of joint-stock case credit or partnership; Reach
B. The major servicing of this law group is not over-the-counter trading of foreign currency of bar type, or each trading average capital such as this not under 7.8 million yuan of Hongkong dollar (by law group every financial year is calculated) (" negotiable securities and futures (foreign currency of bar type trades, exempt) regular " the 3rd) .
* notes: " grade of joint-stock case credit " show Moody investor serves a company the A3 to funded debt or above grade or the Prime-3 to short-term debt or above grade, or company of Er of mark general is right the A of funded debt or above grade or the A-3 to short-term debt or above grade (" negotiable securities and futures orders " subordinate list pass an imperial examination of 1 the 1st part 5 parts) .
" offer an opinion with respect to negotiable securities " point to answer at when or if,should deal with by what male negotiable securities offers an opinion or issue an analysis or report.
The exempt of this definition (detailed sees afore-mentioned the 4th) include (I) the negotiable securities that hold a card trades the accessary exempt of business; (Ii) the exempt that offers an opinion for group company; (Iii) the exempt of professional adviser; (Iv) the exempt of trust company; Reach (V) broadcast line of business person / the journalist's exempt. This definition also does not include the opinion that offers by manager of the asset that hold a card, and the fund management activity that the collective investment that its purpose manages with its to undertake only plans to concern.
" offer an opinion with respect to futures contract " point to answer at when or if,should deal with by what male agreement of futures negotiable securities offers an opinion or issue an analysis or report.
The exempt of this kind of activity and the exempt that raise depose certificate opinion are similar, include (I) negotiable securities of the futures that hold a card trades the accessary exempt of business; (Ii) the exempt that offers an opinion for group company; (Iii) the exempt of professional adviser; (Iv) the exempt of trust company; Reach (V) broadcast line of business person / the journalist's exempt.
" offer an opinion with respect to orgnaization financing " show following item offers an opinion:
I. Hong Kong stock exchange or card inspect can make appear on the market regular or " the company is bought reach amalgamative regulations " reach " the company buys an itself stock rules " ;
Ii. Sell negotiable securities to the public any wanting that make an appointment with, buy negotiable securities from the public any wanting that make an appointment with, or any this kind should be made an appointment with admit (but be confined to run-of-mill ground to offer an opinion to holder of negotiable securities holder or some category negotiable securities) ; Or
Iii. Up city law group or public company, its are accessary company or its are advanced personnel or partner provide field of concerned negotiable securities (include to issue, cancel or change negotiable securities accessary right) the company recombines an opinion.
The 4th narrates exempt includes (I) the exempt that offers an opinion for group company; (Ii) the negotiable securities that hold a card trades the accessary exempt of business; (Iii) the exempt of professional adviser; (Iv) the exempt of trust company; Reach (V) broadcast line of business person / the journalist's exempt.
" automation trades service " the service that shows through the electron establishment is offerred (be not through the establishment that approve exchange or approves settle accounts place to offer) , and Jie serves this:
I. Often put forward or accept buying and selling to should be made an appointment with of any negotiable securities or futures contract;
Ii. Often introduce each other between person and person or know, thereby palaver or the transaction that complete any negotiable securities or futures contract; Or
Iii. This kinds trade be able to replace, settle accounts, hand in close or obtain assure.
The electron trades the offer person of platform, trade for example the platform of conjugate or settle accounts system accords with a definition normally.
What should point out is " negotiable securities and futures orders " trade automatically the license plate of the person that the service is offerred has two systems respectively. Clause of V ministry is covered additional fulfill traditional agent / trade the personage of business duty. This byelaw III ministry the system below, meet by card inspect therefore to basically offer automation to trade the accredit of the person that offer of the service. Accordingly, broker of net border network is obtained according to V ministry commonly deal, like that electronic bourse and trade automatically the system needs to obtain III ministry the accredit below.
" financing of negotiable securities bail " point to offer finance affairs to accommodate to sb is bought with benefit or continue the negotiable securities that hold appears on the market in any security market, whether be no matter should wait for negotiable securities or other negotiable security,assured by what impawn serves as this accommodate to sb. Group of the 8th kind of law that hold a card must not run the business beyond business of financing of negotiable securities bail, but belong to inevitable and accessary the business except that waits for business at managing this (" negotiable securities and futures orders " the 118th (D) ) .
However, " financing of negotiable securities bail " the definition does not include by any get compasses canal activity with respect to the 1st kind (negotiable securities trades) obtain what deal or obtain registered person to offer, with benefit this are factitious its client is obtained or the financial get around regulations of hold negotiable securities. Accordingly, group of the 1st kind of the law that hold a card that gets compasses canal activity does not need to assure golden financing to have negotiable security and suffer compasses canal activity to hold a card with respect to the 8th kind additionally. However, the law group such as this must accord with regulation of more strict finance natural resources: If the 1st kind suffers the group of the law that hold a card of compasses canal activity to undertake financing of negotiable securities bail, enough capital stock of its lowest pay is 10 million Hongkong dollar, it is 5 million Hongkong dollar otherwise. This exempt regards a jobber as the basis that to its negotiable securities client provides bail financing normally. In addition, approbate financial orgnaization to must not suffer compasses canal activity to register with respect to the 8th kind in order to have activity of financing of negotiable securities bail.
Of the following and financial get around regulations offer also obtain exempt. If this are financial accommodate to sb:
I. Composition some negotiable securities has exclusive selling rights or cent has exclusive selling rights the one part of arrangement;
Ii. Plan to offer through collective investment, this law is round:
A. Basically be or indication itself basically is to pursue investment, reinvest or business any belongings (include negotiable securities and futures contract) business; Reach
B. Its share is purely or basically be to be able to buy a share;
Iii. Offer to the company by the individual, and this person hold this company 10% or already issued capital stock of above with promoting negotiable securities buy or hold; Or
Iv. It is OK to pass the introduction between someone and the law group that concern with intermediary person to make this law round by intermediary person offer financial get around regulations to this personage.
" asset management " show the investment management that provides negotiable securities or futures contract combination for other public figure serves. This activity still covered card inspect the management of the estate investment trust company of meeting accredit. This kinds suffer compasses canal activity to superintend fund handler and fund management company.
The 10th kind: Provide credit grade service
" offer credit grade to serve " the definition is as follows:
I. Draft equipment credit grade:
A. To the public (be in Hong Kong or other place no matter) send out; Or
B. Reasonable expectation this credit grade can send out so; Or
Ii. Draft equipment credit grade:
A. Distribute with subscription means (be in Hong Kong or other place no matter) ; Or
B. Reasonable expectation this credit grade can be distributed so.
" credit grade " point to main the following the opinion that each Xiang Zhixin expresses with the grade system that already limitted with dependability: (I) any people that do not belong to an individual; (Ii) debt negotiable securities; (Iii) first negotiable securities; Or (Iv) any offerring credit agreement.
However, credit grade service does not include:
I. Ask according to what someone makes and plan to have for this person only and offer only grant the credit grade of this person, and this grade is not draft to the public (be in Hong Kong or other place no matter) send out or with subscription means (be in Hong Kong or other place no matter) distribute, this grade can send out so or also distribute without reasonable expectation; Or
Ii. Collect, arrange, send out or distribute concern anybody indebted or the data of credit history
The dealing regulation that the exceptional circumstance such as this aims to make sure inspect is met truly won't apply to system of in-house credit grade run (for example, the system that bank interior assesses risk of the other side) reach the personal credit grade that drafts equipment for individual situation. Dealing regulation still excluded consumer or business standing data share or analyse (pass consumer or business standing data-base for example) .
Basis " negotiable securities and futures orders " V ministry, be engaged in a kind or many kinds of personage need that accepts compasses canal activity can apply for license plate to card inspect, unless they are obtained exempt or can one of cite exception circumstances. 2 kinds of license plate can offer application: Law round license plate reachs delegate person license plate.
A kind any undertaking or many kinds of law group that gets compasses canal activity must be met to card inspect application license plate. The abroad company that registers arrange in the company that Hong Kong establishs or the company that are in Hong Kong just can undertake the activity gets a card getting compasses pipe.
Any delegates hold what card law group undertakes a kind or many kinds of individual need that accepts compasses canal activity applies for to regard its as subject law group " the delegate that hold a card " . The delegate that hold a card is OK and subject many law that hold a card is round.
If hold card delegate to stop to represent its,place holds card law round handle matters subjectly, the time application transition that he has 180 days is subject the new law that hold a card is round (" negotiable securities and futures orders " the 123rd (1) ) . If application is done not have to change subject law group inside 180 days, stop to represent group of the law that hold a card when him when act, its license plate will be inspected cancel.
If hold card delegate to stop to represent its advocate thing person behavior, person of this advocate thing must inform card inside 7 days inspect is met, and this delegate must be met in inspect of contemporaneity introversion card remand its license plate. Be like advocate thing person or its representing fail to abide by above regulation without equitable argument, advocate thing person and its representing are belonged to namely break the law, once conviction,can be fined.
" negotiable securities and futures orders " V ministry carries those who narrated law round license plate or applicant of delegate license plate to should be accorded with all sorts of criterion. The most important is card inspect in the center offer of meeting beard letter should apply for factitious and proper person selected, suffer compasses canal activity to get a card (" negotiable securities and futures orders " the 116th (3) pass an imperial examination 120 (3) ) . The 129th carries narrated card inspect to whether can be in decision applicant " proper person selected " when the element of the consideration, the dovish sex of the financial standing that includes an applicant, qualification and experience, ability, credit, character and morals, dependability and financial aspect. Card inspect meets " negotiable securities and futures orders " of the 399th regulation " of proper person selected how-to " farther expatiatory the factor that when card inspect is deciding whether the applicant is proper person selected, ought to consider.
Except whether be proper person selected besides, card inspect still can need to consider other factor, include (if apply for f
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