Hong Kong


SECURITIES (CLEARING HOUSES) ORDINANCE
　(CHAPTER 420)
　CONTENTS
　　
　　ion
　　I　　　　PRELIMINARY
　　hort title
　　nterpretation
　　II　　　 DECLARATION OF CLEARING HOUSES FOR PURPOSES OF THIS
　　NANCE AND RULES OF CLEARING HOUSES
　　ecognized clearing houses
　　ules of recognized clearing houses, etc.
　　III　　　MODIFICATIONS OF THE LAW OF INSOLVENCY TO SAFEGUARD
　　ATIONS AND PROCEDURES OF RECOGNIZED CLEARING HOUSES, ETC.
　　roceedings of recognized clearing house take precedence over law
of
　　lvency
　　upplementary provisions as to default proceedings
　　uty to report on completion of default proceedings
　　et sum payable on completion of default proceedings
　　isclaimer of property, rescission of contracts, etc.
　　Adjustment of prior transactions
　　Right of relevant office-holder to recover certain amounts
arising
　　certain transactions
　　Application of market collateral not affected by certain other
　　rests, etc.
　　Enforcement of judgments over property subject to market charge,
etc.
　　Law of insolvency in other jurisdictions
　　IV　　　 MISCELLANEOUS
　　Participant to be party to certain transactions as principal
　　Securities deposited with recognized clearing house
　　Immunity, etc.
　　Preservation of rights, etc.
　　Amendment of Schedules 1 and 2
　　(Omitted as spent)
　　Transitional
　　dule 1 Property which may be subject to a market charge or provided
as
　　et collateral
　　dule 2 Requirements for default rules of　recognized　clearing　
houses
　　dule 3 (Omitted as spent)
　Whole document:
　　
　　rdinance to empower the Commission to declare clearing　houses　
to　be
　　gnized clearing houses for the purposes of this Ordinance, to　
provide
　　the approval by the Commission of the　rules　of　recognized　
clearing
　　es, to make provision for safeguarding the operations　and　
procedures
　　ecognized clearing houses,　and　to　provide　for　matters　
incidental
　　eto or connected therewith.
　　ctober 1992] L. N. 324 of 1992
　PART I PRELIMINARY
　　
　　hort title
　　This Ordinance may　be　cited　as　the　Securities　(Clearing　
Houses)
　　nance.
　　(Omitted as spent)
　　nterpretation
　　In this Ordinance, unless the context otherwise requires--
　　rge" means any form of security, including a mortgage;
　　aring house" means a person--
　　whose activities or objects include the provision of services for　
the
　　ring and settlement of transactions　in　securities　effected　
on,　or
　　ect to the rules of, the Unified Exchange; or
　　who guarantees the settlement of any such transactions;
　　mission" means the Securities and Futures　Commission　
established　by
　　ion 3 of the Securities and Futures Commission Ordinance (Cap.
24);
　　stitution", in relation to a clearing house, means the memorandum　
and
　　cles of association of the clearing house;
　　ault proceedings" means any proceedings or other　action　taken　
by　a
　　gnized clearing house under its default rules;
　　ault rules", in relation to a recognized clearing house, means
such of
　　rules of the clearing house which it is required to have by virtue　
of
　　ion 4 (2);
　　aulter" means　a　participant　who　is　the　subject　of　any　
default
　　eedings; "functions" includes duties and powers;
　　ket charge" means a charge, whether　fixed　or　floating,　
granted　in
　　ur of a recognized clearing house--
　　over any property　specified　in　Schedule　1　which　is　held　
by　or
　　sited with the clearing house; and
　　for the purpose of securing liabilities arising directly in
connection
　　the clearing house's ensuring the settlement of one　or　more　
market
　　racts; "market collateral" means any property specified in
Schedule　1
　　h is held by or deposited with a recognized　clearing　house　for　
the
　　ose of securing liabilities arising directly in　connection　
with　the
　　ring house's ensuring the settlement of one or more market
contracts;
　　ket contract" means a contract subject to the rules　of　a　
recognized
　　ring house entered into by　the　clearing　house　with　a　
participant
　　uant to a novation which is both in accordance with　those　rules　
and
　　the purposes　of　the　clearing　and　settlement　of　
transactions　in
　　rities effected on, or subject to the rules of, the Unified
Exchange;
　　icer" means an　officer　within　the　meaning　of　section　2　
of　the
　　anies Ordinance (Cap. 32);
　　ticipant" means a person who,　in　accordance　with　the　rules　
of　a
　　gnized clearing house, may participate in one or more of the　
services
　　ided by the clearing house in its capacity as a clearing house;
　　formance", in relation to a function, includes discharge and
exercise;
　　ognized clearing house" means a clearing house declared under　
section
　　) to　be　a　recognized　clearing　house　for　the　purposes　
of　this
　　nance;
　　
　　evant office-holder" means--
　　the Official Receiver appointed under section　75　of　the　
Bankruptcy
　　nance (Cap.　6);
　　any person　acting　in　relation　to　a　company　as　its　
liquidator,
　　isional liquidator, receiver or manager;
　　any person acting in relation to　an　individual　as　his　
trustee　in
　　ruptcy or interim receiver of his property; or
　　any person appointed pursuant to an order for　the　
administration　in
　　ruptcy of an insolvent estate of a deceased person;
　　es", in relation to a clearing house--
　　means the constitution, rules, regulations or directions, by　
whatever
　　called,　governing　the　membership,　management,　
operations　 and
　　edures of the clearing house; and
　　without restricting the generality of paragraph (a),　includes　
rules,
　　lations or directions relating to--
　　the provision of clearing and settlement services, and the　
suspension
　　ithdrawal of such services;
　　the provision of services other than　the　services　referred　
to　in
　　aragraph (i);
　　) the persons who may participate in　one　or　more　of　the　
services
　　rred to in subparagraphs (i) and (ii); and
　　setting and levying fees and charges;
　　urities" means securities within the　meaning　of　section　2　
of　the
　　rities Ordinance (Cap. 333);
　　tlement",　in　relation　to　a　market　contract,　 includes　
partial
　　lement; "Unified Exchange"　means　the　Unified　Exchange　
established
　　r section 27 of the Stock Exchanges Unification Ordinance (Cap.
361).
　　Where--
　　a charge is granted partly for the purpose specified in the
definition
　　market charge" and partly for other purposes, the charge　is　in　
this
　　nance a market charge in so far as it has effect　for　that　
specified
　　ose;
　　collateral is　provided　partly　for　the　purpose　specified　
in　the
　　nition of "market collateral"　and　partly　for　other　
purposes,　the
　　ateral is in this Ordinance market collateral in so far as it has
been
　　ided for that specified purpose.
　　References　in　this　Ordinance　to　the　law　of　insolvency　
include
　　rences to every provision made by or under--
　　the Bankruptcy Ordinance (Cap. 6);
　　the Companies Ordinance (Cap. 32); and
　　any other enactment which is concerned with or in any way　related　
to
　　insolvency of a person.
　　References in this Ordinance to settlement in　relation　to　a　
market
　　ract are to the discharge of the rights and liabilities of the
parties
　　he contract, whether by performance, compromise or otherwise.
　PART II DECLARATION OF CLEARING HOUSES FOR PURPOSES OF THIS　ORDI-　
NANCE AND RULES OF CLEARING HOUSES
　　
　　ecognized clearing houses
　　Where the Commission is satisfied that it is appropriate to do　
so　in
　　interest of the investing public or in the public interest, or
for the
　　er　regulation　of　services　for　the　clearing　and　
settlement　 of
　　sactions in securities, it may, with the consent　in　writing　
of　the
　　ncial Secretary, by notice in the Gazette, declare a clearing
house to
　　recognized clearing house for the purposes of this Ordinance.
　　Where the Commission makes　a　declaration　under　subsection　
(1)　in
　　ect of a clearing house--
　　it shall give notice thereof in writing to the clearing house;
and
　　the rules of the clearing house in operation　immediately　
before　the
　　aration shall continue to have effect unless otherwise　
specified,　or
　　l such time as is specified, in the notice referred to in paragraph
　　
　　ules of recognized clearing houses, etc.
　　Subject to section 3 (2)　(b)　and　subsection　(4),　no　rules　
of　a
　　gnized clearing house (including any default　rules　of　the　
clearing
　　e) or any amendment thereto　shall　have　effect　unless　
approved　in
　　ing by the Commission.
　　A recognized clearing house shall have rules　which　provide　
for　the
　　ng of proceedings or other　action　in　the　event　of　a　
participant
　　aring　to　be　unable,　or　likely　to　become　unable,　to　
meet　his
　　gations in respect of all unsettled market contracts to which he
is　a
　　y, and such rules shall comply with the requirements of Schedule
2.
　　Where a recognized clearing house takes any default　proceedings,　
all
　　equent proceedings or other action　taken　under　its　rules　
for　the
　　oses of the settlement of market　contracts　of　which　the　
defaulter
　　erned is a party shall be treated as done under the default　rules　
of
　　clearing house notwithstanding that, but　for　this　subsection,　
such
　　equent proceedings or other action would not be treated as done　
under
　　default rules of the clearing house.
　　The Commission may, by notice in the Gazette,　declare　any　
class　of
　　s of a recognized clearing house (except　any　default　rules　
of　the
　　ring house) to be a class of　rules　which　are　not　required　
to　be
　　oved under subsection (1) and, accordingly, any rules of that
clearing
　　e which belong to that class (including any amendment　thereto)　
shall
　　effect notwithstanding that they have not been so approved.
　　Without prejudice to the operation of　subsection　(4),　a　
recognized
　　ring house shall submit or cause to be submitted　to　the　
Commission,
　　the information of the Commission, any of　its　rules　
(including　any
　　dment thereto )--
　　which belong to a class of rules the subject of　a　declaration　
under
　　ection (4); and
　　as soon as practicable after those rules (or amendment thereto,
as the
　　may be) are made.
　　A recognized clearing house shall submit or cause to be　
submitted　to
　　Commission for its approval the rules of the clearing house and　
every
　　dment thereto except any rules (including any amendment thereto)
which
　　ng to a class of rules the subject of a declaration under
subsection
　　
　　
　　Subject to subsections (8) and (9), the　Commission　shall,　
within　6
　　s after the receipt of any submission　under　subsection　(6)　
from　a
　　gnized clearing house, give notice in writing to　the　clearing　
house
　　
　　its approval of; or
　　its refusal to approve,
　　rules or amendment of the rules, as the　case　may　be,　or　any　
part
　　eof, the subject of the submission.
　　The Commission may, in a particular case, with the　agreement　of　
the
　　gnized　clearing　house　concerned,　extend　the　time　
prescribed　in
　　ection (7).
　　The Financial Secretary may, on　the　advice　of　the　
Commission　and
　　er generally or in a particular case, extend the　time　
prescribed　in
　　ection (7).
　　The Commission may request in writing a recognized clearing
house--
　　to make rules--
　　specified in the request; and
　　within the period specified in the request; or
　　to amend rules--
　　referred to in the request;
　　in the manner specified in the request; and
　　) within the period specified in the request.
　　Where the Commission is satisfied that a　recognized　clearing　
house
　　not complied with a request referred to in subsection (10) within　
the
　　od specified in the request, the Commission may direct in writing　
the
　　ring house to comply with the request within such further period
as is
　　ified in the direction and,　accordingly,　the　clearing　house　
shall
　　ly with that request within that further period.
　　For the purposes of　subsection　(10),　"rules",　in　relation　
to　a
　　gnized clearing house, do not include the constitution of the
clearing
　　e.
　PART III MODIFICATIONS OF THE LAW OF INSOLVENCY TO SAFEGUARD　OPE-　
RATIONS AND PROCEDURES OF RECOGNIZED CLEARING HOUSES, ETC.
　　
　　roceedings of recognized clearing house take precedence　over　
law　of
　　lvency
　　None of the following shall be regarded as to any　extent　
invalid　at
　　on　the　ground　of　inconsistency　with　the　law　relating　
to　the
　　ribution of the assets　of　a　person　on　insolvency,　
bankruptcy　or
　　ing-up, or on the appointment of a receiver over any of the assets　
of
　　rson--
　　a market contract;
　　the rules of a recognized clearing house relating to the
settlement of
　　rket contract;
　　any proceedings or other action taken under the rules of a　
recognized
　　ring house relating to the settlement of a market contract;
　　a market charge;
　　the default rules of a recognized clearing house; or
　　any default proceedings.
　　Subject to subsection (3), the powers of a relevant　office-
holder　in
　　capacity as such,　and　the　powers　of　a　court　under　the　
law　of
　　lvency, shall not be　exercised　in　such　a　way　as　to　
prevent　or
　　rfere with--
　　the settlement in accordance with the rules of a　recognized　
clearing
　　e of a market contract; or
　　any default proceedings.
　　Subsection (2) shall not operate to prevent a　relevant　
office-holder
　　seeking to recover any amount under section 11 after　the　
completion
　　matter referred to in paragraph (a) or (b) of that subsection.
　　
　　upplementary provisions as to default proceedings
　　A court may on an application by a relevant　office-holder　make　
such
　　r as it thinks fit altering or releasing him from compliance with
such
　　he functions of his office as are affected by the　fact　that　
default
　　eedings are pending or could be taken, or have been or could have
been
　　n and, accordingly, such functions of the relevant officeholder　
shall
　　onstrued subject to such order.
　　Nothing in--
　　section 12, 14 or 20 of the Bankruptcy Ordinance (Cap. 6); or
　　section 166, 181, 183, 186 or 254 of　the　Companies　Ordinance　
(Cap.
　　shall prevent or interfere with any default proceedings.
　　uty to report on completion of default proceedings
　　A recognized clearing house shall, upon the completion by　it　of　
any
　　ult proceedings, make a report on such proceedings stating in　
respect
　　ach defaulter--
　　the net sum, if any, certified by the clearing house to be payable　
by
　　o the defaulter; or
　　the fact that no sum is so payable,
　　he case may be, and the clearing house may include in that report
such
　　r particulars in respect of such proceedings as it thinks fit.
　　A recognized clearing house　which　has　made　a　report　
pursuant　to
　　ection (1) shall supply the report to--
　　the Commission;
　　any relevant office-holder acting in relation to--
　　the defaulter to whom the report relates; or
　　that defaulter's estate;
　　if there is no relevant office-holder referred to　in　paragraph　
(b),
　　defaulter to whom the report relates.
　　Where the Commission receives pursuant to subsection (2) a report
made
　　uant to subsection (1), it may publish notice of　that　fact　in　
such
　　er as it thinks appropriate to bring it to the attention of　
creditors
　　he defaulter to whom the report relates.
　　Where a relevant　office-holder　or　defaulter　receives　
pursuant　to
　　ection (2) a report made pursuant to subsection (1), he shall,
at　the
　　est of a creditor of the defaulter to whom the report relates--
　　make the report available for inspection by the creditor;
　　on payment of such reasonable fee as　the　relevant　office-
holder　or
　　ulter, as the case may be, determines, supply to the creditor　all　
or
　　part of that report.
　　In subsections (2), (3) and (4), "report" includes a copy of a
report.
　　
　　et sum payable on completion of default proceedings
　　The provisions of this section shall apply with respect to any
net sum
　　ified under section 7 (1) (a) by a recognized clearing house, upon
the
　　letion by it of any default proceedings, to be　payable　by　or　
to　a
　　ulter.
　　Where a receiving or winding-up order has been made, or　a　
resolution
　　voluntary　winding-up　has　been　 passed,　 any　 net　 sum　
shall,
　　ithstanding any　of　the　provisions　of　section　34　or　35　
of　the
　　ruptcy Ordinance (Cap. 6) or section 264 of the Companies
Ordinance
　　. 32), be--
　　provable in the bankruptcy or winding-up　or,　as　the　case　
may　be,
　　ble to the relevant office-holder; and
　　taken into　account,　where　appropriate,　under　section　35　
of　the
　　ruptcy Ordinance (Cap. 6) or that section as applied in the case
of　a
　　ing-up order under the Companies Ordinance (Cap. 32).
　　isclaimer of property, rescission of contracts, etc.
　　Neither section 59 of the Bankruptcy Ordinance (Cap.　6)　nor　
section
　　of the Companies Ordinance (Cap. 32) shall apply in relation to--
　　a market contract;
　　a contract effected by a recognized clearing house for the purpose　
of
　　izing property provided as market collateral;
　　a market charge; or
　　any default proceedings.
　　Neither section 42 of the Bankruptcy Ordinance (Cap.　6)　nor　
section
　　of the Companies Ordinance (Cap. 32) shall apply in　relation　to　
any
　　matter or thing which has been done pursuant to--
　　a market contract;
　　a disposition of property pursuant to a market contract;
　　the provision of market collateral;
　　a contract effected by a recognized clearing house for the purpose　
of
　　izing property provided as market collateral, or　any　
disposition　of
　　erty pursuant to such a contract;
　　a disposition of property in accordance with the rules of a
recognized
　　ring house as to　the　application　of　property　provided　as　
market
　　ateral;

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