COMMODITY EXCHANGES (PROHIBITION) ORDINANCE

COMMODITY EXCHANGES (PROHIBITION) ORDINANCE

LAWS OF HONG KONG

COMMODITY EXCHANGES (PROHIBITION) ORDINANCE

CHAPTER R 82





CHAPTER 82

COMMODITY EXCHANGES (PROHIBITION)

To prohibit the establishment of further commodity exchanges in Hong
Kong.

[3 August 1973.1

1. This Ordinance may be cited as the Commodity Exchanges
(Prohibition) Ordinance.

2. In this Ordinance, unless the context otherwise requires-

'commodity' means any goods specified in the Schedule,

'commodity exchange' means a market or exchange at or through which
persons regularly offer commodities for sale or exchange.

3. This Ordinance applies to every commodity exchange
other than-

(a)a market to which the Public Health and Urban Services
Ordinance applies.

(b)a market established under the Agricultural Products
(Marketing) Ordinance;

(c)a market established under the Marine Fish (Marketing)
Ordinance;

(d)a commodity exchange which was in operation on 20 June
1973;

(e)the Commodity Exchange established under the Commodities
Trading Ordinance. (Added, 59 of 1976, s. 116)

4. (1) No person shall-

(a)establish or operate a commodity exchange to which this
Ordinance applies.. or

(b)knowingly assist in the operation of any such commodity
exchange.

(2) Any person who contravenes subsection (1) shall be guilty of
an offence and shall be liable on conviction to a fine of $500,000 and, in
the case of a continuing offence, to a further fine of $50,000 for each day
during which the offence continues.

5. (1) Any police officer not below the rank of superintendent may,
without warrant and with the assistance of such other police officers as
may be necessary





(a)enter and search any premises in which he reasonably
suspects that an offence against section 4 is being or has
been committed; and

(b)remove and detain any equipment, books, records, accounts or
other documents which he reasonably suspects to be, or to
contain. evidence of the commission of that offence.

(2) Any such police officer may-

(a)break open any outer or inner door of any premises which he
is empowered to enter under subsection (1);

(b)remove by force any person or thing obstructing him in the
exercise of his powers under subsection (1);

(c)detain any person found in such premises until the premises
have been searched.

6. (1) If any person is charged with an offence against section
4(1)(a), the District Court may, on application by or on behalf of the
Attorney General, order that any premises in which the commodity
exchange is alleged to have been operated be secured until the
proceedings for that offence are completed.

(2) Any person having an interest in the premises in respect of
which an order under subsection (1) has been made who is aggrieved by
such order may apply to the District Court for the discharge of the order;
and on the hearing of the application the court may either confirm the
order or direct that it be discharged.

(3) Not less than 24 hours before the hearing of an application
under subsection (2), notice of the application. and of the grounds
therefor, shall be served on the Attorney General, who shall be entitled
to be heard on the hearing of the application.

(4) If any person is convicted of an offence against section 4(1)(a),
the court may order that the premises in which the commodity exchange
was operated shall be secured for such period as may be specified in the
order.

(5) Where an order under subsection (1) or subsection (4) has been
made, any police officer, whether or not he is in possession of the order
or a copy of the order, may take such steps as may be necessary to
secure the premises in respect of which the order was made.

(6) Any person who. without the authority of a police officer. enters
any premises in respect of which an order under subsection (1) or
subsection (4) is in force shall be guilty of an offence and shall be liable
on conviction to a fine of $50,000.

7. The Governor may. by notice in the Gazette, amend the Schedule.





SCHEDULE

1. Barley
2. Cocoa
3. Coffee
4. Copper
5. Cotton
6. Gold
7. Lead
8. maize
9. Oats
10. Platinum
11. Rice
12. Rubber
13. Silver
14. Oil seeds and vegetable oils
15. Sugar
16. Timber
17. Tin
18. Wheat
19. Wool
20. Zinc
21. Jute
22. Frozen meat, poultry and fish

23. Soybeans.
Originally 54 of 1973. L.N. 163/73. 59 of 1976. L.N. 269/79. Short title. Interpretation. Schedule. Application. (Cap. 132.) (Cap. 277.) (Cap. 291.) (Cap. 250.) Prohibition on establishment or operation or commodity exchange. Power of entry and search, etc. Power to order closure. Amendment of Schedule. L.N. 163/73. L.N. 269/79.

Originally 54 of 1973. L.N. 163/73. 59 of 1976. L.N. 269/79. Short title. Interpretation. Schedule. Application. (Cap. 132.) (Cap. 277.) (Cap. 291.) (Cap. 250.) Prohibition on establishment or operation or commodity exchange. Power of entry and search, etc. Power to order closure. Amendment of Schedule. L.N. 163/73. L.N. 269/79.

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