EXCHANGES (SPECIAL LEVY) ORDINANCE

EXCHANGES (SPECIAL LEVY) ORDINANCE

LAWS OF HONG KONG

EXCHANGES (SPECIAL LEVY) ORDINANCE

CHAPTER 351





CHAPTER 351

EXCHANGES (SPECIAL LEVY)

To impose special levies on transactions on the Commodity Exchange
and Unified Exchange.

[29-October 1987.]

1. This Ordinance may be cited as the Exchanges (Special Levy)
Ordinance.

2. In this Ordinance, unless the context otherwise requires

Facility letters' means the facility letters entered into in October 1987
under which money is agreed to be loaned to the Hong Kong
Futures Guarantee Corporation Limited to finance the settlement
of obligations of the Corporation to clearing rnembers of the Hong
Kong Futures Exchange and, if the facility letters are replaced by
another agreement or agreements, means that agreement or those
agreements;

'Futures Exchange Company' means the Exchange Company under the
Commodities Trading Ordinance;

'leviable transaction' has the same meaning as in section 79A(4) of the
Commodities Trading Ordinance;

'securities' has the same meaning as in the Securities Ordinance;

'special levy fund' means the fund composed of money paid to the
trustee under sections 3 and 4 and includes money earned by the
fund;

'Stock Exchange Company' means the Exchange Company under the
Stock Exchanges Unification Ordinance;

'trustee' means the Director of Accounting Services;

'Unified Exchange' has the same meaning as in the Stock Exchanges
Unification Ordinance.

3. The Futures Exchange Company shall pay to the trustee or his
agent a special levy of $30 for each leviable transaction in the Stock
Index Market of the Futures Exchange Company.

4. The Stock Exchange Company shall pay to the trustee or his
agent a special levy of 0.03%, rounded to the nearest cent, of the
amount of consideration for each purchase and each sale of securities
recorded on the Unified Exchange.

5. The trustee or his agent shall pay money out of the special levy
fund in accordance with the facility letters.





6. The cost of administration of the special levy fund shall be a
charge on the general revenue.

7. The Public Finance Ordinance does not apply to this Ordinance.

8. The Governor may make rules respecting-

(a) remission of the special levies ' collected by the Exchange
Companies to the trustee and imposition of charges for
late remission of the levies;

(b) administration and audit of the special levy fund; and

(c)examination and audit of the Exchange Companies respecting
the collection and remission of the special levies.
Originally 63 of 1987. Short title. Interpretation. (Cap. 250.) (Cap. 250.) (Cap. 333.) (Cap. 361.) (Cap. 361.) Commodity Exchange special levy. Stock Exchange special levy. Trustee. Charge on general revenue. Non-application of Cap. 2. Rules.

Originally 63 of 1987. Short title. Interpretation. (Cap. 250.) (Cap. 250.) (Cap. 333.) (Cap. 361.) (Cap. 361.) Commodity Exchange special levy. Stock Exchange special levy. Trustee. Charge on general revenue. Non-application of Cap. 2. Rules.

https://oelawhk.lib.hku.hk/items/show/3304

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