EXCHANGES (SPECIAL LEVY)

EXCHANGES (SPECIAL LEVY)

EXCHANGES (SPECIAL LEVY) RULES

ARRANGEMENT OF RULES

Rule Page

1 Citation... ... ... ... ... ... ... ... ... ... ... ... ... ... ... A 2

REMISSION oF LEVIES

2. Remission of Commodity Exchange special levy ... ... ... ... ... ... A 2
3. Remission of Stock Exchange special levy ... ... ... ... ... ... ... ... A 2
4. Remission of levies collected before commencement ... ... ... ... ... ... A 2
5. Returns ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... A 2
6. Late remission charge ... ... ... ... ... .... ... ... ... ... ... ... A 2

EXCHANGE COMPANIES EXAMINATION AND AUDIT

7. Records ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... A 2
8. Trustee's access to records ... ... ... . ... ... ... ... ... ... ... ... A 3
9. Audit report ... ... ... ... ... ... ... ... ... ... ... ... ... ... A 3

TRUSTEE ADMINISTRATION AND AUDIT

10. Deposit of fund money ... ... ... ... ... ... ... ... ... ... ... ... A
11. Accounts ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... A 3

12. Fund audit ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... A 3
13. Distribution and publication ... ... ... ... ... ... ... ... ... ... ... A 3





EXCHANGES (SPECIAL LEVY) RULES

(Cap. 351, section 8)

[24 December 1987.]

1. These rules may be cited as the Exchanges (Special Levy) Rules.

REMISSION OF LEVIES

2. (1) On the 1st trading day of each month the Futures Exchange
Company shall remit all special levies imposed under section 3 of the
Ordinance from the 15th day of the previous month to the last day of
that month.

(2) On the 1st trading day after the 14th day of each month the
Futures Exchange Company shall remit all special levies imposed under
section 3 of the Ordinance from the I st day of that month to the 14th
day of that month.

3. On or before the 7th trading day of each month the Stock
Exchange Company shall remit all special levies imposed under section
4 of the Ordinance for the previous month.

4. The Exchange Companies shall include in their first remission
following the commencement of these rules, all special levies previously
imposed under the Ordinance but not previously remitted.

5. (1) The special levies shall be remitted as directed by the trustee
and shall be accompanied by a return, signed by an authorized director
of each Exchange Company, containing information required by the
trustee.

(2) A return and the amount of money remitted in respect of a
return may be adjusted to reflect an error in a previous return, in a
manner approved by the trustee.

6. If an Exchange Company fails to remit a special levy as and when
required under these rules, it is liable to pay on demand by the trustee a
late remission charge of 2 per cent above the best lending rate of The
Hongkong and Shanghai Banking Corporation calculated on a daily
basis during the period of default on the amount of the late remission at
the date of default.

EXCHANGE COMPANIES EXAMINATION AND
AUDIT

7. The Exchange Companies shall maintain proper books and
records relating to the special levies imposed under the Ordinance.





8. The Exchange Companies shall permit the trustee or his
agent to have access to and to take copies of their books and records
for the purposes of verifying compliance with the Ordinance and
fulfilling his duties as trustee.

9. (1) Within one month, or within a later date specified by
the trustee, after each 6 month period ending 30 June and 31
December, each Exchange Company shall, at its expense, provide to
the trustee, in a form required by him, a report by its company
auditor appointed under the Companies Ordinance, certifying that
the returns submitted under rule 5 in respect of the special levies
imposed for the relevant period are correct and in accordance with
the Ordinance.

(2) The first report under paragraph (1) shall be for the period
from 29 October 1987 to 31 December 1987.

TRUSTEE ADMINISTRATION AND AUDIT

10. The trustee shall deposit the money of the special levy fund
in a bank in Hong Kong licensed under the Banking Ordinance
unless otherwise authorized by the lenders under the facility letters.

11. The trustee shall keep accounts of all transactions of the
special levy fund and shall prepare, in respect of the period from 29
October 1987 to 30 June 1988, and afterward in respect of every
period of one year ending on 30 June, a statement of the accounts of
the fund which shall include a receipts and payments account and a
balance sheet and shall be signed by the trustee.

12. The accounts of the special levy fund and the signed
statement of the accounts shall be audited by the Director of Audit
who shall certify the statement subject to such report, if any, as he
may think fit.

13. The trustee shall, within 6 months after the end of each
period in respect of which a statement of the accounts is required to
be prepared under rule 11 and audited under rule 12 or within an
extended time authorized by the lenders, give to each lender under
the facility letters and publish in the Gazette-

(a)a copy of the signed and audited statement of the accounts
and the report of the auditor prepared under rules 11 and
12; and

(b)a report of the trustee on the administration of the special
levy fund during the period.
L.N. 421/87. Citation. Remission of Commodity Exchange special levy. Remission of Stock exchange special levy. Remission of levies collected before commencement. Returns. Late remission charge. Records. Trustee's access to records. Audit report. (Cap. 32.) Deposit of fund money. (Cap. 155.) Accounts. Fund audit. Distribution and publication.

L.N. 421/87. Citation. Remission of Commodity Exchange special levy. Remission of Stock exchange special levy. Remission of levies collected before commencement. Returns. Late remission charge. Records. Trustee's access to records. Audit report. (Cap. 32.) Deposit of fund money. (Cap. 155.) Accounts. Fund audit. Distribution and publication.

https://oelawhk.lib.hku.hk/items/show/3305

1964

v22

351

3