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Hong Kong


SECURITIES (INSIDER DEALING) ORDINANCE
　(CHAPTER 395)
　ARRANGEMENT OF SECTIONS
　　
　　ion
　　I　　　　PRELIMINARY
　　hort title
　　nterpretation
　　pplication
　　Connected with a corporation"
　　ossession of relevant information obtained in privileged
capacity
　　Dealing in securities"
　　Take-over offer"
　　Relevant information"
　　II　　　 INSIDER DEALING
　　hen insider dealing takes place
　　Certain persons not to be held insider dealers
　　Trustees and personal representatives
　　Exercise of right to subscribe for or acquire securities
　　Duty of officers of corporation
　　Insider dealing not void or voidable
　　III　　　INSIDER DEALING TRIBUNAL
　　Constitution of Tribunal Inquiries by Tribunal
　　Inquiries into insider dealing
　　Powers of Tribunal
　　Further powers of Tribunal to obtain information
　　Incriminating answers
　　Offences
　　Privileged information Report and orders of Tribunal
　　Report of Tribunal following inquiry
　　Orders etc. of Tribunal
　　Order against officer of corporation
　　Limitation on aggregate amount of penalties
　　Witnesses' expenses
　　Expenses of investigation and inquiry
　　Form and proof of order of Tribunal
　　Order of Tribunal may be registered in Court
　　Offence
　　IV　　　 APPEALS
　　Appeal to Court of Appeal
　　Powers of the Court of Appeal on appeal
　　Stay of execution on appeal
　　V　　　　MISCELLANEOUS
　　Offences by corporation, etc.
　　Limitation on commencement of proceedings
　　Chief Justice may make rules
　　44. (Omitted)
　Whole document:
　　
　　dule.
　　rdinance to amend the law relating to insider dealing　in　
securities;
　　for connected purposes.
　　eptember 1991] L. N. 269 of 1991
　PART I PRELIMINARY
　　
　　hort title
　　Ordinance may be cited as the Securities (Insider Dealing)
Ordinance.
　　nterpretation
　　In this Ordinance, unless the context otherwise requires--
　　ociate", in relation to a person entitled to exercise or　control　
the
　　cise of voting power in relation to a corporation, means--
　　that person's spouse, reputed spouse,　person　co-habiting　
with　that
　　on as a spouse, that person's brother,　sister,　parent,　
step-parent,
　　d (natural or adopted) or step-child;
　　any corporation of which that person is a director;
　　any person who is an employee or partner of that person;
　　if that person is a corporation--
　　any director of that corporation;
　　any related corporation of that corporation; and
　　) any director or employee of any such related corporation; and
　　if that person has with any other person an agreement　or　
arrangement
　　respect to the acquisition, holding or disposal of　shares　or　
other
　　rests in that　corporation　or　under　which　they　undertake　
to　act
　　ther in exercising their voting power in relation to　it,　that　
other
　　on;
　　k or other document" includes--
　　books of a banker;
　　cheques, orders for the payment　of　money,　bills　of　
exchange,　and
　　issory notes in the possession or under the control of a banker;
　　securities in the possession or under the control of a banker,
whether
　　ay of pledge or otherwise;
　　any document or record used in the ordinary course of　business　
of　a
　　;
　　any record so used which is kept otherwise than in a legible form　
and
　　apable of being reproduced in a legible form; and
　　any accounts or deeds;
　　mission" means the Securities and Futures　Commission　
established　by
　　Securities and Futures Commission Ordinance (Cap. 24);
　　pany" means a company as defined in section 2　(1)　of　the　
Companies
　　nance (Cap.　32);
　　troller", in relation to a corporation, means any person--
　　in accordance with whose directions or instructions the　
directors　of
　　corporation or of another corporation of which it is a subsidiary　
are
　　stomed to act; or
　　who, either alone or with any associate, is entitled to　exercise,　
or
　　rol the exercise of, more than 33% of　the　voting　power　at　
general
　　ings of the corporation or of another corporation of　which　it　
is　a
　　idiary, and　references　in　this　Ordinance　to　"control"　
shall　be
　　trued accordingly; "corporation"　means　any　company　or　
other　body
　　orate or an unincorporated body, incorporated or formed either
in Hong
　　or elsewhere;
　　
　　ector" includes--
　　any person occupying　the　position　of　director,　by　
whatever　name
　　ed; and
　　any person in accordance with whose　directions　or　
instructions　the
　　ctors of the corporation are accustomed to act;
　　ument" includes any register, book, record, tape recording,　any　
form
　　omputer input or output, and any other document or similar
material
　　ther produced mechanically, electrically, or manually, or by any
other
　　s whatsoever);
　　h Court" means the High Court of Justice;
　　ding company" means a corporation which is a　holding　company　
within
　　meaning of section 2 of the Companies Ordinance (Cap. 32);
　　uiry" means an inquiry instituted under section 16;
　　ider dealer" means a person　who　perpetrates　any　act　which　
is　an
　　der dealing within the meaning of section 9 and also　means　a　
person
　　is to be regarded as an insider dealer under section 16 (6);
　　ider dealing" means an insider dealing within the meaning　of　
section
　　
　　ted securities" means　securities　that　are　listed　on　the　
Unified
　　ange at　the　time　of　any　insider　dealing　in　relation　
to　those
　　rities;
　　icer" in relation to a corporation includes　a　director,　
manager　or
　　etary, and in relation to an unincorporated body includes every
member
　　he governing body thereof; "related corporation",　in　relation　
to　a
　　oration, means--
　　any corporation that　is　that　corporation's　subsidiary　or　
holding
　　any or a subsidiary of that corporation's holding company;
　　any corporation a controller of which is also　a　controller　of　
that
　　oration; "relevant share capital" means a corporation's　issued　
share
　　tal of a class carrying rights to vote　at　general　meetings　
of　the
　　oration;
　　urities" means any shares, stocks,　debentures,　loan　stocks,　
funds,
　　s, or notes of, or　issued　by,　any　body,　whether　
incorporated　or
　　corporated, or of any government or local　government　authority,　
and
　　udes--
　　rights,　options,　or　interests　(whether　described　as　
units　 or
　　rwise) in or in respect of any of the foregoing;
　　certificates of interest or participation in, or temporary or　
interim
　　ificates for, receipts for, or warrants to subscribe to　or　
purchase,
　　of the foregoing; or
　　any instruments commonly known as securities;
　　sidiary" means any　corporation　which　is　a　subsidiary　
within　the
　　ing of section 2 of the Companies Ordinance (Cap. 32);
　　bunal" has the meaning given to it in section 15;
　　fied Exchange" means the stock market established under section
27　of
　　Stock Exchanges Unification Ordinance (Cap. 361).
　　For the purpose of the definition of "controller", where a　
person　is
　　tled to exercise or control the exercise of 33% or more of the　
voting
　　r at general　meetings　of　a　corporation　and　that　
corporation　is
　　tled to exercise or control the exercise of any of the voting power
at
　　ral meetings of another corporation　("the　effective　voting　
power")
　　the　effective　voting　power　at　general　meetings　of　
that　other
　　oration is taken as exercisable by that person.
　　
　　A person shall not be deemed to be a person in accordance　with　
whose
　　ctions or instructions the directors of a corporation　are　
accustomed
　　ct by reason only that the directors of the corporation act on　
advice
　　n by him in a professional capacity.
　　In this Ordinance securities are deemed to be listed　on　the　
Unified
　　ange notwithstanding　that　dealings　in　such　securities　
have　been
　　ended.
　　In this Ordinance a reference to an interest in securities　is　
to　be
　　as including an interest of any kind whatsoever　in　the　
securities;
　　accordingly there are to be disregarded any restraints or
restrictions
　　hich the exercise of　any　right　attached　to　the　interest　
may　be
　　ect.
　　pplication
　　Ordinance shall not have effect with respect to an insider dealing
in
　　tion to the listed securities of a corporation which has　taken　
place
　　re the commencement of this Ordinance.
　　Connected with a corporation"
　　A person is connected with a corporation for the purposes of
section 9
　　being an individual--
　　he is a　director　or　employee　of　that　corporation　or　a　
related
　　oration; or
　　he is a substantial　shareholder　in　the　corporation　or　a　
related
　　oration; or
　　he occupies a position which may reasonably be expected　to　give　
him
　　ss to relevant information concerning the corporation by virtue
of--
　　any professional or business relationship existing between
himself (or
　　employer or a corporation of which he is a director or a firm of
which
　　s a partner) and that corporation, a related corporation or an
officer
　　ubstantial shareholder in either of such corporations; or
　　his　being　a　director,　employee　or　partner　of　a　
substantial
　　eholder in the corporation or a related corporation; or
　　he has access to relevant information in relation to　the　
corporation
　　irtue of his being connected (within the meaning of paragraph (a),
(b)
　　c)) with another corporation, being information which relates　
to　any
　　saction (actual or contemplated) involving both those
corporations　or
　　lving one of them and the listed securities of the　other　or　to　
the
　　that such transaction is no longer contemplated; or
　　he was at any time within　the　6　months　preceding　any　
dealing　in
　　tion to listed securities within the meaning of　section　9　a　
person
　　ected with the corporation within the meaning of paragraph (a),
(b),
　　or (d).
　　A corporation is　a　person　connected　with　a　corporation　
for　the
　　oses of section 9 so long as any of its directors or　employees　
is　a
　　on connected　with　that　other　corporation　within　the　
meaning　of
　　ection (1).
　　In　subsection　(1),　"substantial　shareholder"　in　
relation　to　a
　　oration means a person who has　an　interest　in　the　relevant　
share
　　tal of that corporation which has a nominal value　equal　to　or　
more
　　10% of the nominal value　of　the　relevant　share　capital　of　
that
　　oration.
　　
　　ossession of relevant information obtained in privileged
capacity
　　A public officer or a member　or　employee　(whether　such　
member　or
　　oyee is temporary or permanent, paid or unpaid) of any　body　
referred
　　n subsection (2), who　in　his　capacity　as　such　receives　
relevant
　　rmation concerning a corporation　shall　be　deemed　to　be　a　
person
　　ected with that corporation for the purposes of section 9.
　　The bodies referred to in subsection (1) are--
　　the Executive Council;
　　the Legislative Council;
　　the Futures Exchange Company, Stock Exchange Company or　any　
clearing
　　e;
　　any board, commission, committee or other　body　appointed　by　
or　on
　　lf of the Governor or the Governor in Council under any Ordinance;
　　any body corporate established or incorporated by Ordinance; and
　　any body corporate specified by　the　Financial　Secretary　by　
notice
　　ished in the Gazette.
　　In this section--
　　aring house" means a clearing house within the meaning of section
2
　　of the Commodities Trading Ordinance (Cap. 250)　or　authorized　
under
　　other Ordinance to carry on business as a clearing house in
respect of
　　rities;
　　ures Exchange Company" means the Exchange Company within　the　
meaning
　　ection 2 (1) of the Commodities Trading Ordinance (Cap. 250);
　　ck Exchange Company" means the Exchange Company within the
meaning　of
　　ion 2 (1) of the Stock Exchanges Unification Ordinance (Cap. 361).
　　In the case of a body referred to　in　subsection　(2)　which　
has　no
　　ers the reference in subsection (1) to a member shall be construed　
as
　　ference to a member of the governing body thereof.
　　Dealing in securities"
　　the purposes of this Ordinance, a person deals in securities if
　　ther as principal or agent) he buys, sells,　exchanges　or　
subscribes
　　or agrees to buy, sell, exchange or subscribe for, any securities　
or
　　ires or disposes of, or agrees to acquire or dispose of, the right　
to
　　sell, exchange or subscribe for, any securities.
　　Take-over offer"
　　his Ordinance, "take-over offer for a corporation" means an offer
made
　　ll the holders (or all the holders other than the　person　making　
the
　　r and his nominees) of the shares in the corporation to acquire　
those
　　es or a specified proportion of them, or to all the　holders　(or　
all
　　holders other than the person making the offer and his nominees)
of　a
　　icular class of those shares to acquire the shares of that class
or　a
　　ified proportion of them.
　　Relevant information"
　　his Ordinance "relevant information"　in　relation　to　a　
corporation
　　s specific information about that corporation which is　not　
generally
　　n to those persons who are accustomed or would be likely　to　deal　
in
　　listed securities of that corporation　but　which　would　if　
it　were
　　rally known to them be likely materially to affect the price of　
those
　　rities.
　PART II INSIDER DEALING
　　
　　hen insider dealing takes place
　　Insider dealing in relation to the listed securities of a　
corporation
　　s place--
　　when a person connected with a corporation who　is　in　
possession　of
　　rmation which he knows is relevant information　in　relation　to　
that
　　oration deals in any listed securities of that corporation (or
in　the
　　ed securities of　a　related　corporation)　or　counsels　or　
procures
　　her person to　deal　in　such　listed　securities　knowing　or　
having
　　onable cause to believe that such person would deal in them;
　　when a person who is contemplating or has contemplated making
(whether
　　or without another person) a take-over offer for　a　corporation　
and
　　knows that the information that the offer is　contemplated　or　
is　no
　　er　contemplated　is　relevant　information　in　 relation　
to　 that
　　oration, deals in the listed securities of that corporation (or
in the
　　ed securities of　a　related　corporation)　or　counsels　or　
procures
　　her person to deal in those listed securities, otherwise than for　
the
　　ose of such take-over;
　　when relevant information in relation to a　corporation　is　
disclosed
　　ctly or indirectly, by a person connected with　that　
corporation,　to
　　her person and the first-mentioned person knows that　the　
information
　　elevant information in relation to the corporation and　knows　
or　has
　　onable cause for believing that the other person will make use
of　the
　　rmation for the　purpose　of　dealing,　or　counselling　or　
procuring
　　her to deal, in the listed securities of that corporation (or　in　
the
　　ed securities of a related corporation);
　　when a person who is contemplating or has contemplated making
(whether
　　or without another person) a take-over offer for　a　corporation　
and
　　knows that the information that the offer is　contemplated　or　
is　no
　　er　contemplated　is　relevant　information　in　 relation　
to　 that
　　oration,　discloses　that　information,　directly　or　
indirectly,　to
　　her person and the first-mentioned　person　knows　or　has　
reasonable
　　e for believing that the other person will make use of the
information
　　the purpose in dealing, or in　counselling　or　procuring　
another　to
　　, in the listed securities of　that　corporation　(or　in　the　
listed
　　rities of a related corporation);
　　when　a　person　who　has　information　which　he　knows　is　
relevant
　　rmation in relation to a corporation which he　received　
(directly　or
　　rectly) from a person--
　　whom he knows is connected with that corporation; and
　　whom　he　knows　or　has　reasonable　cause　to　believe　
held　that
　　rmation by virtue of being so connected,
　　s in the listed securities of　that　corporation　(or　in　the　
listed
　　rities of a related　corporation)　or　counsels　or　procures　
another
　　on to deal in those listed securities;
　　when a person who has received (directly or indirectly) from a　
person
　　he knows or has reasonable cause to believe is contemplating or
is no
　　er contemplating a take-over offer for a corporation,　
information　to
　　effect and knows that such information　is　relevant　
information　in
　　tion to that corporation, deals　in　the　listed　securities　
of　that
　　oration (or in the listed securities　of　a　related　
corporation)　or
　　sels or procures another person to deal in those listed
securities.
　　
　　An　insider　dealing　in　relation　to　the　listed　
securities　of　a
　　oration also takes place when a person who is knowingly in　
possession
　　elevant information in relation to that　corporation　in　any　
of　the
　　umstances described in subsection (1) --
　　counsels or procures any other person to deal in the listed
securities
　　hat corporation (or in the listed securities of a related
corporation)
　　he knowledge or with reasonable cause to　believe　that,　that　
person
　　d deal in those listed securities　outside　Hong　Kong　on　any　
stock
　　ange other than the Unified Exchange; or
　　discloses that　relevant　information　to　any　other　person　
in　the
　　ledge or with reasonable cause to believe that,　that　or　some　
other
　　on will make use of that information for the purpose of dealing,
or of
　　selling　or　procuring　any　other　person　to　deal,　in　
the　listed
　　rities of that corporation (or in the listed securities of　a　
related
　　oration) outside Hong Kong　on　any　stock　exchange　other　
than　the
　　ied Exchange.

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