paper 2 - regulation of securities

Published by:

Hong Kong Securities Institute Hong Kong Securities Institute 2004

24/F, Wing On Centre, 111 Connaught Road Central, Hong KongTelephone: (852) 3120-6100Examinations Hotline: (852) 3120-6220Membership Hotline: (852) 3120-6170Training Hotline: (852) 3120-6200Fax: (852) 2899-2611Email: [email protected]: www.hksi.org

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted,in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the priorpermission of the copyright owner.

ISBN: 988-97716-5-9

HK$30.00

Disclaimer

This is an educational booklet only and does not provide legal advice or expert advice in whatsoever form.Every effort has been made to ensure its accuracy, however, no responsibility for loss occasioned to anyperson acting or refraining from action as a result of any materials in this publication will be accepted by thepublisher and/or individual contributors.

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9JKEJ691QH VJG HQNNQYKPICTG RTQRGT QTFGT JCPFNKPI RTQEGFWTGU UWIIGUVGF D[ VJG5GEWTKVKGU CPF(WVWTGU%QOOKUUKQP5(%!

+ %NKGPVRTKQTKV[UJQWNFDGGPUWTGFYJGPRCUUKPIQTFGTUVQVJGFGCNKPITQQO

++ 6JGWUGQHOQDKNGRJQPGUHQTTGEGKXKPIENKGPVQTFGTUUJQWNFDGVQVCNN[RTQJKDKVGF

+++ 4GURQPUKDKNKV[HQTCNNQECVKPIENKGPVQTFGTUUJQWNFDGCUUKIPGFVQTGNGXCPVCEEQWPVGZGEWVKXGU

+8 1TFGTU TGEGKXGF D[ VGNGRJQPG UJQWNF DG VCRG TGEQTFGF CPF VJG VCRGU MGRV HQT CV NGCUV OQPVJU

# +CPF++QPN[

$ ++CPF+++QPN[

% +++CPF+8QPN[

& +CPF+8QPN[

3WGUVKQP

9JKEJ691QHVJGHQNNQYKPIQTFKPCPEGU&1016CRRN[VQOQPG[NCWPFGTKPIKP*QPI-QPI!

+ 5WURKEKQWU6TCPUCEVKQPU1TFKPCPEG561

++ &TWI6TCHHKEMKPI4GEQXGT[QH2TQEGGFU1TFKPCPEG&6421

+++ 1TICPK\GFCPF5GTKQWU%TKOGU1TFKPCPEG15%1

+8 ,QKPV(KPCPEKCN+PVGNNKIGPEG7PKV1TFKPCPEG,(+71

# +CPF++QPN[

$ +CPF+8QPN[

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5CORNG3WGUVKQPU

3WGUVKQP

9JKEJ QH VJG HQNNQYKPI CTG QDLGEVKXGU QH VJG .KUVKPI 4WNGU QH VJG 5VQEM 'ZEJCPIG QH *QPI -QPI

5'*-!

+ 6QGPUWTGVJGUWKVCDKNKV[QHCRRNKECPVUHQTNKUVKPI

++ 6QGPUWTGVJGRTQHKVCDKNKV[QHNKUVGFEQORCPKGU

+++ 6QGPUWTGHCKTVTGCVOGPVQHUJCTGJQNFGTU

+8 6QGPUWTGVKOGN[FKUENQUWTGQHOCVGTKCNKPHQTOCVKQPKPTGNCVKQPVQNKUVGFEQORCPKGU

# +CPF+++QPN[

$ +CPF+8QPN[

% ++++CPF+8QPN[

& ++++++CPF+8

3WGUVKQP

9JKEJ QH VJG HQNNQYKPI RTQFWEVU CTG VTCFGF QP VJG VTCFKPI U[UVGO QH VJG5VQEM 'ZEJCPIG QH*QPI-QPIKG#WVQOCVKE1TFGT/CVEJKPICPF'ZGEWVKQP5[UVGOQT#/5!

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+8 'SWKV[NKPMGFKPUVTWOGPVU'.+

# +CPF++QPN[

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3WGUVKQP

#RCTVKEKRCPVQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-'ZEJCPIG2CTVKEKRCPVOWUVEQORN[YKVJYJKEJ10'QHVJGHQNNQYKPITGSWKTGOGPVU!

# #P'ZEJCPIG2CTVKEKRCPVOWUVDGCJQNFGTQHCVTCFKPITKIJVQHVJG5'*-

$ #P'ZEJCPIG2CTVKEKRCPVOWUVDGCEQORCP[ NKUVGFQP VJG5'*- QTCUWDUKFKCT[QHUWEJCEQORCP[

% #P'ZEJCPIG2CTVKEKRCPVOWUVOCKPVCKPCV NGCUVQPGDTCPEJQHHKEGCPFCRRQKPVCV NGCUVQPGDTCPEJQHHKEGOCPCIGT

& #P 'ZEJCPIG 2CTVKEKRCPVOWUV DG C UJCTGJQNFGT QH VJG *QPI -QPI 'ZEJCPIG CPF %NGCTKPI.KOKVGF*-'Z

3WGUVKQP

9JCV KU VJGOCLQT TGCUQP HQT VJG5VQEM'ZEJCPIGQH*QPI-QPI 5'*- VQ KPVTQFWEG VJGSWQVCVKQPTWNGU!

# 6QGPUWTGOCTMGVVTCPURCTGPE[

$ 6QCXQKFQRRQTVWPKVKGUHQTKPUKFGTFGCNKPI

% 6QGPUWTGVJCVVJGTGKUPQUWFFGPFTCOCVKEHNWEVWCVKQPKPUVQEMRTKEGU

& 6QGPUWTGVJCVVTCFKPIKPUVQEMUKUWPFGTVCMGPQPCHWNN[KPHQTOGFDCUKU


5CORNG3WGUVKQPU

3WGUVKQP

9JKEJ691QHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGFGCNKPIKPUWURGPFGFUGEWTKVKGUQPVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-!

+ #RCTVKEKRCPVQHVJG5'*-'ZEJCPIG2CTVKEKRCPVOWUVPQVFGCNKPUWURGPFGFUGEWTKVKGUCPFVJGTGCTGPQGZEGRVKQPUWPFGTVJGTWNGUQHVJG5'*-

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+8 &GCNKPIUKPUWURGPFGFUGEWTKVKGUOC[VCMGRNCEGUWDLGEVVQVJGRTKQTCRRTQXCNQHVJG(KPCPEKCN5GETGVCT[QH*QPI-QPI

# +CPF+++QPN[

$ +CPF+8QPN[

% ++CPF+++QPN[

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3WGUVKQP

9JKEJQH VJG HQNNQYKPIUVCVGOGPVU TGICTFKPI KPXGUVQTCEEQWPVUJGNFYKVJ VJG*QPI-QPI5GEWTKVKGU%NGCTKPI%QORCP[.KOKVGF*-5%%CTG%144'%6!

+ 6JG KPXGUVQTCEEQWPVUGTXKEGYCU NCWPEJGFD[VJG*-5%%CHVGT VJGINQDCNOCTMGVETCUJ KP

++ 1PN[ KPFKXKFWCN KPXGUVQTU OC[ QRGP UVQEM CEEQWPVUYKVJ VJG *-5%% CPF DGEQOG KPXGUVQTRCTVKEKRCPVU

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+8 +PXGUVQTCEEQWPVJQNFGTUTGEGKXGEQTRQTCVGEQOOWPKECVKQPUFKTGEVN[HTQONKUVGFKUUWGTU

# +CPF+8QPN[

$ +++CPF+8QPN[

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3WGUVKQP

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3WGUVKQP

9JKEJ10'QHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGUCPCVCWEVKQPQTFGTKP*QPI-QPI!

# +VKUCPQTFGTKPRWVFWTKPIVJGOQTPKPIUGUUKQPQHVJGVTCFKPIJQWTUQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-KPYJKEJVJGENKGPVUGVUCURGEKHKERTKEGCVYJKEJVJGVTCPUCEVKQPOC[DGGZGEWVGF

$ +V KU CP QTFGT KPRWV FWTKPI VJG CHVGTPQQP UGUUKQP QH VJG VTCFKPI JQWTU QH VJG 5'*-YJKEJOCVEJGUWRVQVYQRTKEGSWGWGUCUNQPICUVJGVTCFGFRTKEGKUPQVNQYGTVJCPVJGKPRWVNKOKVRTKEG

% +V KUCPQTFGTYJKEJ KU KPRWVFWTKPIVJGCHVGTPQQPUGUUKQPQHVJGVTCFKPIJQWTUQHVJG5'*-CPFKUCPQTFGTVQDW[QTUGNNUJCTGUCVVJGDGUVCXCKNCDNGRTKEG

& +VKUCPQTFGTYJKEJKUKPRWVFWTKPIVJGRTGQRGPKPIUGUUKQPQHVJGVTCFKPIJQWTUQHVJG5'*-CPFKUCOCTMGVQTFGTYKVJQWVCURGEKHKGFRTKEG


5CORNG3WGUVKQPU

3WGUVKQP

9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU CDQWV CRRTQXGF KPVTQFWEKPI CIGPVU KP *QPI -QPI KU+0%144'%6!

# #P CRRTQXGF KPVTQFWEKPI CIGPV KU CP GPVKV[ CRRTQXGF WPFGT VJG 5GEWTKVKGU CPF (WVWTGU

+PVTQFWEKPI#IGPVU4WNGU

$ #PCRRTQXGFKPVTQFWEKPICIGPVFQGUPQVJCPFNGENKGPVUCUUGVU

% 6JGTGKUPQRCKFWRUJCTGECRKVCNTGSWKTGOGPVHQTCPCRRTQXGFKPVTQFWEKPICIGPV

& 6JG UVCVWVQT[ TGSWKTGOGPVUIQXGTPKPI VJGJCPFNKPI QH ENKGPVU UGEWTKVKGU CPFOQPG[FQ PQVCRRN[VQCPCRRTQXGFKPVTQFWEKPICIGPV

3WGUVKQP

9JGP C NKEGPUGF EQTRQTCVKQP GPVGTU KPVQ C OCTIKP ENKGPV CITGGOGPVYKVJ C ENKGPV VJG #ITGGOGPVYJKEJ QH VJG HQNNQYKPI CTG CRRTQRTKCVG TKUM FKUENQUWTG UVCVGOGPVU VJCV UJQWNF DG KPENWFGF KP VJG#ITGGOGPV!

+ ;QW OC[ DG ECNNGF WRQP CV UJQTV PQVKEG VQ OCMG CFFKVKQPCN OCTIKP FGRQUKVU QT KPVGTGUVRC[OGPVU

++ ;QWYKNNTGOCKPNKCDNGHQTCP[TGUWNVKPIFGHKEKVKP[QWTCEEQWPVCPFKPVGTGUVEJCTIGFQP[QWTCEEQWPV

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+8 ;QWOC[UWUVCKPNQUUGUKPGZEGUUQH[QWTECUJCPFCP[QVJGTCUUGVUFGRQUKVGFCUEQNNCVGTCNYKVJWU /CTMGVEQPFKVKQPUOC[OCMG KV KORQUUKDNG VQGZGEWVGEQPVKPIGPVQTFGTU UWEJCUUVQRNQUUQTUVQRNKOKVQTFGTU

# +CPF++QPN[

$ +++CPF+8QPN[

% +++CPF+8QPN[

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3WGUVKQP

9JKEJ10'QHVJGHQNNQYKPIUVCVGOGPVU$'56FGUETKDGUUJQTVUGNNKPICEVKXKVKGUKP*QPI-QPI!

# 5JQTVUGNNKPIKUVQVCNN[RTQJKDKVGFWPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG5(1CPFKV KUCNUQCPQHHGPEGVQUGNNUJQTVQHHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-

$ 6JG5'*-KUGORQYGTGFVQFGUKIPCVGEGTVCKPRCTVKEKRCPVUCURGTOKVVGFUJQTVUGNNGTUCPFVJGETKVGTKCHQTUGNGEVKQPCURGTOKVVGFUJQTVUGNNGTUCTGURGEKHKGFKPVJG5'*-TWNGU

% 6JG5(1EQPVCKPURTQXKUKQPURTQJKDKVKPIUJQTVUGNNKPIDWVETGCVKPIURGEKCNUKVWCVKQPUKPYJKEJEQXGTGFUJQTVUGNNKPIKURGTOKVVGF

& 6JG RTQJKDKVKQP QH UJQTV UGNNKPI CRRNKGU QPN[ VQ TGVCKN KPXGUVQTU CPF FQGU PQV CRRN[ VQRTQHGUUKQPCNKPXGUVQTU

3WGUVKQP

9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU %144'%6.; FGUETKDGU VJG TGSWKTGOGPV TGNCVKPI VQ FWCNNCPIWCIGRTQURGEVWUGUKUUWGFKP*QPI-QPI!

# 6JG'PINKUJCPF%JKPGUG NCPIWCIGXGTUKQPUQH VJGRTQURGEVWUOWUVDGFKUVTKDWVGF VQIGVJGTCPFVJGTGKUPQGZEGRVKQPVQVJKUTGSWKTGOGPV

$ 6JGKUUWGTOC[EJQQUGVQKUUWGGKVJGTCP'PINKUJQT%JKPGUGNCPIWCIGRTQURGEVWU

% 6JG'PINKUJCPF%JKPGUGNCPIWCIGXGTUKQPUQHVJGRTQURGEVWUOC[DGFKUVTKDWVGFUGRCTCVGN[HTQOGCEJQVJGTUWDLGEVVQURGEKCNCRRTQXCNHTQOVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-

& 6JG'PINKUJCPF%JKPGUGNCPIWCIGXGTUKQPUQHVJGRTQURGEVWUOC[DGFKUVTKDWVGFUGRCTCVGN[HTQOGCEJQVJGTRTQXKFGFVJCVDQVJCTGCXCKNCDNGCVGCEJRNCEGYJGTGVJGFKUVTKDWVKQPQHUWEJFQEWOGPVVCMGURNCEG


5CORNG3WGUVKQPU

3WGUVKQP

9JKEJQHVJGHQNNQYKPICTGURGEKCNHGCVWTGUQHQRVKQPUVTCFKPIKP*QPI-QPI!

+ 1RVKQPUQPUGEWTKVKGUCTGVTCFGFQPVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-CPFQRVKQPUQPHWVWTGUCTGVTCFGFQPVJG*QPI-QPI(WVWTGU'ZEJCPIG*-('

++ 1RVKQPUVTCFGFQPVJG5'*-CTGIGPGTCNN['WTQRGCPUV[NGQRVKQPUYJKEJCTGQPN[GZGTEKUCDNGQPVJGKTGZRKT[FCVG

+++ 6JGTGCTGVYQECVGIQTKGUQHQRVKQPUGZEJCPIGRCTVKEKRCPVUPCOGN[QRVKQPUVTCFKPIGZEJCPIGRCTVKEKRCPVUCPFQRVKQPUDTQMGTGZEJCPIGRCTVKEKRCPVU

+8 #P QRVKQPU VTCFKPI GZEJCPIG RCTVKEKRCPV ECP QPN[ DG C RCTV[ VQ QPG QRVKQPU DTQMKPICITGGOGPVCVCP[VKOG

# +CPF+++QPN[

$ ++CPF+8QPN[

% +++CPF+++QPN[

& ++++++CPF+8

3WGUVKQP

9JKEJ10'QHVJGHQNNQYKPICRRNKGUVQOCTMGVOCMGTUQHUVQEMQRVKQPUQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-!

# # NKEGPUGF EQTRQTCVKQP OC[ CRRN[ VQ VJG 5GEWTKVKGU CPF (WVWTGU %QOOKUUKQP 5(% HQTRGTOKUUKQPVQOCMGCOCTMGVKPQRVKQPUEQPVTCEVUKPCRCTVKEWNCTQRVKQPENCUU

$ 6JG5(%MGGRUC TGIKUVGTQHCNNCRRTQXGFOCTMGVOCMGTUCPF VJGQRVKQPENCUUGU HQTYJKEJVJG[CTGCRRTQXGF

% #HCKNWTGVQTGURQPFVQCVNGCUVQHSWQVGTGSWGUVUKPQPGOQPVJOC[NGCFVQTGXQECVKQPQHCOCTMGVOCMGTURGTOKVWPNGUUUWEJOCTMGVOCMGTECPFGOQPUVTCVGTGCUQPCDNGITQWPFUHQTVJKUHCKNWTG

& 5WDLGEVVQEQORNKCPEGYKVJVJGVTCFKPITWNGUCRRNKECDNGVQU[UVGOGPVT[TGSWKTGOGPVUGCEJOCTMGVOCMGTYKNNDGRGTOKVVGFVQGPVGTCPWODGTQHSWQVGUUKOWNVCPGQWUN[KPVQVJGQRVKQPUVTCFKPIU[UVGO



3WGUVKQP

9JKEJQHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGOCTMGVOKUEQPFWEVWPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG5(1!

+ 6JG5(1OCMGUENGCTVJCVEKXKNRTQEGGFKPIUCPFETKOKPCNRTQUGEWVKQPOC[DGDTQWIJVCICKPUVVJGUCOGRGTUQPHQTVJGUCOGOKUEQPFWEV

++ 6JG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP5(%KUGORQYGTGFVQOCMGTWNGUCPFURGEKH[V[RGUQHOCTMGVOKUEQPFWEVCEVKXKVKGUKPVJGTGNGXCPVTWNGU

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# +CPF++QPN[

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5CORNG3WGUVKQPU

3WGUVKQP

9JKEJQHVJGHQNNQYKPIRGQRNGYQWNF/156.+-'.;DGEQPUKFGTGFCUEQOOKVVKPIOCTMGVOKUEQPFWEVWPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG5(1!

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++ /U$ /U $ KU CP GORNQ[GG QH C *QPI -QPI NKUVGF EQORCP[ ; 5JG DW[U UJCTGU KPEQORCP[;HQTNQPIVGTOKPXGUVOGPV

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3WGUVKQP

9JKEJQHVJGHQNNQYKPICTGRQUUKDNGYC[UHQTCEJKGXKPIVJGQDLGEVKXGUQHIQQFEQTRQTCVGIQXGTPCPEG!

+ 2GPCNK\KPIEQTRQTCVGYTQPIFQKPIU

++ #FQRVKPIKPVGTPCVKQPCNCEEQWPVKPICPFCWFKVKPIUVCPFCTFU

+++ +PUVCNNCVKQPQHUVTQPIRTQVGEVKXGUVTWEVWTGUHQTETGFKVQTU

+8 5GRCTCVKQPQHHWPEVKQPUDGVYGGPVJG%JCKTOCPCPFVJG%JKGH'ZGEWVKXG1HHKEGT%'1

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5#/2.'#059'45*''6

paper 2 - regulation of securities

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