Cap. 571 sub. leg. AA

Securities and Futures (Levy) Rules(Cap. 571, section 394)(Enacting provision omitted—E.R. 1 of 2012) [1 April 2003] L.N. 12 of 2003(Format changes—E.R. 1 of 2012) 1. (Omitted as spent—E.R. 1 of 2012) 2. Interpretation In these Rules, unless the context otherwise requires—levy (徵費) means a levy payable under section 394(1) of the Ordinance; (L.N. 116 of 2011)Market Operator (市場營辦者)—(a) in relation to a levy payable under section 394(1)(a) of the Ordinance, means the Stock Exchange Company;(b) in relation to a levy payable under section 394(1)(b) of the Ordinance, means the recognized exchange company that operates the futures market on which the futures contract is traded;(c) in relation to a levy payable under section 394(1)(c) of the Ordinance, means the person who provides the authorized automated trading services by means of which the futures contract is traded; (L.N. 116 of 2011)remittance (轉付) means a payment, by way of remittance, by the Market Operator to the Commission under section 4. (L.N. 116 of 2011)(L.N. 116 of 2011) 3. Payment of levy (1) A person who is liable to pay a levy shall pay the levy to the Market Operator in such manner as may be specified from time to time in the rules of the Market Operator. (L.N. 116 of 2011)(2) In subsection (1)—rules of the Market Operator (市場營辦者規章)—(a) in the case of a person who provides authorized automated trading services, means the rules of the person as approved, if required, by the Commission under section 97(3)(a) of the Ordinance;(b) in the case of any other Market Operator, has the same meaning as rules has, in relation to that Market Operator, under section 1 of Part 1 of Schedule 1 to the Ordinance. (L.N. 116 of 2011) 4. Market Operator to remit levies (L.N. 116 of 2011)Where the Market Operator has collected the levy paid to it under section 3, it shall pay the levy, by way of remittance, to the Commission by paying it into such bank account as may be specified by the Commission, on the 15th day of the month following the month of the collection of the levy or, where the 15th day is not a business day, on the next business day.(L.N. 116 of 2011) 5. Returns relating to remittance (1) Within 7 days after the date of each remittance, the Market Operator shall furnish to the Commission a return relating to the remittance.(2) A return furnished under subsection (1) shall—(a) be in such form as may be specified by the Commission;(b) be signed by a director of the Market Operator authorized by the Market Operator either generally or specifically for that purpose; and(c) contain such information as may be specified by the Commission.(L.N. 116 of 2011) 6. Adjustment of remittance and returns A return or the amount of remittance to which it relates may be adjusted by the Market Operator to reflect any error in a previous return or remittance (as the case may be).(L.N. 116 of 2011) 7. Late remittance charge (1) If the Market Operator fails to remit any levy when required under these Rules, it shall pay to the Commission a late remittance charge of 2% above the average of the best lending rates respectively quoted by each note-issuing bank within the meaning of section 2 of the Legal Tender Notes Issue Ordinance (Cap. 65), on the amount of the levy, calculated on a daily basis commencing on the date of default until remittance of the levy is made. (L.N. 116 of 2011)(2) The late remittance charge payable under subsection (1) is recoverable as a civil debt due to the Commission. 8. Accounts The Market Operator shall keep proper accounts in respect of all transactions relating to the collection and remittance of levies.(L.N. 116 of 2011) 9. Inspection of accounts For the purpose of ascertaining whether the Market Operator is complying or has complied with any provision of these Rules, a person authorized in writing by the Commission may at any reasonable time, upon production of a copy of the authorization, inspect and make copies of the accounts kept under section 8.(L.N. 116 of 2011) 10. Report (1) The Market Operator shall, within one month after 31 March in each year or such longer period as may be specified by the Commission either generally or in a particular case, furnish to the Commission a report certifying that the returns furnished under section 5 and relating to all remittances made in the 12 months ending on 31 March in that year are correct and comply with these Rules, and that the levies to which the remittances relate have been paid in accordance with the Securities and Futures (Levy) Order (Cap. 571 sub. leg. Z). (L.N. 116 of 2011)(2) The report furnished under subsection (1) shall be—(a) in such form as may be specified by the Commission; and(b) prepared and certified, at the expense of the Market Operator, by—(i) an auditor appointed by the Market Operator under the Companies Ordinance (Cap. 622) or the relevant Ordinance; or(ii) if the Market Operator is a registered non-Hong Kong company as defined by section 2(1) of the Companies Ordinance (Cap. 622), an auditor appointed by the Market Operator. (L.N. 116 of 2011; 28 of 2012 ss. 912 & 920) 11. Refund of levy (1) Where a person has paid a levy, he may apply to the Commission for the refund of the levy on the ground that—(a) he was in fact not liable to pay the levy; or(b) he subsequently became not liable to pay the levy.(2) An application under subsection (1) shall be—(a) in writing; and(b) accompanied by all relevant information.(3) If the Commission is satisfied that an applicant was or became not liable to pay a levy paid by him, it shall refund the levy to the applicant. 12. Notification of failure to pay levy Where the Market Operator is aware that any person has failed to pay a levy payable by him, it shall as soon as reasonably practicable notify the Commission in writing of the failure.(L.N. 116 of 2011)