Transfer and resumption of functions of Commission
(1) The Commission may request the Chief Executive in Council to transfer, by order ("transfer order") published in the Gazette, to a recognized exchange company ("designated exchange company")-
(a) a function to which this section applies; or
(b) that function in so far as it applies to the exchange participants or applicants to be exchange participants of the designated exchange company,
if the Commission is satisfied that the designated exchange company is willing and able to perform the function.
(2) This section applies to a function of the Commission under-
(a) Part V;
(b) section 145; and
(c) Parts II and XII of the Companies Ordinance (Cap 32).
(3) A function to which this section applies may be transferred by a transfer order either in whole or in part, and the transfer may be subject to-
(a) a reservation that the Commission is to perform the function concurrently with the designated exchange company; and
(b) such other conditions as the Commission considers appropriate.
(4) A transfer order may contain such incidental, supplemental and consequential provisions as may be necessary or expedient for the purpose of giving full effect to the order.
(5) The Commission shall not request that a transfer order be made in respect of the making of financial resources rules unless the proposed designated exchange company has first supplied the Commission with a draft of the financial resources rules which it proposes to make, and the Commission is satisfied that the rules, if made, will afford the investing public an adequate level of protection.
(6) The Commission may at the request or with the consent of a designated exchange company resume a function transferred by a transfer order, but the resumption takes effect only by order of the Chief Executive in Council.
(7) The Chief Executive in Council may order that the Commission resume a function transferred to a designated exchange company by a transfer order if the Commission so requests and if it appears to the Chief Executive in Council to be in the public interest to do so.
(8) A transfer order may provide for a designated exchange company to retain all or any of the fees payable in relation to the performance of a transferred function, and an order made under subsection (6) or (7) may provide for the Commission to retain all or any such fees, from a date specified in the order.