Transitional provisions in relation to Deposit Protection Scheme (Amendment) Ordinance 2010
(1) The amendments made to this Ordinance by the Deposit Protection Scheme (Amendment) Ordinance 2010 (11 of 2010) (ˇ§the amending Ordinanceˇ¨) do not apply if a specified event within the meaning of section 22(1) has occurred before the commencement* of section 4 of the amending Ordinance, in which case the limit on the total amount of compensation to which a depositor may be entitled is the limit prescribed in section 27 before it is amended by that section 4 even though the payment of compensation is made after the commencement of that section 4.
(2) Rules made under section 51(1)(da) as added by section 10(2) of the amending OrdinanceˇX
(a) may provide that any requirement imposed by those rules applies in relation to a deposit or any other financial product that is in existence at the commencement of those rules; and
(b) may prescribe the manner in which the requirement in relation to the deposit or financial product is to be complied with.
(3) Rules made under section 51(1)(db) as added by section 10(3) of the amending Ordinance may provide that those rules, in so far as they relate to the imposition of restrictions on Scheme members relating to the descriptions or representations of any financial product as a structured deposit, do not have effect in relation to any financial product that was being described or represented as a structured deposit immediately before the commencement of those rules.
(Added 11 of 2010 s. 11)
_________________________________________________________________________________________ Note: * Commencement date : 1 January 2011.