Cap 571AF s 7 Fees for hearings concerning compliance with Codes or any rulings under them (SECURITIES AND FUTURES (FEES) RULES; SECURITIES AND FUTURES ORDINANCE)

Contents of Section

Chapter:	571AF	Title:	SECURITIES AND FUTURES (FEES) RULES	Gazette Number:	L.N. 228 of 2002; L.N. 12 of 2003
Section:	7	Heading:	Fees for hearings concerning compliance with Codes or any rulings under them	Version Date:	01/04/2003

(1) Where a hearing takes place before the Takeovers Panel in any disciplinary proceedings instituted under section 12 of the Introduction to the Codes, a fee, the amount of which shall be determined in accordance with subsection (3), shall, within 30 days after the delivery by the Takeovers Panel of its ruling, be payable to the Commission by any person who in the opinion of the Takeovers Panel-

(a) has caused unnecessary expense to be incurred in connection with the investigation by the Commission of any allegation against the person or with the conduct of the hearing; or

(b) has committed a breach of the Takeovers Code, the Share Repurchase Code or a ruling of the Executive or the Takeovers Panel.

(2) Where a hearing takes place before the Takeovers Panel for the purpose of deliberating the appropriate sanction to be imposed upon a person who has agreed that he is in breach of the Takeovers Code, the Share Repurchase Code or a ruling of the Executive or the Takeovers Panel, a fee, the amount of which shall be determined in accordance with subsection (3), shall be payable to the Commission by the person within 30 days after the delivery by the Takeovers Panel of its ruling.
(3) The fee payable under subsection (1) or (2) shall be $50000 and, in addition, $20000 in respect of each day or part of a day in excess of the first 2 days on which the Takeovers Panel meets for the purposes of the hearing in question.