Contents of Section

Chapter:

571 PDFTitle:Securities and Futures OrdinanceGazette Number:L.N. 12 of 2003
Section:29Heading:Direction to cease to provide facilities or services in emergenciesVersion Date:01/04/2003


(1) In addition to the powers of the Commission under section 28, the Commission may, after consultation with a recognized exchange company, by notice in writing served on the company, direct the company to cease to provide or operate such facilities or cease to provide such services as are specified in the notice for a period not exceeding 5 business days.
(2) The Commission may only serve a notice under subsection (1) if it is of the opinion that the orderly transaction of business on the stock market or futures market (as the case may be) is being, or is likely to be, impeded because-

        (a) an emergency or natural disaster has occurred in Hong Kong; or
        (b) there exists an economic or financial crisis, whether in Hong Kong or elsewhere, or any other circumstances, which is likely to prejudice orderly transaction of business on the stock market or futures market (as the case may be).
(3) The Commission may, by notice in writing served on the recognized exchange company, extend the direction under subsection (1) for further periods not exceeding 10 business days in all.
(4) A notice served under this section shall take effect immediately.