Cap 571 s 70 Appointment of chief executive or chief operating officer of recognized exchange controller requires approval of Commission (Securities and Futures Ordinance)

Contents of Section

Chapter:	571	Title:	Securities and Futures Ordinance	Gazette Number:	L.N. 12 of 2003
Section:	70	Heading:	Appointment of chief executive or chief operating officer of recognized exchange controller requires approval of Commission	Version Date:	01/04/2003

(1) No appointment of a person as chief executive or chief operating officer of a company which is a recognized exchange controller shall have effect unless the appointment has the approval in writing of the Commission.
(2) Where the Commission, after consultation with the Financial Secretary and the chairman of a recognized exchange controller, is satisfied that it is appropriate to do so-

(a) in the interest of the investing public or in the public interest; or

(b) for the proper regulation of markets in securities or futures contracts,

it may, by notice in writing served on a person who is the chief executive or chief operating officer of the controller, remove the person from that office with effect from a date specified in the notice for the purpose.
(3) A notice served under subsection (2) shall take effect immediately.