SECURITIES (INSIDER DEALING) ORDINANCE ——附加英文版
Hong Kong
SECURITIES (INSIDER DEALING) ORDINANCE
(CHAPTER 395)
ARRANGEMENT OF SECTIONS
ion
I PRELIMINARY
hort title
nterpretation
pplication
Connected with a corporation"
ossession of relevant information obtained in privileged
capacity
Dealing in securities"
Take-over offer"
Relevant information"
II INSIDER DEALING
hen insider dealing takes place
Certain persons not to be held insider dealers
Trustees and personal representatives
Exercise of right to subscribe for or acquire securities
Duty of officers of corporation
Insider dealing not void or voidable
III INSIDER DEALING TRIBUNAL
Constitution of Tribunal Inquiries by Tribunal
Inquiries into insider dealing
Powers of Tribunal
Further powers of Tribunal to obtain information
Incriminating answers
Offences
Privileged information Report and orders of Tribunal
Report of Tribunal following inquiry
Orders etc. of Tribunal
Order against officer of corporation
Limitation on aggregate amount of penalties
Witnesses' expenses
Expenses of investigation and inquiry
Form and proof of order of Tribunal
Order of Tribunal may be registered in Court
Offence
IV APPEALS
Appeal to Court of Appeal
Powers of the Court of Appeal on appeal
Stay of execution on appeal
V MISCELLANEOUS
Offences by corporation, etc.
Limitation on commencement of proceedings
Chief Justice may make rules
44. (Omitted)
Whole document:
dule.
rdinance to amend the law relating to insider dealing in
securities;
for connected purposes.
eptember 1991] L. N. 269 of 1991
PART I PRELIMINARY
hort title
Ordinance may be cited as the Securities (Insider Dealing)
Ordinance.
nterpretation
In this Ordinance, unless the context otherwise requires--
ociate", in relation to a person entitled to exercise or control
the
cise of voting power in relation to a corporation, means--
that person's spouse, reputed spouse, person co-habiting
with that
on as a spouse, that person's brother, sister, parent,
step-parent,
d (natural or adopted) or step-child;
any corporation of which that person is a director;
any person who is an employee or partner of that person;
if that person is a corporation--
any director of that corporation;
any related corporation of that corporation; and
) any director or employee of any such related corporation; and
if that person has with any other person an agreement or
arrangement
respect to the acquisition, holding or disposal of shares or
other
rests in that corporation or under which they undertake
to act
ther in exercising their voting power in relation to it, that
other
on;
k or other document" includes--
books of a banker;
cheques, orders for the payment of money, bills of
exchange, and
issory notes in the possession or under the control of a banker;
securities in the possession or under the control of a banker,
whether
ay of pledge or otherwise;
any document or record used in the ordinary course of business
of a
;
any record so used which is kept otherwise than in a legible form
and
apable of being reproduced in a legible form; and
any accounts or deeds;
mission" means the Securities and Futures Commission
established by
Securities and Futures Commission Ordinance (Cap. 24);
pany" means a company as defined in section 2 (1) of the
Companies
nance (Cap. 32);
troller", in relation to a corporation, means any person--
in accordance with whose directions or instructions the
directors of
corporation or of another corporation of which it is a subsidiary
are
stomed to act; or
who, either alone or with any associate, is entitled to exercise,
or
rol the exercise of, more than 33% of the voting power at
general
ings of the corporation or of another corporation of which it
is a
idiary, and references in this Ordinance to "control"
shall be
trued accordingly; "corporation" means any company or
other body
orate or an unincorporated body, incorporated or formed either
in Hong
or elsewhere;
ector" includes--
any person occupying the position of director, by
whatever name
ed; and
any person in accordance with whose directions or
instructions the
ctors of the corporation are accustomed to act;
ument" includes any register, book, record, tape recording, any
form
omputer input or output, and any other document or similar
material
ther produced mechanically, electrically, or manually, or by any
other
s whatsoever);
h Court" means the High Court of Justice;
ding company" means a corporation which is a holding company
within
meaning of section 2 of the Companies Ordinance (Cap. 32);
uiry" means an inquiry instituted under section 16;
ider dealer" means a person who perpetrates any act which
is an
der dealing within the meaning of section 9 and also means a
person
is to be regarded as an insider dealer under section 16 (6);
ider dealing" means an insider dealing within the meaning of
section
ted securities" means securities that are listed on the
Unified
ange at the time of any insider dealing in relation
to those
rities;
icer" in relation to a corporation includes a director,
manager or
etary, and in relation to an unincorporated body includes every
member
he governing body thereof; "related corporation", in relation
to a
oration, means--
any corporation that is that corporation's subsidiary or
holding
any or a subsidiary of that corporation's holding company;
any corporation a controller of which is also a controller of
that
oration; "relevant share capital" means a corporation's issued
share
tal of a class carrying rights to vote at general meetings
of the
oration;
urities" means any shares, stocks, debentures, loan stocks,
funds,
s, or notes of, or issued by, any body, whether
incorporated or
corporated, or of any government or local government authority,
and
udes--
rights, options, or interests (whether described as
units or
rwise) in or in respect of any of the foregoing;
certificates of interest or participation in, or temporary or
interim
ificates for, receipts for, or warrants to subscribe to or
purchase,
of the foregoing; or
any instruments commonly known as securities;
sidiary" means any corporation which is a subsidiary
within the
ing of section 2 of the Companies Ordinance (Cap. 32);
bunal" has the meaning given to it in section 15;
fied Exchange" means the stock market established under section
27 of
Stock Exchanges Unification Ordinance (Cap. 361).
For the purpose of the definition of "controller", where a
person is
tled to exercise or control the exercise of 33% or more of the
voting
r at general meetings of a corporation and that
corporation is
tled to exercise or control the exercise of any of the voting power
at
ral meetings of another corporation ("the effective voting
power")
the effective voting power at general meetings of
that other
oration is taken as exercisable by that person.
A person shall not be deemed to be a person in accordance with
whose
ctions or instructions the directors of a corporation are
accustomed
ct by reason only that the directors of the corporation act on
advice
n by him in a professional capacity.
In this Ordinance securities are deemed to be listed on the
Unified
ange notwithstanding that dealings in such securities
have been
ended.
In this Ordinance a reference to an interest in securities is
to be
as including an interest of any kind whatsoever in the
securities;
accordingly there are to be disregarded any restraints or
restrictions
hich the exercise of any right attached to the interest
may be
ect.
pplication
Ordinance shall not have effect with respect to an insider dealing
in
tion to the listed securities of a corporation which has taken
place
re the commencement of this Ordinance.
Connected with a corporation"
A person is connected with a corporation for the purposes of
section 9
being an individual--
he is a director or employee of that corporation or a
related
oration; or
he is a substantial shareholder in the corporation or a
related
oration; or
he occupies a position which may reasonably be expected to give
him
ss to relevant information concerning the corporation by virtue
of--
any professional or business relationship existing between
himself (or
employer or a corporation of which he is a director or a firm of
which
s a partner) and that corporation, a related corporation or an
officer
ubstantial shareholder in either of such corporations; or
his being a director, employee or partner of a
substantial
eholder in the corporation or a related corporation; or
he has access to relevant information in relation to the
corporation
irtue of his being connected (within the meaning of paragraph (a),
(b)
c)) with another corporation, being information which relates
to any
saction (actual or contemplated) involving both those
corporations or
lving one of them and the listed securities of the other or to
the
that such transaction is no longer contemplated; or
he was at any time within the 6 months preceding any
dealing in
tion to listed securities within the meaning of section 9 a
person
ected with the corporation within the meaning of paragraph (a),
(b),
or (d).
A corporation is a person connected with a corporation
for the
oses of section 9 so long as any of its directors or employees
is a
on connected with that other corporation within the
meaning of
ection (1).
In subsection (1), "substantial shareholder" in
relation to a
oration means a person who has an interest in the relevant
share
tal of that corporation which has a nominal value equal to or
more
10% of the nominal value of the relevant share capital of
that
oration.
ossession of relevant information obtained in privileged
capacity
A public officer or a member or employee (whether such
member or
oyee is temporary or permanent, paid or unpaid) of any body
referred
n subsection (2), who in his capacity as such receives
relevant
rmation concerning a corporation shall be deemed to be a
person
ected with that corporation for the purposes of section 9.
The bodies referred to in subsection (1) are--
the Executive Council;
the Legislative Council;
the Futures Exchange Company, Stock Exchange Company or any
clearing
e;
any board, commission, committee or other body appointed by
or on
lf of the Governor or the Governor in Council under any Ordinance;
any body corporate established or incorporated by Ordinance; and
any body corporate specified by the Financial Secretary by
notice
ished in the Gazette.
In this section--
aring house" means a clearing house within the meaning of section
2
of the Commodities Trading Ordinance (Cap. 250) or authorized
under
other Ordinance to carry on business as a clearing house in
respect of
rities;
ures Exchange Company" means the Exchange Company within the
meaning
ection 2 (1) of the Commodities Trading Ordinance (Cap. 250);
ck Exchange Company" means the Exchange Company within the
meaning of
ion 2 (1) of the Stock Exchanges Unification Ordinance (Cap. 361).
In the case of a body referred to in subsection (2) which
has no
ers the reference in subsection (1) to a member shall be construed
as
ference to a member of the governing body thereof.
Dealing in securities"
the purposes of this Ordinance, a person deals in securities if
ther as principal or agent) he buys, sells, exchanges or
subscribes
or agrees to buy, sell, exchange or subscribe for, any securities
or
ires or disposes of, or agrees to acquire or dispose of, the right
to
sell, exchange or subscribe for, any securities.
Take-over offer"
his Ordinance, "take-over offer for a corporation" means an offer
made
ll the holders (or all the holders other than the person making
the
r and his nominees) of the shares in the corporation to acquire
those
es or a specified proportion of them, or to all the holders (or
all
holders other than the person making the offer and his nominees)
of a
icular class of those shares to acquire the shares of that class
or a
ified proportion of them.
Relevant information"
his Ordinance "relevant information" in relation to a
corporation
s specific information about that corporation which is not
generally
n to those persons who are accustomed or would be likely to deal
in
listed securities of that corporation but which would if
it were
rally known to them be likely materially to affect the price of
those
rities.
PART II INSIDER DEALING
hen insider dealing takes place
Insider dealing in relation to the listed securities of a
corporation
s place--
when a person connected with a corporation who is in
possession of
rmation which he knows is relevant information in relation to
that
oration deals in any listed securities of that corporation (or
in the
ed securities of a related corporation) or counsels or
procures
her person to deal in such listed securities knowing or
having
onable cause to believe that such person would deal in them;
when a person who is contemplating or has contemplated making
(whether
or without another person) a take-over offer for a corporation
and
knows that the information that the offer is contemplated or
is no
er contemplated is relevant information in relation
to that
oration, deals in the listed securities of that corporation (or
in the
ed securities of a related corporation) or counsels or
procures
her person to deal in those listed securities, otherwise than for
the
ose of such take-over;
when relevant information in relation to a corporation is
disclosed
ctly or indirectly, by a person connected with that
corporation, to
her person and the first-mentioned person knows that the
information
elevant information in relation to the corporation and knows
or has
onable cause for believing that the other person will make use
of the
rmation for the purpose of dealing, or counselling or
procuring
her to deal, in the listed securities of that corporation (or in
the
ed securities of a related corporation);
when a person who is contemplating or has contemplated making
(whether
or without another person) a take-over offer for a corporation
and
knows that the information that the offer is contemplated or
is no
er contemplated is relevant information in relation
to that
oration, discloses that information, directly or
indirectly, to
her person and the first-mentioned person knows or has
reasonable
e for believing that the other person will make use of the
information
the purpose in dealing, or in counselling or procuring
another to
, in the listed securities of that corporation (or in the
listed
rities of a related corporation);
when a person who has information which he knows is
relevant
rmation in relation to a corporation which he received
(directly or
rectly) from a person--
whom he knows is connected with that corporation; and
whom he knows or has reasonable cause to believe
held that
rmation by virtue of being so connected,
s in the listed securities of that corporation (or in the
listed
rities of a related corporation) or counsels or procures
another
on to deal in those listed securities;
when a person who has received (directly or indirectly) from a
person
he knows or has reasonable cause to believe is contemplating or
is no
er contemplating a take-over offer for a corporation,
information to
effect and knows that such information is relevant
information in
tion to that corporation, deals in the listed securities
of that
oration (or in the listed securities of a related
corporation) or
sels or procures another person to deal in those listed
securities.
An insider dealing in relation to the listed
securities of a
oration also takes place when a person who is knowingly in
possession
elevant information in relation to that corporation in any
of the
umstances described in subsection (1) --
counsels or procures any other person to deal in the listed
securities
hat corporation (or in the listed securities of a related
corporation)
he knowledge or with reasonable cause to believe that, that
person
d deal in those listed securities outside Hong Kong on any
stock
ange other than the Unified Exchange; or
discloses that relevant information to any other person
in the
ledge or with reasonable cause to believe that, that or some
other
on will make use of that information for the purpose of dealing,
or of
selling or procuring any other person to deal, in
the listed
rities of that corporation (or in the listed securities of a
related
oration) outside Hong Kong on any stock exchange other
than the
ied Exchange.
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关于印发进一步加快农产品流通设施建设若干意见的通知
国家计委 国家经贸委 农业部 财政部 人民银行 国家工商行政管理总局
关于印发进一步加快农产品流通设施建设若干意见的通知
各省、自治区、直辖市、计划单列市及新疆生产建设兵团计委、经贸委(商委)、农业厅(局)、财政厅(局)、工商局,中国人民银行各分行、营业管理部,国家开发银行,各国有独资商业银行、股份制商业银行:
国家计委、国家经贸委、农业部、财政部、人民银行、工商总局制定的《关于进一步加快农产品流通设施建设的若干意见》经报请国务院同意,现印发给你们,请认真贯彻执行。
附件:《关于进一步加快农产品流通设施建设的若干意见》
国家计委 国家经贸委 农业部 财政部 人民银行 工商总局
二○○二年十二月六日
主题词:流通 设施 建设 通知
附件:
关于加快农产品流通设施建设的若干意见
农产品流通设施,是农产品流通的载体,是连接农业生产和城乡居民生活消费的重要环节,也是社会基础设施的重要组成部分。加快农产品流通设施建设,对实现农产品流通的现代化,促进农村经济发展,增加农民收入,扩大就业,提高城乡居民的消费质量和我国农产品的竞争力,都具有十分重要的意义。
改革开放以来,我国农产品流通设施建设有了较快的发展,初步形成了以各类批发市场为中心、城乡农贸市场为基础、直销配送和连锁超市为补充,产区、销区、集散地市场相结合的农产品市场体系。但是,农产品流通设施建设仍然存在一些问题,农产品市场体系还不健全,批发市场的档次仍然不高、交易方式也比较原始,农产品的质量卫生标准和市场内部的检验检测体系尚未建立,市场信息网络建设滞后,鲜活商品的储藏、加工和运输能力严重不足,经营主体比较分散,流通的组织化程度较低。加快农产品流通设施建设,是“十五”时期国民经济发展中一项重要任务。
一、农产品流通设施建设的指导思想和目标
根据《国民经济和社会发展“十五”计划纲要》和《国务院关于加强新阶段“菜篮子”工作的通知》的要求,结合目前农产品流通设施建设的现状,“十五”和今后一段时期,我国农产品流通设施建设的指导思想是:适应经济发展和人民生活提高的需要,进一步完善政策,深化改革,扩大投入,加快发展,建立畅通高效、安全卫生、交易方式先进的农产品流通体系,降低流通成本,提高我国农产品的市场竞争力,促进农业结构调整和农民增收,保证居民的消费质量和安全。
我国农产品流通设施建设的目标是:完善批发市场的功能,提高批发市场的档次,在全国大中城市和主要产区建设一批布局合理、交易方式先进、功能齐全、信息灵敏、安全卫生的骨干批发市场;积极发展连锁超市、直销配送等新型流通组织,建立多层次、多业态、多种经营方式的农产品市场体系;加快农产品的储藏、加工、运输、配送等物流设施建设,建立现代化的农产品物流服务体系;改革现行农产品批发市场经营体制和管理体制,建立起在政府的政策引导和资金支持下主要依靠企业自主经营、自主投入、自我发展的机制。逐步形成以全国骨干批发市场为核心,以连锁超市等其它流通方式为补充,以现代物流服务体系为依托,以现代交易、结算、信息、检测、储藏、物流等技术为支撑,以良好的企业经营和资金投入机制为保证,以稳定、有序、规模化的农产品经销商队伍为主体的现代化的农产品市场流通体系。
二、农产品流通设施建设的原则
(一)统一规划,分级负责。根据农产品流通的特点,统一规划农产品流通设施,防止重复建设。国家负责规划具有全国性和区域性影响、辐射范围大的大型流通设施;省、自治区、直辖市和计划单列市负责规划辖区内具有地区性影响、具有较强辐射能力的中型流通设施;地市级负责规划辖区内的其他小型和专业性农产品流通设施。
(二)合理布局,分步实施。农产品流通设施的建设,要从农产品生产、流通、消费的实际出发,科学规划,合理布局。产地流通设施要有足够的资源,销地流通设施要有足够的市场需求。对布局分散、难以形成交易规模的市场,要通过规划加以调整。要根据交易与管理的实际需要和资金的可能,将近期目标与长远目标结合起来,分步实施,滚动发展,逐步到位。
(三)以改扩建为主,新建为辅。要充分利用现有设施,首先对现有布局合理、已形成交易规模的市场进行改扩建,完善市场功能,提高市场的辐射能力,同时在个别市场发育滞后地区适当新建一批市场。
(四)企业化运作,政府扶持。农产品流通设施建设,主要依靠企业自身的投入。市场经营管理单位要成为企业法人,建立企业自负盈亏、自我管理、自我发展的机制。根据农产品流通设施的公益性及承担的社会责任,国家和地方政府给予相应的政策扶持。
(五)打破地区和企业性质的限制,扩大经营规模。农产品流通设施建设关键要扩大经营规模,提高规模效益。要采取兼并、参股、合作等多种方式,打破地区和企业性质的限制,加快发展,形成规模。
三、农产品流通设施建设的重点
(一)完善现有市场的功能,提高市场档次,搞好全国骨干批发市场建设。要按照中共中央、国务院关于做好农业和农村工作和加快中西部地区经济发展以及加强新阶段“菜篮子”工作的有关政策要求,重点加强主产区和中西部地区批发市场建设,把产地批发市场纳入农业基础设施建设规划,增加投入,加快发展。要通过对大中城市现有市场的改扩建,完善市场的检验检测、信息、储藏、加工、运输、电子结算等功能,提高市场的档次。要根据各地的不同情况和特点,选择部分大型批发市场进行经纪人代理、竞价拍卖或网上交易等现代营销方式试点,逐步在全国大中城市、主要产区和集散地建成一批布局合理、辐射力强、信息灵敏、交易方式先进、功能齐全的国家级农产品骨干批发市场。
(二)加快农产品批发市场内部检验检测设施建设。按照国务院关于加快建立“菜篮子”产品检验检测体系的要求,重点对进入各级市场的“菜篮子”产品的药物残留进行监测。对于国家和省市规划建设的农产品批发市场,要率先完善农药残留、残毒和违禁药物的检验检测设施,加强 “菜篮子”产品检验检测,保证农产品的质量及消费安全。
(三)加强农产品批发市场信息网络建设。建立全国统一的农产品批发市场供求、交易以及价格等信息的收集、整理和发布制度。农产品批发市场内,要有专人整理全国农产品批发市场的供求、交易和价格信息,并通过批发市场信息网络和公共媒体,及时向社会公布,积极引导市场价格的合理形成,引导农产品的正常生产和有序流通。
(四)加快农产品储藏、运输等物流设施建设。根据农产品生产季节性、地区性强的特点,要加快农产品的储藏、运输等物流设施建设,发展农产品现代物流服务体系,促进农产品的跨区域流通和错季供应,保证市场供给。当前重点是加快主产区到主销区的物流设施建设,特别是“西菜东送”和“南菜北运”物流设施建设。
(五)培育农民合作运销组织和大型经营企业。要积极引导和鼓励农民联合起来共同运销农产品,支持农民兴建以统一销售农产品为主要服务内容的专业合作社。要支持农产品经营企业,建设农产品储藏、保鲜、分选、包装、运输等流通设施,增强运销能力,扩大经营规模,发展订单农业,从根本上提高我国农产品流通的组织化程度。
四、加快农产品流通设施建设的政策措施
“十五”时期,要继续加大对农产品流通设施建设的支持力度,把农产品流通设施作为社会基础设施,采取相应的政策予以扶持。
(一)做好农产品流通设施的统一规划工作,防止重复建设。各有关部门要根据农产品流通的规律和特点,按照职能分工,制定全国大型农产品流通设施建设规划。各地要结合当地实际情况,切实做好农产品流通设施建设的规划工作。要按照规划和基本建设程序的要求,加快农产品流通设施建设。防止重复建设和批发市场之间的恶性竞争。
(二)鼓励社会资金多渠道投资农产品流通设施建设。对农产品流通设施建设,地方政府和有关部门要优先规划和征地,实行优惠政策。采取多种形式,鼓励个人、集体、政府等多渠道资金投资农产品流通设施建设。鼓励发展跨地区的物流、配送和连锁经营。要改革现行农产品批发市场的经营管理体制,建立谁投资、谁收益、谁经营的机制,使农产品批发市场成为自负盈亏、自主经营的企业法人。符合重点龙头企业条件的国家和省级规划的农产品批发市场,经国家有关部门认定后,享受国家农业产业化龙头企业的有关优惠政策。支持符合条件的股份制农产品流通企业发行股票并上市。
(三)继续实行银行贷款、财政贴息的政策。 “九五”期间国家每年安排一部分“菜篮子”产品流通设施建设财政贴息贷款,较好地发挥了示范带动作用。根据国务院关于加强新阶段“菜篮子”工作的要求,“十五”时期,有关银行要继续加大对农产品批发市场、储藏、运销、物流、配送、连锁经营等流通设施的支持力度,积极安排贷款,在资金上给予倾斜。对于贷款落实的项目,国家将安排国债贴息。具体资金数额和办法另行商定。
(四)加大政府直接投入和扶持力度。农产品流通设施建设主要依靠企业自有资金和地方政府的投入,国家主要对具有全国性和重点区域性影响的大型农产品批发市场、物流、配送项目进行扶持。“十五”期间每年安排一部分预算内投资用于补助市场信息系统、农药残留检验检测和电子统一结算以及场地、道路、污水垃圾处理等基础设施建设。要按照中共中央、国务院关于做好农业和农村工作的有关政策要求,继续增加资金投入,扶持地方建设产地批发市场。对于国家支持的项目,地方政府要积极安排配套资金。
(五)扩大农产品流通设施领域的对外开放。抓住我国加入世界贸易组织的机遇,有步骤地扩大农产品流通设施建设领域的对外开放,鼓励外商投资农产品流通设施建设,要利用国外的资金和管理技术,促进农产品流通设施的管理体制、企业机制的创新和整体管理水平的提高。
(六)整顿农产品批发市场及运输环节的各种收费。要整顿农产品批发市场收费,降低过高的收费标准,取消各种非法收费。要合并重复的收费项目,推广统一收费的经验,解决多头收费、重复收费的问题。建设农产品跨区域运输的绿色通道,禁止运输环节各种不合理的收费和关卡。