Cap. 615 《打擊洗錢及恐怖分子資金籌集條例》Anti-Money Laundering and Counter-Terrorist Financing Ordinance

For the purpose of ascertaining whether a prescribed person (inspection subject) is complying or has complied with, or is likely to be able to comply with, a prescribed requirement, an authorized person has the powers specified in subsection (1A) or (1B). (Replaced 15 of 2022 s. 11)

In relation to an inspection subject who is a non-Part 5B prescribed person (non-Part 5B inspection subject), an authorized person may at any reasonable time—

In relation to an inspection subject who is a licensed VAS provider or an associated entity of a licensed VAS provider, an authorized person may at any reasonable time—

(Repealed 15 of 2022 s. 11)

Subject to section 9A, an authorized person in exercising any power under subsection (1A)(b) or (1B)(b) may—

The specified acts are—

Subject to section 9A, an authorized person in exercising any power under subsection (1A)(c) or (1B)(c) in respect of a person specified in that subsection may require the person—

An authorized person may only exercise the power under subsection (1A)(c)(ii) or (1B)(c)(ii) if the authorized person has reasonable cause to believe that the information sought cannot be obtained by the exercise of the power under subsection (1A)(c)(i) or (1B)(c)(i). (Amended 15 of 2022 s. 11)

An authorized person may only exercise the power under subsection (3)(b) if the authorized person has reasonable cause to believe that the specified business record or the information sought cannot be obtained by the exercise of the power under subsection (3)(a). (Amended 15 of 2022 s. 11)

(Repealed 15 of 2022 s. 11)

If a person gives an answer in accordance with a requirement imposed under subsection (3) or (5), the authorized person may in writing require the person to verify, within the time specified in the requirement, the answer by statutory declaration.

If a person does not give an answer in accordance with a requirement imposed under subsection (3) or (5) for the reason that the information concerned is not within the person’s knowledge, the authorized person may in writing require the person to verify, within the time specified in the requirement, that fact and reason by statutory declaration.

A statutory declaration under subsection (9) or (10) may be taken by the authorized person.

A relevant authority may authorize in writing any person, or any person belonging to a class of persons, as an authorized person for the purposes of this section.

A relevant authority must provide an authorized person authorized by it with a copy of its authorization.

When exercising a power under this section, an authorized person must as soon as reasonably practicable produce a copy of the relevant authority’s authorization for inspection.

In this section—

In this section, in relation to a non-Part 5B inspection subject—

In this section, in relation to an inspection subject that is a licensed VAS provider or an associated entity of a licensed VAS provider—

This section applies if—

Section 9 is not to be construed as requiring the subject person to disclose any information or produce any specified business record relating to the affairs of any of its customers to the authorized person, unless the other regulatory authority is of the opinion, and certifies in writing that it is of the opinion, that the disclosure or production is necessary for the purposes of that section.

In this section—

A person commits an offence if the person, without reasonable excuse, fails to comply with a requirement imposed on the person under section 9(3), (5), (9) or (10).

A person who commits an offence under subsection (1) is liable—

A person commits an offence if the person—

A person who commits an offence under subsection (3) is liable—

A person commits an offence if the person, with intent to defraud, fails to comply with a requirement imposed on the person under section 9(3), (5), (9) or (10).

A person commits an offence if the person, with intent to defraud, produces any record or document or gives any answer that is false or misleading in a material particular in purported compliance with a requirement imposed on the person under section 9(3) or (5).

A person commits an offence if—

A person commits an offence if—

A person who commits an offence under subsection (5), (6), (7) or (8) is liable—

Despite anything in this Ordinance, no criminal proceedings may be instituted against a person under subsection (1), (3), (5), (6), (7) or (8) in respect of any conduct if—

In this section—

If a relevant authority—

the relevant authority may in writing direct one or more of the persons specified in subsection (2) or, with the consent of the Financial Secretary, appoint one or more other persons, to investigate the matter. (Amended 4 of 2018 s. 11; 15 of 2022 s. 14)

The specified persons are—

The costs and expenses incurred by an investigator who—

may be paid out of moneys provided by the Legislative Council.

A relevant authority must provide an investigator with a copy of its direction or appointment.

Before first imposing any requirement on a person under section 12(2), (3), (4) or (5), an investigator must produce a copy of the relevant authority’s direction or appointment to that person for inspection.

In this section—

This section applies to a person (covered person) who is— (Amended 15 of 2022 s. 15)

Subject to section 12A, an investigator may in writing require a covered person to— (Amended 15 of 2022 s. 15)

If a covered person produces a record or document in accordance with a requirement imposed under subsection (2)(a), the investigator may, subject to section 12A, require the person to give an explanation or further particulars in respect of the record or document. (Amended 15 of 2022 s. 15)

If a covered person gives any answer, response, explanation or particulars in accordance with a requirement imposed under subsection (2) or (3), the investigator may in writing require the person to verify, within the time specified in the requirement, the answer, response, explanation or particulars by statutory declaration. (Amended 15 of 2022 s. 15)

If a covered person does not give any answer, response, explanation or particulars in accordance with a requirement imposed under subsection (2) or (3) for the reason that the information concerned is not within the person’s knowledge or in the person’s possession, the investigator may in writing require the person to verify, within the time specified in the requirement, that fact and reason by statutory declaration. (Amended 15 of 2022 s. 15)

A statutory declaration under subsection (4) or (5) may be taken by the investigator.

(Repealed 15 of 2022 s. 15)

An investigator—

An investigator must, as soon as reasonably practicable after he or she completes the investigation, make a final report on the investigation to the relevant authority.

A relevant authority may, with the consent of the Secretary for Justice, publish a report made under this section.

This section applies if—

Neither section 11 nor 12 is to be construed as requiring the subject person to disclose any information or produce any record or document relating to the affairs of any of its customers to the investigator unless—

A person commits an offence if the person, without reasonable excuse, fails to comply with a requirement imposed on the person under section 12(2), (3), (4) or (5).

A person who commits an offence under subsection (1) is liable—

A person commits an offence if the person—

A person who commits an offence under subsection (3) is liable—

A person commits an offence if the person, with intent to defraud, fails to comply with a requirement imposed on the person under section 12(2), (3), (4) or (5).

A person commits an offence if the person, with intent to defraud, produces any record or document, or gives any answer, response, explanation or further particulars, that is or are false or misleading in a material particular in purported compliance with a requirement imposed on the person under section 12(2) or (3).

A person commits an offence if—

A person commits an offence if—

A person who commits an offence under subsection (5), (6), (7) or (8) is liable—

Despite anything in this Ordinance, no criminal proceedings may be instituted against a person under subsection (1), (3), (5), (6), (7) or (8) in respect of any conduct if—

A person is not excused from complying with a requirement imposed on the person under section 12 only on the ground that to do so might tend to incriminate the person.

If a person is convicted by a court on a prosecution instituted as a result of the findings of an investigation under section 11, the court may order the person to pay to the relevant authority the whole or a part of the costs and expenses of the investigation and the relevant authority may recover the whole or the part of the costs and expenses as a civil debt due to it.

If a relevant authority receives an amount under an order made under subsection (12) in respect of any of the costs and expenses of an investigation, and all or any of the costs and expenses have already been paid out of moneys provided by the Legislative Council, the relevant authority must pay to the Financial Secretary the amount received under the order to the extent that it has already been paid out of moneys provided by the Legislative Council.

In this section—

An expression used in this Division, and defined or otherwise explained in Part 5B, has the same meaning as in that Part.

In this Division—

For the purposes of this section, an issue of whether a person has contravened or is contravening any VA requirements of a jurisdiction outside Hong Kong (other jurisdiction) is an applicable matter if the Commission is of the opinion that the issue is of a nature similar to a matter described in section 11(1)(a) or (d) as that which the Commission has reasonable cause to believe or has reason to inquire (as the case requires).

The Commission may provide assistance to investigate an applicable matter, at the request of a regulator of the other jurisdiction concerned who enforces or administers the VA requirements concerned, if—

A person may be directed or appointed under section 11 by the Commission to investigate an applicable matter as the person may be directed or appointed under that section by the Commission to investigate a matter described in subsection (1)(a) or (d) of that section.

Sections 11(3), (4) and (5), 12, 12A and 13, Division 4 and Part 6A (section 13B-related provisions) apply to a person directed or appointed to investigate an applicable matter, and a requirement imposed, by virtue of this section and to the doing of anything in compliance or purported compliance with such a requirement.

For the purposes of subsection (4)—

Subsections (7) and (8) apply if—

The investigator must ensure that the person has first been informed or reminded of the limitations imposed by subsection (8) on the purpose for which the requirement is imposed and the question and answer or response, or the explanation or further particulars, may be produced to the regulator of that other jurisdiction.

If—

without limiting section 15, the investigator must not provide evidence of the subject requirement or the subject information, to the regulator of the other jurisdiction concerned, for use in criminal proceedings against the person in that other jurisdiction.

Subject to subsection (4), the Commission may, at the request of a regulator of a jurisdiction outside Hong Kong (requesting jurisdiction), provide assistance to the regulator to ascertain—

In this section—

If the Commission decides to provide assistance in relation to a specified regulatee under subsection (1)—

Subsection (1) applies only if—

The written statement must be to the effect of confirming that the regulator has not been, and will not be, able to—

The written undertaking must be to the effect that the regulator—

Section 9 (except subsections (1), (1A), (1B), (3), (4), (5), (6), (7) and (12)), sections 9A and 10, Division 4 and Part 6A (section 13C-related provisions) apply to a section 13C officer and a requirement imposed under subsection (3) and the doing of anything in compliance or in purported compliance with such a requirement.

For the purposes of subsection (7), a reference, in any of the section 13C-related provisions, to a requirement imposed under any provision of section 9 is to be read to include a requirement imposed under subsection (3).

A regulator of a jurisdiction outside Hong Kong (requesting jurisdiction) requesting assistance under section 13B or 13C meets the regulator-related requirements if—

As soon as reasonably practicable after the Commission is satisfied that a regulator meets the regulator-related requirements, the Commission must cause the name of the regulator to be published in the Gazette unless the name of the regulator has already been published under section 186(5) of the Securities and Futures Ordinance (Cap. 571).

Any matter published under subsection (2) is not subsidiary legislation.

For the purposes of section 13B or 13C, the investors’ and public interest condition is satisfied in relation to a request for assistance, made by a regulator of a jurisdiction outside Hong Kong, if the Commission is of the opinion that—

In deciding whether the investors’ and public interest condition is satisfied in a particular case where assistance is requested under section 13B or 13C, the Commission must take into account whether the regulator will—

If—

the Commission must pay to the Financial Secretary the amount received to the extent that the costs and expenses have already been paid out of moneys provided by the Legislative Council.

If a person fails to comply with a requirement imposed by an authorized person under section 9(3), (5), (9) or (10) or by an investigator under section 12(2), (3), (4) or (5), the authorized person or the investigator may apply by originating summons to the Court of First Instance for an inquiry into the failure.

On an application under subsection (1), the Court of First Instance may—

An originating summons under subsection (1) is to be in Form No. 10 in Appendix A to the Rules of the High Court (Cap. 4 sub. leg. A).

Despite anything in this Ordinance, no proceedings may be instituted against a person for the purposes of subsection (2)(b) in respect of any conduct if—

If an investigator requires a person to give an answer or response to a question or to give an explanation or further particulars under section 12(2) or (3), the investigator must ensure that the person has first been informed or reminded of the limitations imposed by subsection (2) on the admissibility in evidence of the requirement and of the question and answer or response, or the explanation or further particulars.

Despite anything in this Ordinance and subject to subsection (3)—

the requirement and the question and answer or response, or the explanation or further particulars, are not admissible in evidence against the person in criminal proceedings in a court of law.

Subsection (2) does not apply to criminal proceedings in which the person is charged with an offence under section 13(1), (3), (5), (6), (7) or (8), or under Part V of the Crimes Ordinance (Cap. 200), in respect of the answer or response, or the explanation or further particulars. (Amended 15 of 2022 s. 19)

If a magistrate is satisfied by information on oath laid by an investigator, a person authorized under section 9(12), or an employee or staff member of a relevant authority that there are reasonable grounds to suspect that there is, or is likely to be, on premises specified in the information any record or document that may be required to be produced under this Part, the magistrate may issue a warrant authorizing a person specified in the warrant, a police officer, and any other person as may be necessary to assist in the execution of the warrant, to—

If an authorized person has reasonable cause to believe that a person found on the premises is employed in connection with a business that is or has been carried on on the premises, the authorized person may require that person to produce for examination any record or document that—

An authorized person may, in relation to any record or document required to be produced under subsection (2)—

Any record or document removed under subsection (1) may be retained—

If an authorized person removes any record or document under this section, the authorized person must, as soon as reasonably practicable after the removal, give a receipt for the record or document.

An authorized person who has removed any record or document under this section may permit any person who would be entitled to inspect the record or document but for the removal to inspect it and to make copies or otherwise record details of it at all reasonable times.

An authorized person who enters any premises under this section must, if required, produce the warrant for inspection.

Section 102 of the Criminal Procedure Ordinance (Cap. 221) applies to any property that has by virtue of this section come into the possession of a relevant authority, as it applies to property that has come into the possession of the police.

A person commits an offence if the person—

A person who commits an offence under subsection (9) is liable—

In this section—

If any information or matter contained in a record or document is recorded otherwise than in a legible form but is capable of being reproduced in a legible form, any person who is empowered to require the production of the record or document under this Part is also empowered to require the production of a reproduction of the recording of the information or matter, or the relevant part of the recording, in a legible form.

If any information or matter contained in a record or document is recorded in an information system, any person who is empowered to require the production of the record or document under this Part is also empowered to require the production of a reproduction of the recording of the information or matter, or the relevant part of the recording, in a form that enables the information or matter to be reproduced in a legible form.

(Repealed 15 of 2022 s. 20)

If an authorized person or an investigator has taken possession of any record or document under this Part, the authorized person or the investigator must permit any other person who would be entitled to inspect the record or document had the authorized person or the investigator not taken possession of it under this Part to inspect it and to make copies or otherwise record details of it at all reasonable times.

A person who gives a permission under subsection (1) may impose any reasonable condition as to security or otherwise that the person thinks fit.

A person commits an offence if the person destroys, falsifies, conceals or otherwise disposes of, or causes or permits the destruction, falsification, concealment or disposal of, any record or document that the person is required by an authorized person or an investigator to produce under this Part, with intent to conceal, from the authorized person or the investigator, facts or matters capable of being disclosed by the record or document.

A person who commits an offence under subsection (1) is liable—

Subject to subsection (2), the Commissioner of Customs and Excise may in writing delegate any of his or her functions under this Ordinance to any public officer employed in the Customs and Excise Department.

The Commissioner of Customs and Excise must not delegate any of the functions under this section or section 51.

The Commissioner must maintain a register of licensees, in any form the Commissioner thinks fit, containing—

The register is to be kept at the office of the Commissioner.

The register must be made available for inspection by members of the public to enable any of them to ascertain whether he or she is dealing with a licensee.

Members of the public are entitled, without charge, to inspect the register during normal office hours.

Any person may, on payment of the fee specified in Schedule 3, obtain—

A copy of the register, or of an entry in or extract from the register, purporting to be certified by the Commissioner is admissible in evidence in any criminal or civil proceedings on production without further proof and is evidence of the facts stated in the copy.

The fact that the name of a person does not appear on a copy of the register purporting to be certified by the Commissioner is evidence that the person was not, at the date on which the copy is so certified, licensed.

A certificate purporting to be signed by the Commissioner and stating that the name of a person has been entered on or removed from the register, or has not been entered on the register, is admissible in evidence in any criminal or civil proceedings on production without further proof and is to be conclusive evidence of the facts stated in the certificate.

A person commits an offence if the person operates a money service without a licence.

A person who commits an offence under subsection (1) is liable— (Amended 15 of 2022 s. 22)

If a person is convicted of an offence under this section, the court or magistrate may order that the person is to be disqualified from holding a licence for a period specified in the order beginning on the date of the order.

An application for the grant of a licence—

The Commissioner may, on an application under subsection (1), grant to the applicant a licence to operate a money service.

The Commissioner may grant a licence to an applicant only if the Commissioner is satisfied that—

In determining whether a person is a fit and proper person under subsection (3)(a), the Commissioner must, in addition to any other matter that the Commissioner considers relevant, have regard to the following—

On granting a licence, the Commissioner may impose any condition that the Commissioner thinks fit.

If the Commissioner imposes any condition on a licence, the Commissioner must, at the time the licence is granted, inform the licensee by notice in writing.

An imposition of any condition under subsection (5) takes effect at the time the notice under subsection (6) is received by the licensee, or at the time specified in the notice under subsection (6), whichever is the later.

If the Commissioner refuses to grant a licence under this section, the Commissioner must inform the applicant by notice in writing.

A notice under subsection (6) or (8) must include—

Subject to section 34, a licence granted under this section is valid for 2 years or, if the Commissioner considers it appropriate in any particular case, any other period determined by the Commissioner, beginning on the date on which it is granted.

A licensee may apply to the Commissioner for a renewal of the licensee’s licence.

An application for the renewal of a licence—

The Commissioner may, on an application under subsection (2), renew the licence.

Section 30(3) and (4) applies to an application for renewal of a licence under this section as it applies to an application for a licence.

On renewing a licence, the Commissioner may amend or remove any condition of the licence previously imposed on the licensee, or impose any new condition on the licensee, that the Commissioner thinks fit.

If the Commissioner amends or removes any condition or imposes any new condition, the Commissioner must, at the time the licence is renewed, inform the licensee by notice in writing.

An amendment, removal or imposition of any condition under subsection (5) takes effect at the time the notice under subsection (6) is received by the licensee, or at the time specified in the notice under subsection (6), whichever is the later.

If the Commissioner refuses to renew a licence under this section, the Commissioner must inform the licensee by notice in writing.

A notice under subsection (6) or (8) must include—

A licence in respect of which an application for renewal is made under this section and which expires before the determination of the application by the Commissioner remains in force—

unless the application is withdrawn or the licence is revoked or suspended under section 34.

A renewal granted under this section takes effect—

Subject to section 34, a licence renewed under this section is valid for 2 years or, if the Commissioner considers it appropriate in any particular case, any shorter period determined by the Commissioner, beginning on the date on which it is renewed.

The Commissioner may, in relation to a licence, amend or remove any condition of the licence previously imposed on the licensee, or impose any new condition on the licensee, if the Commissioner is satisfied that it is reasonable to do so in the circumstances.

If the Commissioner amends or removes any condition or imposes any new condition in respect of a licence, the Commissioner must inform the licensee by notice in writing.

A notice under subsection (2) must include—

An amendment, removal or imposition of any condition under this section takes effect at the time the notice under subsection (2) is received by the licensee, or at the time specified in the notice under subsection (2), whichever is the later.

The Commissioner may exercise any of the powers specified in subsection (2) if—

The specified powers are—

The Commissioner may only exercise a power under subsection (1) after giving the licensee a reasonable opportunity to be heard.

If the Commissioner exercises a power under subsection (1) in respect of a licence, the Commissioner must inform the licensee of the decision by notice in writing.

A notice under subsection (4) must include—

A revocation or suspension of a licence under this section takes effect at the time specified in the notice under subsection (4).

If a licence is revoked or suspended under this section, no licence fee paid in respect of the grant or renewal of the licence is to be refunded.

If a person whose licence is revoked does not surrender the licence to the Commissioner within the time specified in the notice given to the person under subsection (4), the person commits an offence and is liable on conviction to a fine at level 5.

In relation to a licensee that is a corporation, a person must not become a director of the corporation unless the Commissioner has, on an application of the licensee, given his or her approval in writing.

An application for the approval of the Commissioner under this section—

The Commissioner may give an approval under this section only if the Commissioner is satisfied that the person in relation to whom the application is made is a fit and proper person to be associated with the licensee’s money service business.

In determining whether a person is a fit and proper person under subsection (3), the Commissioner must, in addition to any other matter that the Commissioner considers relevant, have regard to the matters specified in section 30(4)(a), (b), (c), (d) and (e).

If the Commissioner refuses to give an approval under this section, the Commissioner must inform the licensee by notice in writing.

A notice under subsection (5) must include—

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A person must not become an ultimate owner of a licensee unless the Commissioner has, on an application of the licensee, given his or her approval in writing.

An application for the approval of the Commissioner under this section—

The Commissioner may give an approval under this section only if the Commissioner is satisfied that the person in relation to whom the application is made is a fit and proper person to be associated with the licensee’s money service business.

In determining whether a person is a fit and proper person under subsection (3), the Commissioner must, in addition to any other matter that the Commissioner considers relevant, have regard to the matters specified in section 30(4)(a), (b), (c), (d) and (e).

If the Commissioner refuses to give an approval under this section, the Commissioner must inform the licensee by notice in writing.

A notice under subsection (5) must include—

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

In relation to a licensee that is a partnership, a person must not become a partner in the partnership unless the Commissioner has, on an application of the licensee, given his or her approval in writing.

An application for the approval of the Commissioner under this section—

The Commissioner may give an approval under this section only if the Commissioner is satisfied that the person in relation to whom the application is made is a fit and proper person to operate a money service.

In determining whether a person is a fit and proper person under subsection (3), the Commissioner must, in addition to any other matter that the Commissioner considers relevant, have regard to the matters specified in section 30(4)(a), (b), (c), (d) and (e).

If the Commissioner refuses to give an approval under this section, the Commissioner must inform the licensee by notice in writing.

A notice under subsection (5) must include—

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A licensee who is licensed to operate a money service at premises specified in the licence must not operate a money service at any premises other than those specified premises unless the Commissioner has, on an application of the licensee, added the new premises to the licence.

An application under this section must be made in the form and manner specified by the Commissioner.

The Commissioner may grant an application under this section on payment of the fee specified in Schedule 3 and may impose any condition that the Commissioner thinks fit.

The Commissioner may grant an application under this section only if the Commissioner is satisfied that—

If the Commissioner refuses to grant an application under this section, the Commissioner must inform the licensee by notice in writing.

A notice under subsection (5) must include—

The Commissioner must, as soon as reasonably practicable after granting an application under this section, add the relevant particulars to the register.

A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A licensee who is not required under the licence to operate a money service at particular premises must not operate a money service at any particular premises unless the Commissioner has, on an application of the licensee, added the premises to the licence.

An application under this section must be made in the form and manner specified by the Commissioner.

The Commissioner may grant an application under this section on payment of the fee specified in Schedule 3 and may impose any condition that the Commissioner thinks fit.

The Commissioner may grant an application under this section only if the Commissioner is satisfied that—

If the Commissioner refuses to grant an application under this section, the Commissioner must inform the licensee by notice in writing.

A notice under subsection (5) must include—

The Commissioner must, as soon as reasonably practicable after granting an application under this section, amend the relevant particulars in the register.

A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A licensee who is licensed to operate a money service at premises specified in the licence must display the original of the licence in a conspicuous place at the specified premises.

A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.

If there is any change in the particulars that are provided to the Commissioner in connection with a licensee’s application under section 30 or 31, the licensee must notify the Commissioner in writing of the change within one month beginning on the date on which the change takes place.

For the purposes of subsection (1), particulars that are provided in connection with a licensee’s application under section 30 or 31 include particulars notified under that subsection.

The Commissioner must, as soon as reasonably practicable after receiving a notification under subsection (1), amend any relevant particulars in the register if necessary.

A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.

If a licensee intends to cease to operate a money service or (if applicable) to cease to operate a money service at any of the premises specified in the licence with effect from a particular date (referred to in this section as date of cessation), the licensee must—

The Commissioner must, as soon as reasonably practicable after receiving a licence under subsection (1)(b)—

If a licence is returned for cancellation under this section, no licence fee paid in respect of the grant or renewal of the licence is to be refunded.

A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.

Subject to sections 44 and 45, the Commissioner may exercise any one or more of the powers specified in subsection (2) if a licensee—

The specified powers are—

A licensee who is ordered to pay a pecuniary penalty under this section must pay the penalty within—

after the order has taken effect as a specified decision under section 75.

If a licensee fails to comply with an order to take remedial action made under subsection (1), the Commissioner may further order the licensee to pay a daily pecuniary penalty not exceeding $10,000 for each day on which the failure continues after the date specified in the order as being the date by which the remedial action must be taken.

The Court of First Instance may, on an application of the Commissioner made in the manner specified in subsection (6), register an order to pay a pecuniary penalty made under subsection (1) or (4) in the Court of First Instance and the order is, on registration, to be regarded for all purposes as an order of the Court of First Instance made within the civil jurisdiction of the Court of First Instance for the payment of money.

For the purpose of making an application under subsection (5), the Commissioner must produce to the Registrar of the High Court a notice in writing requesting that the order be registered, together with the original and a copy of the order.

If the Commissioner has exercised his or her powers under subsection (1) in respect of a licensee, the Commissioner may disclose to the public details of the decision, the reasons for which the decision was made, and any material facts relating to the case.

The Commissioner may only exercise the powers under section 43 in respect of a licensee after giving the licensee a reasonable opportunity to be heard.

If the Commissioner exercises a power under section 43 in respect of a licensee, the Commissioner must inform the licensee of the decision by notice in writing.

A notice under subsection (2) must include—

The Commissioner must, before he or she first exercises the power to impose a pecuniary penalty referred to in section 43(2)(c), publish in the Gazette and in any other manner that the Commissioner considers appropriate, guidelines to indicate the manner in which the Commissioner proposes to exercise that power.

In exercising the power to impose a pecuniary penalty referred to in section 43(2)(c), the Commissioner must have regard to the guidelines published under subsection (1).

Guidelines published under subsection (1) are not subsidiary legislation.

If a magistrate is satisfied by information on oath that there are reasonable grounds to suspect that an offence under section 29 has been committed or is being committed on any premises, the magistrate may issue a warrant authorizing an authorized officer to—

An authorized officer authorized under subsection (1) may—

An authorized officer who enters any premises under this section must, if required, produce the warrant for inspection.

A person who obstructs an authorized officer exercising a power conferred by a warrant or by subsection (2) commits an offence and is liable on conviction to a fine at level 6 and to imprisonment for 6 months.

An authorized officer may, without a warrant, arrest a person or detain a person for further enquiries if the authorized officer has reasonable grounds to suspect that the person has committed or is committing an offence under section 29. (Amended 15 of 2022 s. 23)

An authorized officer who arrests or detains a person under this section must, if requested, produce evidence of his or her appointment as an authorized officer.

An authorized officer who arrests a person under this section must immediately take the person to a police station or, if in the opinion of the authorized officer further enquiries are necessary, first to an office of the Customs and Excise Department and then to a police station, there to be dealt with in accordance with the Police Force Ordinance (Cap. 232).

A person, whether arrested or not, must not be detained for more than 48 hours without being charged and brought before a magistrate.

If a person forcibly resists or attempts to evade arrest or detention under this section, the authorized officer may use any force that is reasonably necessary to effect the arrest or detention.

If an authorized officer has arrested a person under this section, the officer may—

A person may be searched only by an authorized officer of the same sex.

A person commits an offence if the person, in connection with an application for the grant or renewal of a licence—

A person commits an offence if the person, in connection with an application for the grant or renewal of a licence—

A person who commits an offence under subsection (1) or (2) is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A person must not become an ultimate owner of a licensee unless the Registrar gives approval in writing.

The Registrar may give approval only if—

In determining whether a person is a fit and proper person, the Registrar must, in addition to any other matter that the Registrar considers relevant, have regard to the matters specified in section 53I.

If the Registrar decides not to give approval, the Registrar must inform the licensee of the decision by notice in writing.

The notice must include—

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A person must not become a partner of a licensee that is a partnership unless the Registrar gives approval in writing.

The Registrar may give approval only if—

In determining whether a person is a fit and proper person, the Registrar must, in addition to any other matter that the Registrar considers relevant, have regard to the matters specified in section 53I.

If the Registrar decides not to give approval, the Registrar must inform the licensee of the decision by notice in writing.

The notice must include—

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A person must not become a director of a licensee that is a corporation unless the Registrar gives approval in writing.

The Registrar may give approval only if—

In determining whether a person is a fit and proper person, the Registrar must, in addition to any other matter that the Registrar considers relevant, have regard to the matters specified in section 53I.

If the Registrar decides not to give approval, the Registrar must inform the licensee of the decision by notice in writing.

The notice must include—

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

If there is a change in the particulars previously provided to the Registrar in connection with a licensee’s application for the grant or renewal of a licence, the licensee must notify the Registrar of the change within 1 month beginning on the date on which the change takes place.

For the purposes of subsection (1), particulars previously provided in connection with an application for the grant or renewal of a licence include particulars notified under that subsection.

The Registrar must, as soon as reasonably practicable after receiving the notification, amend any relevant particulars in the register if necessary.

A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.

If a licensee intends to cease to carry on the licensee’s trust or company service business, the licensee must, before the intended date of cessation, notify the Registrar—

The Registrar must, as soon as reasonably practicable after receiving the notification, cancel the licence with effect from the intended date of cessation.

Any fee paid for the grant or renewal of a licence is not refundable on the cancellation of the licence.

A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.

Subject to sections 53ZA and 53ZB, the Registrar may, in a situation specified in subsection (2), exercise, in respect of a licensee, one or more of the powers specified in subsection (3).

The situations are that—

The powers are—

If a licensee fails to comply with an order to take remedial action, the Registrar may further order the licensee to pay a daily pecuniary penalty not exceeding $10,000 for each day on which the failure continues after the compliance date.

A licensee who is ordered to pay a pecuniary penalty must pay it to the Registrar within—

after the order takes effect as a specified decision under section 75.

After a decision to exercise a disciplinary power takes effect as a specified decision under section 75, the Registrar may disclose to the public—

In this section—

If the Registrar decides to exercise a disciplinary power in respect of a licensee, the Registrar must inform the licensee of the decision by notice in writing.

The notice must—

The Registrar may exercise a disciplinary power only after giving the licensee a reasonable opportunity to be heard.

The Registrar must publish guidelines indicating the way in which the Registrar proposes to exercise the disciplinary power to impose a pecuniary penalty.

The guidelines must be published—

In exercising the disciplinary power to impose a pecuniary penalty, the Registrar must have regard to the published guidelines.

The guidelines are not subsidiary legislation.

The Court of First Instance may, on an application made by the Registrar, register in that Court an order to pay a pecuniary penalty.

The application must be made by producing to the Registrar of the High Court a notice in writing requesting that the order be registered, together with the original and a copy of the order.

On registration, the order is to be regarded for all purposes as an order of the Court of First Instance made within the civil jurisdiction of that Court for the payment of money.

In this section—

This section applies if—

The disciplinary power is also exercisable by the Registrar in respect of the director as if the director were a licensee.

This Division is to be construed accordingly.

In this section—

A magistrate may issue a warrant authorizing an authorized officer to take the actions referred to in subsection (2) if satisfied by information on oath that there are reasonable grounds to suspect that an offence under section 53F—

The actions are—

An authorized officer authorized by a warrant may call on any person to assist the authorized officer in entering and searching the premises.

An authorized officer who enters any premises under this section must, if required, produce the warrant for inspection.

A person who obstructs an authorized officer in the exercise of a power under this section commits an offence and is liable on conviction to a fine at level 6 and to imprisonment for 6 months.

In this section—

This section applies in relation to information or matter (material) contained in a record or document that—

If the material that is not in a legible form can be reproduced in a legible form, the authorized officer may require a person referred to in subsection (4) to produce the material or the relevant part of it in a legible form.

If the material is in an information system, the authorized officer may require a person referred to in subsection (4) to produce the material or the relevant part of it in a form that enables it to be reproduced in a legible form.

The persons for the purposes of subsections (2) and (3) are—

A person who obstructs an authorized officer in the exercise of a power under this section commits an offence and is liable on conviction to a fine at level 6 and to imprisonment for 6 months.

In this section—

A person commits an offence if the person in a specified document or for a specified purpose—

A person commits an offence if the person in a specified document or for a specified purpose—

A person who commits an offence under subsection (1) or (2) is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

In this section—

The Registrar may, in relation to a relevant instrument—

The Registrar may specify different requirements for different relevant instruments, or for different circumstances.

For the purposes of subsection (1)(a), the Registrar may—

For the purposes of subsection (1)(b), the Registrar may—

In this section—

For the purposes of this section—

A person who satisfies the conditions in subsection (2) is deemed to have been granted a licence to carry on a trust or company service business with effect from the commencement date, and this Ordinance applies in relation to the person accordingly.

The conditions are that immediately before the commencement date, the person—

If a deemed licensee does not apply for a licence under section 53G during the transitional period, a licence deemed to have been granted ceases to have effect when the earliest of the following events occurs—

If a deemed licensee applies for a licence under section 53G during the transitional period, a licence deemed to have been granted ceases to have effect when the earliest of the following events occurs—

In this section—

In this Ordinance—

A digital representation of value is excluded from the definition of VA in subsection (1) if—

The Commission may, by notice published in the Gazette—

The Secretary for Financial Services and the Treasury may, by notice published in the Gazette—

In this Ordinance—

In this Ordinance—

Subsection (4) applies if—

For the purposes of this Ordinance—

Subsection (4) applies regardless of—

Subsection (7) applies if—

For the purposes of this Ordinance—

Subsection (7) applies regardless of—

This section applies to the construction of a reference to related corporation or subsidiary in this Ordinance.

Two or more corporations are related corporations of each other if one of them is—

When an individual—

each of the corporations referred to in paragraph (a), (b) or (c), and each of their subsidiaries, are related corporations of each other.

For the purposes of this Ordinance, a corporation is a subsidiary of another corporation if—

For the purposes of subsection (4), in determining whether a corporation is a subsidiary of another corporation—

A corporation is a wholly owned subsidiary of another corporation if it has only the following as members—

A person must not—

Subsection (1) does not apply to a licensed provider for the VA service.

Without affecting subsection (1), a person must not—

Subsection (3) does not apply to a licensed representative who provides on behalf of his or her principal, a VA service for which the licensed representative is licensed.

A person who, without reasonable excuse, contravenes subsection (1)(a) or (b) commits an offence and is liable—

A person who, without reasonable excuse, contravenes subsection (3)(a) or (b) commits an offence and is liable—

A person (subject person) commits an offence if—

A person who commits an offence under subsection (1) is liable on conviction to a fine at level 5 and to imprisonment for 6 months.

A person does not commit an offence under subsection (1) merely because the person issues, or has in the person’s possession for the purpose of issue, any advertisement or document if—

A person (subject person) does not commit an offence under subsection (1) merely because the subject person issues by way of live broadcast, or has in the subject person’s possession for the purpose of issue by way of live broadcast, any advertisement or document if—

It is a defence to a charge for an offence under subsection (1) for the person charged to prove that the person took all reasonable steps and exercised all due diligence to avoid the commission of the offence with which the person is charged.

A person is taken to have established a matter that needs to be established for a defence under subsection (5) if—

In this section—

For the purposes of this section, an advertisement or document issued by a person on behalf of another is to be regarded as an advertisement or document issued by both persons.

A person commits an offence if the person, directly or indirectly, in a transaction involving any virtual assets—

A person who commits an offence under subsection (1) is liable—

If a person is convicted of an offence under subsection (1), the court before which the person is so convicted may, in addition to any penalty specified in subsection (2), make an order specified in subsection (4) in respect of the person.

The order is an order that, for the period (not exceeding 5 years) specified in the order, the person must not directly or indirectly in any way acquire, dispose of or otherwise deal in, in Hong Kong, any virtual assets without the leave of the court.

When making an order in respect of a person under subsection (4), the court may take into account any conduct by the person that previously resulted in the person being convicted of an offence in Hong Kong.

Where the court makes an order under subsection (4), the Commission may notify any licensed provider of the order in any manner that the Commission considers appropriate.

A person who fails to comply with an order made under subsection (4) commits an offence and is liable—

For the purposes of this section—

A person commits an offence if the person makes any fraudulent misrepresentation or reckless misrepresentation for the purpose of inducing another person to enter into, or offer to enter into, an agreement to acquire, dispose of, subscribe for or underwrite any virtual assets.

A person who commits an offence under subsection (1) is liable—

In this section—

A licensed provider must not provide any VA service unless—

A licensed provider who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 6 and, in the case of a continuing offence, to a further fine of $2,000 for every day during which the offence continues.

The Commission may, on application by a licensed representative in the specified manner and payment of a prescribed fee, approve the applicant as a responsible officer of the licensed provider to which the applicant is accredited.

The Commission must refuse to approve an applicant as a responsible officer of a licensed provider unless the Commission is satisfied that—

On giving approval under this section, the Commission may impose any conditions on the responsible officer and the licensed provider concerned.

In relation to the approval of a person as a responsible officer of a licensed provider, the Commission may, at any time, if satisfied that it is reasonable to do so in the circumstances—

Section 53ZRS applies in relation to the making of a decision under this section if the decision falls within section 53ZRS(1).

The approval of an individual as a responsible officer of a licensed provider is deemed to be revoked if the individual—

A person must not become an ultimate owner of a licensed provider unless the Commission has, on application by the person, given its approval in writing.

The Commission may, on application in the specified manner and payment of a prescribed fee, approve the applicant to become an ultimate owner of a licensed provider.

The Commission may give an approval only if the applicant satisfies the Commission that the licensed provider will remain a fit and proper person to be licensed if the application is approved.

On giving an approval under this section, the Commission may impose any conditions on the applicant and the licensed provider concerned.

In relation to the approval for an ultimate owner of a licensed provider, the Commission may, at any time, if satisfied that it is reasonable to do so in the circumstances—

Section 53ZRS applies in relation to the making of a decision under this section if the decision falls within section 53ZRS(1).

The imposition, amendment or removal of a condition under subsection (5) takes effect at the time of the service of the notice given under section 53ZRS(3) or at the time specified in the notice, whichever is the later.

Without limiting subsections (4) and (5), it is a condition of an approval that the approved ultimate owner must—

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable—

A licensed provider must keep records or documents required under any specified requirement only at any premises that are approved by the Commission.

An application to use premises for such purpose must be made to the Commission in the specified manner, and must be accompanied by the prescribed fee.

The Commission may approve an application made in accordance with subsection (2).

The Commission may approve an application only if the Commission is satisfied that the premises are non-domestic premises that are suitable to be used for keeping records or documents required under any specified requirement.

As soon as reasonably practicable after granting an application, the Commission must update the relevant particulars in the register maintained under section 53ZRH.

In this section—

This section applies in relation to the making of a decision to do any of the following (subsection (1) decision)—

If the Commission forms a preliminary view to make a subsection (1) decision in relation to a person, the Commission must, before making the decision, inform the person of the ground for the preliminary view and give the person a reasonable opportunity to be heard.

When the Commission makes a subsection (1) decision in relation to a person, it must, as soon as reasonably practicable, notify the person of the decision by written notice and the notice must include—

Client assets of a licensed provider are not liable to be taken in execution against the licensed provider or an associated entity of the licensed provider under an order or process of a court.

Subsection (1) is not to be construed as taking away or affecting a lawful claim or lien that any person has in respect of client assets of a licensed provider (whether received or held by the licensed provider or an associated entity of the licensed provider).

However, the existence of any claim or lien referred to in subsection (2) does not relieve a licensed provider or an associated entity of a licensed provider of the duty to comply with the requirements of any code or guideline published under any provision of this Ordinance that apply to it.

A licensed person or an ultimate owner of a licensed provider must, in the circumstances as prescribed under the specified requirements, notify the Commission in writing of any change, in any information that the licensed person or ultimate owner (as the case requires) has provided to the Commission under this Division or under Division 3 or 4, within 7 business days after the change, together with a full description of the change.

If the information has been provided in connection with an application under this Part and the application has been refused or withdrawn, this section no longer applies in relation to the information.

A person who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.

A licensed person who intends to cease to provide any VA service for which it is licensed must notify the Commission, in writing, as soon as reasonably practicable and in any event not later than 7 business days before the intended cessation.

A licensed provider must notify the Commission, in writing, at least 7 business days in advance if it intends to change the address at which it proposes to provide any VA service.

If a person becomes or ceases to be a director of a licensed provider, both the person and the licensed provider must, within 7 business days after the change, notify the Commission, by written notice, of the name and address of the person and of the nature of the position the person occupies or ceases to occupy.

A person who, without reasonable excuse, contravenes subsection (1), (2) or (3) commits an offence and is liable on conviction to a fine at level 5.

An associated entity of a licensed provider must within 7 business days after it becomes, or ceases to be, such an associated entity, notify the Commission, in writing, of that fact and other particulars specified in Schedule 3D.

If there is any change in the particulars required to be provided by an associated entity of a licensed provider under subsection (1), the associated entity must within 7 business days after the change notify the Commission, by written notice, of that fact and provide in the notice particulars of the change.

Unless otherwise authorized in writing by the Commission, an associated entity of a licensed provider must not, at any time after becoming such an entity, conduct any business other than that of receiving or holding client assets of the licensed provider.

If an associated entity of a licensed provider, without reasonable excuse, contravenes subsection (1), (2) or (3), the associated entity commits an offence and is liable—

If an associated entity of a licensed provider, with intent to defraud, contravenes subsection (1), (2) or (3), the associated entity commits an offence and is liable—

If an associated entity of a licensed provider becomes aware that it does not comply with subsection (1), (2) or (3), it must within 1 business day after becoming aware of that fact notify the Commission, by written notice, of that fact and of the surrounding circumstances.

If an associated entity of a licensed provider contravenes subsection (6), the associated entity commits an offence and is liable—

An associated entity of a licensed provider is not excused from complying with subsection (6) only on the ground that to do so might tend to incriminate it.

If a person is required under subsection (6) to notify the Commission of any matter, and the notification might tend to incriminate the person, then the notification is not admissible in evidence against the person in criminal proceedings in a court of law other than the proceedings in which—

A licensed representative accredited to a licensed provider ceases to be so accredited on the licensed representative ceasing to act for or on behalf of the licensed provider as a licensed representative.

If a licensed representative accredited to a licensed provider ceases to act for or on behalf of the licensed provider as a licensed representative, the licensed provider must, within 7 business days after the cessation, notify the Commission of the cessation.

If an individual who is a licensed representative—

the licence granted to the individual to be a licensed representative is deemed to have been revoked on the cessation.

A person who contravenes subsection (2) commits an offence and is liable on conviction to a fine at level 6.

A licensed person must pay to the Commission a prescribed fee—

In default of full payment of the prescribed fee as required under subsection (1), the person must pay to the Commission an additional sum calculated as follows—

In calculating the additional sum for the purposes of subsection (2), any fraction of a month is treated as a month.

A licensed person must—

A licensed provider must, within 1 month after it becomes licensed, appoint an eligible auditor to perform the functions required of an auditor of the licensed provider under or pursuant to the provisions of this or any other Ordinance.

A licensed provider must, within 7 business days after making an appointment under subsection (1), notify the Commission, by written notice, of the name and address of the auditor.

An associated entity of a licensed provider must, within 1 month after the associated entity becomes such an associated entity, appoint an eligible auditor to perform the functions required of an auditor of the associated entity under or pursuant to the provisions of this or any other Ordinance.

An associated entity of a licensed provider must, within 7 business days after making an appointment under subsection (3), notify the Commission, by written notice, of the name and address of the auditor.

A person who contravenes subsection (1) or (3) commits an offence and is liable—

A person who contravenes subsection (2) or (4) commits an offence and is liable on conviction to a fine at level 5.

A reference in subsection (1) or (3) to an eligible auditor is to be construed in accordance with section 53ZSA.

A person is not eligible for appointment as an auditor of a licensed provider or any of its associated entities if the person—

Subject to subsection (1), a person is eligible for appointment as an auditor of a licensed provider or any of its associated entities, even if the person is, apart from that appointment, already an auditor appointed by the licensed provider or the associated entity the accounts of which are to be audited, whether for the purposes of the Companies Ordinance (Cap. 622) or otherwise.

A licensed provider must, within 1 month after it becomes licensed, notify the Commission, by written notice, of the date on which its financial year ends.

An associated entity of a licensed provider must, within 1 month after it becomes such an associated entity, notify the Commission, by written notice, of the date on which the associated entity’s financial year ends.

Except with the approval in writing of the Commission under subsection (5)(a)(i) and subject to any conditions imposed under subsection (5)(b)—

Except with the approval in writing of the Commission under subsection (5)(a)(ii) and subject to any conditions imposed under subsection (5)(b)—

On an application in writing by an auditable entity, the Commission—

A person who contravenes subsection (1), (2), (3) or (4), or a condition imposed pursuant to subsection (5), commits an offence and is liable on conviction to a fine at level 5.

Nothing in this section affects the operation of section 429 of the Companies Ordinance (Cap. 622).

An auditable entity must—

A licensed provider that, in prescribed circumstances, ceases to provide the VA service for which it is licensed to provide, and an associated entity of a licensed provider that ceases to be such an associated entity, must—

Without limiting subsections (1) and (2), the requirements under those subsections relating to the prescribed financial statements and other prescribed documents, and the report of the prescribed auditor, referred to in those subsections include the requirements that—

On an application in writing by the auditable entity by which any prescribed financial statements and other prescribed documents, and any report of the prescribed auditor, are required under subsection (1) or (2) to be submitted, the Commission may, if it is satisfied that there are special reasons for so doing, extend the period within which the financial statements and other documents, and the report of the prescribed auditor, are required to be submitted, for the period and subject to the conditions that the Commission considers appropriate.

On the Commission granting the extension, subsection (1) or (2) (as the case requires) applies subject to the extension accordingly.

A person who, without reasonable excuse, contravenes subsection (1) or (2), or a condition imposed pursuant to subsection (4), commits an offence and is liable—

A person who, with intent to defraud, contravenes subsection (1) or (2), or a condition imposed pursuant to subsection (4), commits an offence and is liable—

A reference in any provision of this section to prescribed (except for a reference to prescribed auditor) means specified in Schedule 3F.

This section applies if a person in the course of performing the person’s functions as an auditable entity’s prescribed auditor—

In the circumstances specified in subsection (1)(a), the person must, as soon as reasonably practicable after the person becomes aware of the reportable matter, lodge with the Commission a written report on the reportable matter.

In the circumstances specified in subsection (1)(b), the person must, as soon as reasonably practicable after the person first proposes the inclusion of the qualification or adverse statement, lodge with the Commission a written report on the qualification or adverse statement.

In this section—

An auditable entity must notify the Commission in accordance with subsection (2), within the specified period, if any of the following circumstances (each a notifiable circumstance) occurs in relation to a person who is its prescribed auditor (incumbent)—

The notification must be given by written notice and must state the particulars of the notifiable circumstance.

The specified period mentioned in subsection (1) is 1 business day after the notifiable circumstance occurs.

A person who contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.

A person appointed as an auditable entity’s prescribed auditor must, within the specified period, notify the Commission by written notice, giving the specified information, if any of the following circumstances (each a specified change) occurs—

In relation to a specified change—

An auditable entity must appoint an eligible auditor to be its prescribed auditor, within the specified period, if the office of its prescribed auditor becomes vacant.

The specified period in subsection (1) means 1 month after the day on which the office of the prescribed auditor of the auditable entity becomes vacant.

A person who contravenes subsection (1) commits an offence and is liable—

A reference in subsection (1) to an eligible auditor is to be construed in accordance with section 53ZSA.

The Commission may appoint an auditor (section 53ZSH auditor) to examine and audit, generally or in respect of any particular matters, the accounts and records of a licensed provider (subject provider), or any of its associated entities, and report to the Commission on any matters that the Commission directs if—

A section 53ZSH auditor may examine any client assets of the subject provider received or held by the subject provider or any of its associated entities.

Subject to subsection (4), if a section 53ZSH auditor has examined and audited the accounts and records of the subject provider or any of its associated entities—

The Commission must give the subject provider a reasonable opportunity of being heard before giving a direction to pay any costs or expenses.

The Commission may recover, from the subject provider, the amount specified in the direction as a civil debt due to it if the subject provider fails to comply with the direction.

This section applies to a section 53ZSH auditor appointed in relation to a licensed provider (subject provider) or any of its associated entities to examine and audit the accounts and records of the subject provider or the associated entity.

For the purpose of carrying out the examination and audit, the section 53ZSH auditor may do any act or thing referred to in subsection (3), in addition to any other action that the section 53ZSH auditor may reasonably take for that purpose.

The section 53ZSH auditor may—

In this section—

A reference to an auditor, in relation to a specified related corporation, means any auditor appointed, under this Ordinance or otherwise, by the specified related corporation.

Subsections (3)(a)(i)(C) and (iii) and (d) and (4)(b)(ii) and (iii) and (c)(iii) apply if the section 53ZSH auditor, or a person authorized under subsection (3)(f), reasonably considers the application of those provisions is necessary for the purpose of carrying out the examination and audit of the accounts and records of the subject provider or any of its associated entities.

A person commits an offence if the person, without reasonable excuse, fails to comply with any requirement imposed on the person (including the requirement to answer any question put to the person) under section 53ZSI.

A person who commits an offence under subsection (1) is liable—

A person commits an offence if the person—

A person who commits an offence under subsection (3) is liable—

A person commits an offence if the person, with intent to defraud—

A person who commits an offence under subsection (5) is liable—

A section 53ZSH auditor appointed to examine and audit any accounts and records must—

A report referred to in subsection (1) must be made within the period and in the manner that the Commission directs.

The Commission may, if it considers appropriate, forward a copy of any report made to it under subsection (1) to the auditable entity the accounts and records of which are the subject of the examination and audit referred to in the report.

A person commits an offence if—

A person who commits an offence under subsection (1) is liable—

It is a defence for a person charged with an offence under subsection (1) because of paragraph (b)(i) of that subsection to establish that the person did not intend to prevent, delay or obstruct the carrying out of any examination and audit.

A person is taken to have established a matter that needs to be established for a defence under subsection (3) if—

Without affecting section 4, no duty that a person appointed as a prescribed auditor may be subject to is to be regarded as contravened because of the person’s communicating in good faith to the Commission, any information or opinion on a matter that—

Subsection (1) also applies to a person whose appointment as a prescribed auditor has ceased, in which case a reference to a matter in that subsection is to be construed on the basis that subsection (1)(a) requires the matter to be one that the person becomes aware of in the person’s capacity as such auditor (whether or not in the course of performing the person’s functions as such auditor) before the appointment has ceased.

Subsection (1) also applies to a prescribed auditor appointed by a former auditable entity, in which case a reference to a matter in that subsection is to be construed on the basis that subsection (1)(a) requires the matter to be one that the person becomes aware of in the person’s capacity as such auditor.

Subsection (1) also applies to a person whose appointment as a prescribed auditor by a former auditable entity, has ceased, in which case a reference to a matter in that subsection is to be construed on the basis that subsection (1)(a) requires the matter to be one that the person becomes aware of in the person’s capacity as such auditor before the appointment has ceased.

In this section—

This section applies to a person (applicant) who applies—

The applicant must provide the Commission with any information that the Commission reasonably requires to enable it to consider the application.

In considering an application referred to in subsection (1), the Commission may have regard to any information in its possession, whether provided by the applicant or not.

This section does not affect the Commission’s power to require or have regard to information apart from this section.

For an exercise of a power under section 53ZSP or 53ZSQ (decision) against a licensed person, the Commission—

The particulars of a decision entered on the register are to be kept in the register for a period of 5 years after—

Subsections (1) and (2) do not apply to a private reprimand under section 53ZSP(3)(a).

Despite subsections (1) and (2), the Commission is not required to enter on the register, or keep in the register, the particulars of, or in relation to, a decision if the decision is revoked by the Commission or is set aside on review or on appeal.

The Commission may publish codes and guidelines that it considers appropriate for providing guidance in relation to any provision under this Part.

The codes and guidelines must be published in the Gazette and in any other way the Commission considers appropriate.

To avoid doubt, the power of the Commission to publish codes or guidelines under this section is in addition to, and not in derogation of, any other power of the Commission to publish codes or guidelines under any provision of this or any other Ordinance.

The Commission may, from time to time, amend the whole or any part of any code or guideline published under this section in a way consistent with the power to publish the code or guideline under this section, and—

A failure on the part of a person to comply with a provision of any code or guideline published under this section does not by itself make the person liable to any legal proceedings, whether in the nature of judicial proceedings or otherwise.

Despite subsection (5)—

Any code or guideline published under this section is not subsidiary legislation.

The Commission may make rules for the better carrying out of the provisions and purposes of this Part.

Without limiting subsection (1), the Commission may make rules—

Except as otherwise provided in this Part, rules made by the Commission under this section—

Despite any other provisions of this Part but subject to subsection (6), if the Commission proposes to make rules under subsection (1), it must publish a draft of the proposed rules, in a manner that it considers appropriate, for the purpose of inviting representations on the proposed rules by the public.

If the Commission makes any rules under subsection (1) after a draft is published under subsection (4) in relation to the rules, it must—

Subsections (4) and (5) do not apply if the Commission considers, in the circumstances of the case, that—

To avoid doubt, subsections (4), (5) and (6) do not affect any other requirements that, apart from those subsections, apply to the making of any rules under any provision of this Part.

If rules are made by the Commission under subsection (1), the Chief Executive in Council may make regulations to provide that a person who contravenes any specified provision of the rules that applies to the person commits an offence and is liable to a specified penalty not exceeding—

The Secretary for Financial Services and the Treasury may, by notice published in the Gazette, amend Schedule 3B.

The Commission may, by notice published in the Gazette, amend Schedule 3C.

The Commission may, after consultation with the Financial Secretary, by notice published in the Gazette, amend Schedules 3D, 3E and 3F.

A person commits an offence if the person—

A person commits an offence if the person, in connection with an application made to the Commission under this Part, whether for the person or for another person—

A person who commits an offence under subsection (1) or (2) is liable—

In this section—

A person commits an offence if the person—

Subsection (1) does not apply to the provision of information that is false or misleading in a material particular if the provision of the information in purported compliance with a requirement imposed by or under any provision of this Ordinance would, apart from subsection (1), also constitute an offence under any provision of this Ordinance.

A person who commits an offence under subsection (1) is liable—

Subject to subsection (2), a person commits an offence if the person—

A person may be convicted of an offence under subsection (1) only if the prosecution proves that—

However, subsection (2)(a) does not require it to be proved that the Commission who has reasonably relied on any record or document—

as a result of the reliance.

A person who commits an offence under subsection (1) is liable—

Subject to subsection (2), a licensed provider or a licensed representative—

A statement to the effect that a person is licensed under this Ordinance does not by itself constitute a contravention of subsection (1).

If a licensed provider or a licensed representative, without reasonable excuse, contravenes subsection (1), the licensed provider or the licensed representative commits an offence and is liable on conviction to a fine at level 5.

In this section—

A person who, without reasonable excuse, obstructs any specified person in the performance of a function under or in carrying into effect any provision of this Ordinance commits an offence and is liable—

In this section—

If—