Cap. 628C 《金融機構(處置機制)(合約確認暫停終止權——銀行界)規則》Financial Institutions (Resolution) (Contractual Recognition of Suspension of Termination Rights—Banking Sector) Rules

A covered entity must ensure that a suspension of termination rights provision is contained in a covered contract that is—

Subject to subrule (3), if a contract is not a covered contract when it is entered into but becomes a covered contract at a time on or after the initial day (relevant time), the contract is taken for the purposes of this rule to be a covered contract entered into when it becomes a covered contract.

Subrule (2) does not apply—

For the purposes of subrule (1)(b)(ii) but without limiting that subrule, a covered contract is materially amended if an amendment is made to the contract to create a new right or obligation of a party to the contract.

A failure of a covered entity to comply with subrule (1) in relation to a covered contract does not affect any power of the resolution authority under section 90(2) of the Ordinance to suspend a termination right under the contract.

This rule applies if, in the following period, a covered entity enters into a covered contract, or a covered contract entered into by a covered entity is renewed or materially amended—

The covered entity must—

The initial period for a covered contract is—

Any excluded counterparties to a covered contract are to be ignored for the purposes of subrule (3)(a).

The resolution authority may, by written notice served on a covered entity, extend the initial period for a covered contract or a class of covered contract, if satisfied that it is prudent to do so.

The resolution authority may, by written notice served on a covered entity, vary or revoke an extension under subrule (1), if satisfied that it is prudent to do so.

The resolution authority may do the following, if satisfied that it is prudent to do so—

In determining whether it is prudent to extend the initial period, vary or revoke an extension, impose a condition on an extension or vary or revoke a condition of an extension, the resolution authority may take into account—

The resolution authority may, by written notice served on a covered entity, exempt the covered entity from compliance with rule 3(1) for a covered contract or a class of covered contract, if satisfied that it is prudent to do so.

The resolution authority may, by written notice served on a covered entity, vary or revoke an exemption under subrule (1), if satisfied that it is prudent to do so.

The resolution authority may do the following, if satisfied that it is prudent to do so—

In determining whether it is prudent to exempt a covered entity, vary or revoke an exemption, impose a condition on an exemption or vary or revoke a condition of an exemption, the resolution authority may take into account—

If, in relation to a covered contract, a covered entity fails to comply with rule 3(1) in accordance with rule 4 or 5(2) (as the case requires), the resolution authority may, by written notice served on the covered entity, require the covered entity to—

The covered entity must specify in a plan proposed in response to a notice served on it under subrule (1) a period within which it proposes to rectify the failure.

The resolution authority may, by written notice served on the covered entity, extend the period for the covered entity to rectify the failure, if satisfied that it is prudent to do so.

The service of a notice on a covered entity under subrule (1) or (3), does not affect any power of the resolution authority under section 14 of the Ordinance in relation to—

A covered entity commits an offence and is liable on conviction to a fine at level 2 if the covered entity, without reasonable excuse, fails to—

If a covered entity commits an offence under subrule (5), an officer of the covered entity also commits an offence under that subrule if the officer—

An officer who commits an offence under subrule (5) is liable on conviction to a fine at level 2 and to imprisonment for 6 months.

An officer of a covered entity may commit an offence under subrule (5) whether or not the covered entity has been prosecuted for, or found guilty of, an offence under that subrule.