| |
|
PART A: RULES OF GENERAL APPLICATION
|
|
Chapter 1 - Interpretation
|
|
101
|
Definitions
|
|
102
|
HKSCC to interpret
|
|
103
|
HKSCC may disapply Rules
|
|
104
|
HKSCC's policy on personal information collection
|
|
Chapter 2 - Procedures
|
|
201
|
Operational Procedures binding on Participants
|
|
202
|
Orders, directions, practice notes
|
|
203
|
Terms and Conditions binding on Investor Participant
|
|
Chapter 3 - Admission of Participants
|
|
301
|
Application for admission
|
|
302
|
Categories of Participants
|
|
303
|
Criteria for admission
|
|
304
|
Approval of admission
|
| 304A |
Register of Participants |
|
305
|
Transitional Provisions
|
|
Chapter 4 - Transactions by Participants |
|
401
|
Instructions by Participants
|
|
402
|
Participants to act as principals
|
|
403
|
Instructions in violation of laws etc.
|
|
Chapter 5 - Eligible Securities & Eligible Currencies
|
|
501
|
HKSCC's discretion to determine eligibility
|
|
502
|
Grounds for non-eligibility of Eligible Securities
|
|
503
|
Acceptance/discontinuance of Eligible Securities
|
|
504
|
Acceptance of Eligible Securities as Collateral Security
|
|
Chapter 6 - Stock Accounts and CCMS Collateral Accounts |
|
601
|
Stock Clearing Accounts/Stock Segregated Accounts/Stock Lending Account/Stock Collateral Control Account/TSF Account/Stock Account of an Investor Participant
|
|
601A
|
CCMS Collateral Accounts
|
|
602
|
Right to rectify errors
|
|
603
|
Right to act in compliance with a court order etc.
|
|
604
|
Right to invest
|
|
Chapter 7 - Services - General |
|
701
|
Services
|
|
702
|
Other clearing entities
|
|
703
|
Arrangements with other entities
|
|
704
|
Access to CCASS
|
|
Chapter 8 - Depository and Custodian Services |
|
801
|
Deposit of Eligible Securities
|
|
802
|
Safe custody
|
|
803
|
Eligible Securities deposited to be freely transferable
|
|
804
|
Right not to accept Eligible Securities
|
|
805
|
Representation and warranty of authority
|
|
806
|
Representation untrue
|
|
807
|
Registration or re-issue in name of HKSCC's nominee
|
|
808
|
Immediate credit
|
|
809
|
Fungibility
|
|
810
|
Withdrawal of Eligible Securities from CCASS
|
|
811
|
Limited withdrawal right of Stock Pledgee Participants
|
|
812
|
Withdrawal of Certificates
|
|
813
|
Withdrawal of New Certificates and Old Certificates
|
|
814
|
Withdrawal of other Eligible Securities
|
|
815
|
HKSCC's liability for defects
|
|
816
|
HKSCC to pursue
|
|
816A
|
Transfer service for Multi-counter Eligible Securities
|
|
816B
|
Conversion service for Eligible Securities subject to parallel trading arrangements
|
|
817
|
Appointed Depositary
|
|
818
|
Custodian services in relation to Exchange Fund Notes and Government Bonds
|
|
819
|
Custodian services in relation to Specified Instruments
|
|
819A
|
Custodian services in relation to CMU Instruments
|
|
820
|
Legal title to Exchange Fund Notes and Government Bonds and interests in Specified Instruments and CMU Instruments
|
|
821
|
Custodian services in relation to Foreign Securities |
|
822
|
Custodian services in relation to Structured Products issued in global or scripless form |
|
823
|
Custodian Services in relation to Uncertificated Eligible Securities |
|
824
|
Custodian services in relation to China Connect Securities |
|
Chapter 9 - Clearing Services |
|
901
|
Clearance of Exchange Trades
|
|
901A
|
Clearance of China Connect Securities Trades
|
|
902
|
Clearance of Clearing Agency Transactions
|
|
903
|
HKSCC's discretion not to operate CNS System
|
|
904
|
Clearance of other transactions: SIs
|
|
905
|
Clearance of other transactions: ISIs
|
|
906
|
Clearance of other transactions: TIs
|
|
907
|
Clearance of other transactions: Cross-Border Transfer Instructions
|
|
Chapter 10 - Settlement Services |
|
1001
|
Book-entry settlement
|
|
1002
|
Transactions accepted for settlement
|
|
1003
|
Settlement by DIs or Batch-settlement-runs or on-line delivery
|
|
1004
|
Batch-settlement-runs: sequence of deliveries
|
|
1005
|
Unsettled SI transactions
|
|
1006
|
Unsettled ISI transactions
|
|
1007
|
Transfer Instructions
|
| 1008 |
Intra-day Counter Transfer Instructions |
|
Chapter 11 - Nominee Services |
|
1101
|
Scope and extent of nominee and similar services
|
|
1102
|
HKSCC not to act for its own benefit
|
|
1103
|
Agents to provide nominee and similar services
|
|
1104
|
Time limit for deposit of Eligible Securities
|
|
1105
|
Time limit for instructions etc.
|
|
1106
|
HKSCC may allocate rights among Participants
|
|
1107
|
Fractional entitlements
|
|
1108
|
HKSCC not liable
|
|
1109
|
Claims for surplus dividends etc.
|
|
Chapter 12 - Money Settlement Services |
|
1201
|
Participants to have Designated Bank Accounts
|
|
1202
|
Participants to authorise HKSCC
|
|
1203
|
Extent of HKSCC's authority
|
|
1204
|
Payments relating to Isolated Trades which are Exchange Trades
|
|
1205
|
Payments relating to SI and ISI transactions
|
|
1205A
|
Payments relating to STI Transfer
|
|
1205B
|
Payments relating to Transfer Instructions
|
|
1206
|
Payments relating to Isolated Trades which are Clearing Agency Transactions
|
|
1206A
|
Payments relating to TSF FX Transactions and Stock Release FX Transactions
|
|
1207
|
Set-off
|
|
1208
|
Sums payable on demand/default interest
|
|
1209
|
Extent of obligations of HKSCC
|
|
1210
|
Tax
|
|
Chapter 12A - Foreign Exchange Services
|
|
12A01
|
The TSF
|
|
12A02
|
TSF Participants
|
|
12A03
|
Criteria for registration as TSF CCASS Participants
|
|
12A04
|
TSF Stocks
|
|
12A05
|
FX Services
|
|
12A06
|
Trades supported by TSF
|
|
12A07
|
Trades and transactions not supported by TSF
|
|
12A08
|
TSF Accounts
|
|
12A09
|
Earmarking and De-earmarking of TSF Stocks
|
|
12A10
|
RMB FX Rates
|
|
12A11
|
TSF Exchange Trades and TSF FX Transactions
|
|
12A12
|
Stock Release Requests and Stock Release FX Transactions
|
|
12A13
|
Extent of HKSCC’s authority
|
|
12A14
|
Collateral
|
|
12A15
|
Set-off
|
|
12A16
|
HKSCC’s obligations
|
|
12A17
|
Default
|
|
12A18
|
Temporary suspension of TSF
|
|
12A19
|
Cessation of operation of TSF
|
|
12A20
|
Powers of HKSCC
|
|
12A21
|
Clearing of TSF Exchange Trades by General Clearing Participants
|
|
12A22
|
[Repealed] |
|
Chapter 13 - Back-up Centre
|
|
1301
|
Scope of Back-up Centre
|
|
Chapter 14 - Statement and Reports
|
|
1401
|
Advices, statements, reports available
|
|
1402
|
Participants to check
|
|
1403
|
Advices, statements, reports to be conclusive
|
|
1404
|
Audited accounts of HKSCC
|
|
Chapter 15 - Lists to be Maintained
|
|
1501
|
List of Eligible Securities and List of TSF Stocks
|
|
1502
|
Other lists
|
|
1503
|
Rules
|
|
Chapter 16 - Fees and Expenses
|
|
1601
|
Fees and expenses payable
|
|
Chapter 17 - Continuing Obligations of Participants
|
|
1701
|
Further conditions
|
|
1702
|
Further assurances
|
|
1703
|
Other responsibilities
|
| 1704 |
GCPs which are registered institutions |
|
Chapter 18 - Financial and Accounting Requirements
|
|
1801
|
Scope of requirements
|
|
Chapter 19 - Indemnity
|
|
1901
|
Scope of indemnity
|
|
1902
|
Participants liable for officers, employees etc.
|
|
1903
|
Scope of indemnity
|
|
Chapter 20 - Disciplinary Actions
|
|
2001
|
Circumstances subject to disciplinary actions
|
|
2002
|
Participants responsible for officers, employees, etc.
|
|
2003
|
Disciplinary actions
|
|
2004
|
Expulsion of Participant
|
|
2005
|
Notices of disciplinary action and right to be heard
|
|
2006
|
Notice of hearing and right to be heard
|
|
2007
|
Procedures relating to any disciplinary proceedings
|
|
2008
|
Summary Disciplinary Action and Summary Suspension
|
|
2009
|
Appeals to the Disciplinary Committee and the Disciplinary Appeals Committee
|
|
2010
|
Grounds for appeal
|
|
2011
|
Order as to costs
|
|
2012
|
Commission, Exchange to be notified
|
|
2013
|
Rules 2001 to 2012 applicable to Participants other than Investor Participants
|
|
Chapter 21 - Duties and Liabilities of HKSCC |
|
2101
|
Duty to act in good faith
|
|
2102
|
Liability for anything not done in good faith
|
|
2103
|
Force majeure
|
|
2104
|
HKSCC not to be liable
|
|
2105
|
No investigation
|
|
Chapter 22 - Termination of CCASS Participation |
|
2201
|
Termination by notice by HKSCC
|
|
2202
|
Forthwith termination by HKSCC
|
|
2203
|
Termination by notice by Participants
|
|
2204
|
Consequences of termination
|
|
2205
|
HKSCC to notify Participants etc.
|
|
Chapter 23 - Insolvency
|
|
2301
|
Insolvency of Participants
|
|
Chapter 24 - Securities Losses
|
|
2401
|
Declaration of a Securities Loss
|
|
2402
|
Eligible Securities deemed to be lost or unavailable
|
|
2403
|
Allocation of a Securities Loss to Participants
|
|
Chapter 25 - Guarantee Fund |
|
2501
|
Establishment of Guarantee Fund
|
|
2502
|
Contributions by Clearing Participants
|
|
2503
|
Form of Contributions
|
|
2504
|
Additional resources to Guarantee Fund
|
|
2505
|
Investment of assets of Guarantee Fund
|
|
2506
|
Application of Guarantee Fund
|
|
2507
|
Order of application of Guarantee Fund
|
|
2507A
|
Application of Dynamic Contribution Credit and Margin Credit, etc.
|
|
2508
|
Assessments
|
|
2509
|
Limit on Clearing Participant’s liability to Assessments |
| 2509A |
Voluntary Recapitalization |
| 2509B |
Clearing Participants to replenish Guarantee Fund |
| 2509C |
HKSCC to make appropriations for Guarantee Fund |
| 2509D |
Termination of participation in CCASS for limiting liability following the expiry of a Capped Liability Period |
|
2510
|
Recovery of sums
|
|
2511
|
Information on assets and resources of Guarantee Fund
|
|
2512
|
Return of Contributions
|
|
2513
|
Dissolution of Guarantee Fund
|
|
2514
|
Application upon dissolution of Guarantee Fund
|
|
Chapter 26 - Suspension of Services
|
|
2601
|
HKSCC may suspend services
|
|
2602
|
Notification of suspension
|
|
Chapter 27 - Insurance
|
|
2701
|
HKSCC shall maintain insurance
|
|
Chapter 28 - Disclosure
|
|
2801
|
Disclosure required by law etc.
|
|
2802
|
Disclosure to Issuers or Depositaries of Eligible Securities
|
|
2803
|
Disclosure to others
|
|
2804
|
Disclosure to any organization with which HKEX, HKSCC or the Exchange has entered into an information
|
|
2805
|
Sharing arrangement
|
|
2806
|
Disclosure to public
|
|
Chapter 29 - Amendments
|
|
2901
|
Amendments
|
|
2902
|
Notification of amendments
|
|
Chapter 30 - Notices
|
|
3001
|
Notice by HKSCC
|
|
3002
|
Notice by Participants
|
|
Chapter 31 - Partial Invalidity
|
|
3101
|
Partial invalidity not to affect remainder
|
|
Chapter 32 - Governing Law |
|
3201
|
Hong Kong Law
|
|
Chapter 32A - Sub-Delegation of the Board's functions
|
|
3201A
|
Sub-Delegation
|
| |
|
PART B: EXCHANGE TRADES AND TRANSACTIONS BETWEEN PARTICIPANTS
|
|
Chapter 33 - Continuous Net Settlement System |
|
3301
|
Novation of Exchange Trades, Clearing Agency Transactions, China Connect Securities Trades and replacement by Market Contracts
|
|
3302
|
Terms of Novation
|
|
3303
|
Daily netting
|
|
3304
|
Cross-day netting
|
|
3305
|
Allocation algorithm
|
|
3306
|
Daily netting of money sums upon delivery in CCASS
|
|
3307
|
HKSCC's obligations under Market Contracts
|
|
3308
|
Non-operation of CNS System
|
|
Chapter 34 - Isolated Trades System
|
|
3401
|
Direct settlement in CCASS between Participants
|
|
3402
|
Possible measures by HKSCC in case of late delivery
|
|
3403
|
Possible measures by HKSCC in case of late payment
|
|
3404
|
Duty to report late delivery or payment
|
|
3405
|
Procedures for adjustments in respect of dividends etc. in case of late delivery
|
|
3406
|
Disputes in relation to settlement of Isolated Trades
|
|
3407
|
Rules 3401 to 3406 applicable to Participants other than Investor Participants
|
|
Chapter 35 - Late Delivery of Securities - CNS System
|
|
3501
|
Default fee, stock borrowing and Buy-in for Eligible Securities other than China Connect Securities
|
|
3501A
|
Default fee and Buy-in for China Connect Securities
|
|
3502
|
Procedures for adjustments in respect of dividends etc.
|
|
3503
|
Compulsory stock borrowing by HKSCC in case of late delivery
|
|
Chapter 36 - Risk Management Measures - CNS System
|
|
3601
|
Marks
|
|
3601A
|
Margin
|
|
3602
|
Collateral
|
|
3602A
|
Mainland Settlement Deposit and Mainland Security Deposit
|
|
3603
|
Form of Marks, Margin and Collateral
|
|
3603A
|
Marks, Margin and Collateral in the form of cash
|
|
3604
|
Securities-on-hold
|
|
3605
|
Evidence of securities available for settlement
|
|
3606
|
Money compensation and payment obligations
|
|
3607
|
Closing-out
|
|
3608
|
Charged Property
|
|
3609
|
[Repealed]
|
|
Chapter 37 - Default Rules - CNS System
|
|
3701
|
Events of Default
|
|
3702
|
Actions on default
|
| 3702A |
Confidentiality Obligation |
|
3703
|
Declaration as Defaulter
|
|
3704
|
Certification of net sum due
|
3705
|
HKSCC Failure to Pay Event
|
| 3706 |
HKSCC Insolvency Event |
| 3707 |
Calculations of Net Payments under an HKSCC Failure to Pay Event or an HKSCC Insolvency Event |
| 3708 |
Liability of HKSCC under an HKSCC Failure to Pay Event or an HKSCC Insolvency Event
|
| 3709 |
Contract Termination |
|
Chapter 38 - Settlement Agent
|
|
3801
|
Application for Settlement Agents to be connected to CCASS
|
|
3802
|
Obligations of CCASS Participants in connection with Settlement Agents
|
|
Chapter 39 - Access to CCASS from a Foreign Jurisdiction |
|
3901
|
Obligations of Participants or Settlement Agents located in a foreign jurisdiction
|
|
3902
|
Books and records
|
|
3903
|
Communication
|
|
3904
|
Legal liabilities
|
|
Chapter 40 - Clearing by General Clearing Participants
|
|
4001
|
Execution of Clearing Agreement
|
|
4002
|
Notification of execution of Clearing Agreement
|
|
4003
|
Obligations of GCP
|
|
4004
|
Termination of Clearing Agreement
|
|
Chapter 41 - China Connect Clearing Services
|
|
4101
|
Cross-boundary Clearing Links
|
|
4102
|
China Connect Clearing Services
|
|
4103
|
China Connect Clearing Participants and Eligibility Criteria for Registration
|
|
4104
|
General Clearing Participants as China Connect Clearing Participants
|
|
4104A
|
Custodian Participants and non-Exchange Participant GCPs to maintain Special Segregated Accounts for clients
|
|
4105
|
China Connect Securities and China Connect Clearing Houses
|
|
4106
|
Clearing and settlement of China Connect Securities Trades
|
|
4107
|
Risk Management Measures applicable to China Connect Securities Trades
|
|
4108
|
Fees and charges of China Connect Clearing Houses
|
|
4109
|
Conditions and restrictions on the use of China Connect Clearing Services
|
|
4110
|
Compliance with applicable laws and the Rules
|
|
4111
|
Suspension and Cessation of Operation of China Connect Clearing Services and emergency arrangements
|
|
4112
|
[Repealed]
|
|
4113
|
Responsibilities of HKSCC
|
|
4114
|
Termination as China Connect Clearing Participant
|
|
Chapter 42 - China Connect Clearing Houses
|
|
4201
|
Cross-boundary Clearing Links in relation to Exchange Trades
|
|
4202
|
Services to a China Connect Clearing House in relation to Exchange Trades
|
|
4203
|
Qualification requirements for China Connect Clearing Houses to clear Exchange Trades
|
|
4204
|
Application procedure
|
|
4205
|
Clearance of Exchange Trades by China Connect Clearing Houses
|
|
4206
|
Restrictions applicable to a China Connect Clearing House relating to the clearance of Exchange Trades and other transfers
|
|
4207
|
Nominee and depository services provided to China Connect Clearing Houses in respect of SEHK Securities
|
|
4208
|
Continuing obligation of China Connect Clearing House
|
|
4209
|
Insulation against risk spillover
|
|
Chapter 43 - Clearing Service Termination Event |
4301
|
Clearing Service Termination Event
|
| 4302 |
Liability of HKSCC under a Clearing Service Termination Event |
| |
|
|
|
|
For previous updates: please click here
|