Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/59

DEPOSIT PROTECTION SCHEME ORDINANCE Securities and Futures Ordinance 6. Subrogation of recognized investor compensation company to rights, etc. of claimant on payment from compensation fund

Section 87 of the Securities and Futures Ordinance (Cap. 571) is amended—
 * (a) in subsection (1)(a), by adding “subject to subsection (1A),” before “the company”;
 * (b) by adding—
 * “(1A) The company is not subrogated to any rights and remedies of the claimant in respect of compensation from the Deposit Protection Scheme Fund established by section 14 of the Deposit Protection Scheme Ordinance (7 of 2004).”.

7. Subrogation of the Commission to rights, etc. of claimant on payment from compensation fund

Section 243 is amended—
 * (a) in subsection (1)(a), by adding “subject to subsection (1A),” before “the Commission”;
 * (b) by adding—
 * “(1A) The Commission is not subrogated to any rights and remedies of the claimant in respect of compensation from the Deposit Protection Scheme Fund established by section 14 of the Deposit Protection Scheme Ordinance (7 of 2004).”.

8. Preservation of secrecy, etc.

Section 378(2) is amended by adding—

“(ea) the disclosure of information to the Hong Kong Deposit Protection Board established by section 3 of the Deposit Protection Scheme Ordinance (7 of 2004) for the purpose of enabling or assisting the Board to perform its functions under section 5(a), (d) and (e) of that Ordinance;”. Securities and Futures (Investor Compensation—Claims) Rules 9. Making a claim for compensation

Section 4 of the Securities and Futures (Investor Compensation—Claims) Rules (L.N. 215 of 2002) is amended—
 * (a) in subsection (1), by repealing “Where” and substituting “Subject to subsection (1A), where”;
 * (b) by adding—
 * “(1A) A qualifying client of a specified person shall not claim compensation from the compensation fund in respect of any loss in respect of which he has been paid an amount of compensation from the Deposit Protection Scheme Fund established by section 14 of the Deposit Protection Scheme Ordinance (7 of 2004).”.