(1) Where —
(a) before the commencement of these Rules, any power could have been, but was not, exercised under rule 9 or 10 of the Securities (Stock Exchange Listing) Rules (Cap.333 sub. leg.) which has been repealed under section 406 of the Ordinance ("the repealed Rules"); or
(b) before such commencement any power has been exercised under any provision referred to in paragraph (a), and the exercise of the power would, but for the commencement, continue to have force and effect on or after such commencement,
(i) where paragraph (a) applies, the power may be exercised; or
(ii) where paragraph (b) applies, the exercise of the power shall continue to have force and effect,
as if the repealed Rules had not been repealed; and
(d) the provisions of the repealed Rules shall continue to apply to the exercise of the power and to any matters relating thereto (including any right to make representations in respect of the exercise of the power under rule 9) as if the repealed Rules had not been repealed.
(2) Subject to subsection (3), where before the commencement of these Rules, an application is made under rule 3 of the repealed Rules and immediately before such commencement the application has not been approved, refused or withdrawn, the application shall upon such commencement be treated as an application under section 3 and the provisions of these Rules (except section 3) shall apply accordingly.
(3) Section 5 shall apply only to any part of an application submitted on or after the commencement of these Rules.
Andrew Len Tao SHENG
Securities and Futures Commission
9 December 2002
These Rules are made by the Securities and Futures Commission under section 36(1) of the Securities and Futures Ordinance (Cap.571). The Rules —
(a) prescribe certain requirements to be met before securities may be listed, including requirements for applications for the listing of securities and the employment of approved share registrars;
(b) provide for the cancellation of the listing of securities if the requirements are not met;
(c) prescribe the circumstances in which and the conditions subject to which a recognized exchange company shall suspend dealings in securities;
(d) provide for the filing with the Commission of copies of applications for the listing of securities and information disclosed to the public by issuers and certain other persons; and
(e) provide for other requirements to be complied with by a recognized exchange company.