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HKSCC

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General Rules of CCASS
 
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
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
821 CMU Instruments
822 Custodian services in relation to Foreign Securities
823 Custodian services in relation to Structured Products issued in global or scripless form
824 Custodian Services in relation to Uncertificated Eligible 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
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 Typhoons and rainstorms
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 available for inspection
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
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 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 Replenishment of Contributions
2509 Limit on Relevant Clearing Participant’s liability to replenish Contributions
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
3703 Declaration as Defaulter
3704 Certification of net sum due
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 Typhoons and rainstorms
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
   
(Update No. 1 2016 of the General Rules of CCASS is now available for the subscription. For those who wish to subscribe hardcopy updates to the General Rules of CCASS, please complete and return the attached copy of the Updating Service Request Form.)
 
For previous updates: please click here

Updated 20 Nov 2017

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