Application Explanatory Notes 

Settlement Services  

Explanatory Notes

Application for Settlement Agents / Access to CCASS from a Foreign Jurisdiction

1.      Approval of Application

Pursuant to Chapter 38 of the General Rules of CCASS, HKSCC may, on Participant’s application, approve the appointment of a Settlement Agent (“SA”) by a Participant to use on behalf of the Participant the services of CCASS provided by HKSCC. Approval of application for the appointment of a Settlement Agent is entirely at the discretion of HKSCC.  HKSCC may impose such conditions as it thinks fit on the approval of such application.

2.      Procedures for Applications

Applicant should complete the prescribed Application Form and submit by post or by hand to the Clearing Administration & Services, Cash & Derivatives Clearing Operations of Hong Kong Securities Clearing Company Limited at 30/F, One Exchange Square, 8 Connaught Place, Central, Hong Kong

If the Applicant is a Licensed Corporation or a Registered Institution, Applicant should provide a written confirmation (“the confirmation”) confirming that it has notified the Intermediaries Supervision Department (“ISD”) of the Securities and Futures Commission of its plan to appoint a Settlement Agent. The written confirmation should be submitted together with the completed application form to HKSCC. In addition, the Applicant and the Settlement Agent should submit, upon request from the SFC, an Undertaking to SFC. The signed undertaking should be submitted directly to SFC. The Applicant should consider contacting the SFC prior to applying to HKSCC to discuss the specific content of the undertaking which the SFC may require.

If the proposed SA is located in a foreign jurisdiction, applicant should comply with Chapter 39 of the General Rules of CCASS. Applicant should submit the legal opinion as required by Rule 3904 together with the application.

3.      Frequently Asked Questions

More information on the appointment of Settlement Agent and the related matters can be found in the FAQ. For further questions or queries, please call CCASS hotline at 2979-7111.