General Rules of CCASS 
29/09/2017 
 
PART A: RULES OF GENERAL APPLICATION
Chapter 1. Interpretation
Rule
101
102
103
104
Definitions
HKSCC to interpret
HKSCC may disapply Rules
HKSCC's policy on personal information collection
Chapter 2. Procedures
Rule
201
202
203
Operational Procedures binding on Participants
Orders, directions, practice notes
Terms and Conditions binding on Investor Participant
Chapter 3. Admission of Participants
Rule  
301
302
303
304
305
Application for admission
Categories of Participants
Criteria for admission
Approval of admission
Transitional Provisions
Chapter 4. Transactions by Participants
Rule  
401
402
403
Instructions by Participants
Participants to act as principals
Instructions in violation of laws etc.
Chapter 5. Eligible Securities & Eligible Currencies
Rule  
501
502
503
504
HKSCC's discretion to determine eligibility
Grounds for non-eligibility of Eligible Securities
Acceptance/discontinuance of Eligible Securities
Acceptance of Eligible Securities as Collateral Security
Chapter 6. Stock Accounts and CCMS Collateral Accounts
Rule  
601

601A
602
603
604
Stock Clearing Accounts/Stock Segregated Accounts/Stock Lending Account/Stock Collateral Control Account/TSF Account/Stock Account of an Investor Participant
CCMS Collateral Accounts
Right to rectify errors
Right to act in compliance with a court order etc.
Right to invest 
Chapter 7. Services - General
Rule  
701
702
703
704
Services
Other clearing entities
Arrangements with other entities
Access to CCASS
Chapter 8. Depository and Custodian Services
Rule  

801
802
803
804
805
806
807
808
809
810
811
812
813
814
815
816
816A
816B
817
818
819
819A
820

821
822
823 
824

Deposit of Eligible Securities
Safe custody
Eligible Securities deposited to be freely transferable
Right not to accept Eligible Securities
Representation and warranty of authority
Representation untrue
Registration or re-issue in name of HKSCC's nominee
Immediate credit
Fungibility
Withdrawal of Eligible Securities from CCASS
Limited withdrawal right of Stock Pledgee Participants
Withdrawal of Certificates
Withdrawal of New Certificates and Old Certificates
Withdrawal of other Eligible Securities
HKSCC's liability for defects
HKSCC to pursue
Transfer service for Multi-counter Eligible Securities
Conversion service for Eligible Securities subject to parallel trading arrangements
Appointed Depositary
Custodian services in relation to Exchange Fund Notes and Government Bonds
Custodian services in relation to Specified Instruments
Custodian services in relation to CMU Instruments
Legal title to Exchange Fund Notes and Government Bonds and interests in Specified Instruments and
CMU Instruments
Custodian services in relation to Foreign Securities
Custodian services in relation to Structured Products issued in global or scripless form
Custodian Services in relation to Uncertificated Eligible Securities
Custodian Services in relation to China Connect Securities
Chapter 9. Clearing Services
Rule  
901
901A
902
903
904
905
906
907
Clearance of Exchange Trades
Clearance of China Connect Securities Trades
Clearance of Clearing Agency Transactions
HKSCC's discretion not to operate CNS System
Clearance of other transactions: SIs
Clearance of other transactions: ISIs
Clearance of other transactions: TIs
Clearance of other transactions: Cross-Border Transfer Instructions
Chapter 10. Settlement Services
Rule  
1001
1002
1003
1004
1005
1006
1007
Book-entry settlement
Transactions accepted for settlement
Settlement by DIs or Batch-settlement-runs or on-line delivery
Batch-settlement-runs: sequence of deliveries
Unsettled SI transactions
Unsettled ISI transactions
Transfer Instructions
Chapter 11. Nominee Services
Rule  
1101
1102
1103
1104
1105
1106
1107
1108
1109
Scope and extent of nominee and similar services
HKSCC not to act for its own benefit
Agents to provide nominee and similar services
Time limit for deposit of Eligible Securities
Time limit for instructions etc.
HKSCC may allocate rights among Participants
Fractional entitlements
HKSCC not liable
Claims for surplus dividends etc.
Chapter 12. Money Settlement Services
Rule  

1201
1202
1203
1204
1205
1205A
1205B
1206
1206A
1207
1208
1209
1210

Participants to have Designated Bank Accounts
Participants to authorise HKSCC
Extent of HKSCC's authority
Payments relating to Isolated Trades which are Exchange Trades
Payments relating to SI and ISI transactions
Payments relating to STI Transfer
Payments relating to Transfer Instructions
Payments relating to Isolated Trades which are Clearing Agency Transactions
Payments relating to TSF FX Transactions and Stock Release FX Transactions
Set-off
Sums payable on demand/default interest
Extent of obligations of HKSCC
Tax
Chapter 12A. Foreign Exchange Services
Rule

12A01
12A02
12A03
12A04
12A05
12A06
12A07
12A08
12A09
12A10
12A11
12A12
12A13
12A14
12A15
12A16
12A17
12A18
12A19
12A20
12A21
12A22

The TSF
TSF Participants
Criteria for registration as TSF CCASS Participants
TSF Stocks
FX Services
Trades supported by TSF
Trades and transactions not supported by TSF
TSF Accounts
Earmarking and De-earmarking of TSF Stocks
RMB FX Rates
TSF Exchange Trades and TSF FX Transactions
Stock Release Requests and Stock Release FX Transactions
Extent of HKSCC’s authority
Collateral
Set-off
HKSCC’s obligations
Default
Temporary suspension of TSF
Cessation of operation of TSF
Powers of HKSCC  
Clearing of TSF Exchange Trades by General Clearing Participants  
Typhoons and rainstorms
Chapter 13. Back-up Centre
Rule
1301 Scope of Back-up Centre
Chapter 14. Statement and Reports
Rule  
1401
1402
1403
1404
Advices, statements, reports available
Participants to check
Advices, statements, reports to be conclusive
Audited accounts of HKSCC
Chapter 15. Lists to be Maintained
Rule  
1501
1502
1503
List of Eligible Securities and List of TSF Stocks
Other lists
Rules available for inspection
Chapter 16. Fees and Expenses
Rule
1601 Fees and expenses payable
Chapter 17. Continuing Obligations of Participants
Rule
1701
1702
1703
Further conditions
Further assurances
Other responsibilities
Chapter 18. Financial and Accounting Requirements
Rule
1801 Scope of requirements
Chapter 19. Indemnity
Rule
1901
1902
1903
Scope of indemnity
Participants liable for officers, employees etc.
Scope of indemnity
Chapter 20. Disciplinary Actions
Rule
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Circumstances subject to disciplinary actions
Participants responsible for officers, employees, etc.
Disciplinary actions
Expulsion of Participant
Notices of disciplinary action and right to be heard
Notice of hearing and right to be heard
Procedures relating to any disciplinary proceedings
Summary Disciplinary Action and Summary Suspension
Appeals to the Disciplinary Committee and the Disciplinary Appeals Committee
Grounds for appeal
Order as to costs
Commission, Exchange to be notified
Rules 2001 to 2012 applicable to Participants other than Investor Participants
Chapter 21. Duties and Liabilities of HKSCC
Rule
2101
2102
2103
2104
2105
Duty to act in good faith
Liability for anything not done in good faith
Force majeure
HKSCC not to be liable
No investigation
Chapter 22. Termination of Participation
Rule
2201
2202
2203
2204
2205
Termination by notice by HKSCC
Forthwith termination by HKSCC
Termination by notice by Participants
Consequences of termination
HKSCC to notify Participants etc.
Chapter 23. Insolvency
Rule
2301 Insolvency of Participants
Chapter 24. Securities Losses
Rule
2401
2402
2403
Declaration of a Securities Loss
Eligible Securities deemed to be lost or unavailable
Allocation of a Securities Loss to Participants
Chapter 25. Guarantee Fund
Rule
2501
2502
2503
2504
2505
2506
2507
2507A
2508
2509
2510
2511
2512
2513
2514
Establishment of Guarantee Fund
Contributions by Clearing Participants
Form of Contributions
Additional resources to Guarantee Fund
Investment of assets of Guarantee Fund
Application of Guarantee Fund
Order of application of Guarantee Fund
Application of Dynamic Contribution Credit and Margin Credit, etc.
Replenishment of Contributions
Limit on Relevant Clearing Participant’s liability to replenish Contributions
Recovery of sums
Information on assets and resources of Guarantee Fund
Return of Contributions
Dissolution of Guarantee Fund
Application upon dissolution of Guarantee Fund
Chapter 26. Suspension of Services
Rule
2601
2602
HKSCC may suspend services
Notification of suspension
Chapter 27. Insurance
Rule
2701 HKSCC shall maintain insurance
Chapter 28. Disclosure
Rule
2801
2802
2803
2804

2805
2806
Disclosure required by law etc.
Disclosure to Issuers or Depositaries of Eligible Securities
Disclosure to others
Disclosure to any organization with which HKEX, HKSCC or the Exchange has entered into an information
sharing arrangement
Disclosure to public
Disclosure to any organization with which HKEX, HKSCC or the Exchange has entered into an information
sharing arrangement
Chapter 29. Amendments
Rule
2901
2902
Amendments
Notification of amendments
Chapter 30. Notices
Rule
3001
3002
Notice by HKSCC
Notice by Participants
Chapter 31. Partial Invalidity
Rule
3101 Partial invalidity not to affect remainder
Chapter 32. Governing Law
Rule
3201 Hong Kong Law
Chapter 32A. Sub-Delegation of the Board's functions
Rule
3201A

Sub-Delegation
 

PART B: EXCHANGE TRADES AND TRANSACTIONS BETWEEN PARTICIPANTS
Chapter 33. Continuous Net Settlement System
Rule
3301

3302
3303
3304
3305
3306
3307
3308
Novation of Exchange Trades, Clearing Agency Transactions, China Connect Securities Trades and replacement by Market Contracts
Terms of Novation
Daily netting
Cross-day netting
Allocation algorithm
Daily netting of money sums upon delivery in CCASS
HKSCC's obligations under Market Contracts
Non-operation of CNS System
Chapter 34. Isolated Trades System
Rule
3401
3402
3403
3404
3405
3406
3407
Direct settlement in CCASS between Participants
Possible measures by HKSCC in case of late delivery
Possible measures by HKSCC in case of late payment
Duty to report late delivery or payment
Procedures for adjustments in respect of dividends etc. in case of late delivery
Disputes in relation to settlement of Isolated Trades
Rules 3401 to 3406 applicable to Participants other than Investor Participants
Chapter 35. Late Delivery of Securities - CNS System
Rule
3501
3501A
3502
3503
Default fee, stock borrowing and Buy-in for Eligible Securities other than China Connect Securities
Default fee and Buy-in for China Connect Securities
Procedures for adjustments in respect of dividends etc.
Compulsory stock borrowing by HKSCC in case of late delivery
Chapter 36. Risk Management Measures - CNS System
Rule
3601
3601A
3602
3602A
3603
3603A
3604
3605
3606
3607
3608
3609
Marks
Margin
Collateral
Mainland Settlement Deposit and Mainland Security Deposit
Form of Marks, Margin and Collateral
Marks, Margin and Collateral in the form of cash
Securities-on-hold
Evidence of securities available for settlement
Money compensation and payment obligations 
Closing-out
Charged Property
[Repealed]
Chapter 37. Default Rules - CNS System
Rule
3701
3702
3703
3704
Events of Default
Actions on default
Declaration as Defaulter
Certification of net sum due 
Chapter 38. Settlement Agent
Rule
3801
3802
Application for Settlement Agents to be connected to CCASS
Obligations of CCASS Participants in connection with Settlement Agents
Chapter 39. Access to CCASS from a Foreign Jurisdiction
Rule
3901
3902
3903
3904
Obligations of Participants or Settlement Agents located in a foreign jurisdiction
Books and records
Communication
Legal liabilities
Chapter 40. Clearing by General Clearing Participants
Rule
4001
4002
4003
4004
Execution of Clearing Agreement
Notification of execution of Clearing Agreement
Obligations of GCP
Termination of Clearing Agreement
Chapter 41. China Connect Clearing Services
Rule

4101
4102
4103
4104
4104A
4105
4106
4107
4108
4109
4110
4111
4112
4113
4114

Cross-boundary Clearing Links
China Connect Clearing Services
China Connect Clearing Participants and Eligibility Criteria for Registration
General Clearing Participants as China Connect Clearing Participants
Custodian Participants and non-Exchange Participant GCPs to maintain Special Segregated Accounts for clients
China Connect Securities and China Connect Clearing Houses
Clearing and settlement of China Connect Securities Trades
Risk Management Measures applicable to China Connect Securities Trades
Fees and charges of China Connect Clearing Houses
Conditions and restrictions on the use of China Connect Clearing Services
Compliance with applicable laws and the Rules
Suspension and Cessation of Operation of China Connect Clearing Services and emergency arrangements
Typhoons and rainstorms
Responsibilities of HKSCC
Termination as China Connect Clearing Participant
Chapter 42. China Connect Clearing Houses
Rule

4201
4202
4203
4204
4205
4206

4207
4208
4209
4210

Cross-boundary Clearing Links in relation to Exchange Trades
Services to a China Connect Clearing House in relation to Exchange Trades
Qualification requirements for China Connect Clearing Houses to clear Exchange Trades
Application procedure
Clearance of Exchange Trades by China Connect Clearing Houses
Restrictions applicable to a China Connect Clearing House relating to the clearance of Exchange Trades and other transfers
Nominee and depository services provided to China Connect Clearing Houses in respect of SEHK Securities
Continuing obligation of China Connect Clearing House
Insulation against risk spillover
Disclosure of information


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