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PART A: RULES OF GENERAL APPLICATION
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Chapter 1 - Interpretation
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101
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Definitions
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102
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HKSCC to interpret
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103
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HKSCC may disapply Rules
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104
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HKSCC's policy on personal information collection
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Chapter 2 - Procedures
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201
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Operational Procedures binding on Participants
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202
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Orders, directions, practice notes
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203
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Terms and Conditions binding on Investor Participant
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Chapter 3 - Admission of Participants
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301
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Application for admission
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302
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Categories of Participants
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303
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Criteria for admission
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304
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Approval of admission
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| 304A |
Register of Participants |
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305
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Transitional Provisions
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Chapter 4 - Transactions by Participants |
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401
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Instructions by Participants
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402
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Participants to act as principals
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403
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Instructions in violation of laws etc.
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Chapter 5 - Eligible Securities & Eligible Currencies
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501
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HKSCC's discretion to determine eligibility
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502
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Grounds for non-eligibility of Eligible Securities
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503
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Acceptance/discontinuance of Eligible Securities
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504
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Acceptance of Eligible Securities as Collateral Security
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Chapter 6 - Stock Accounts and CCMS Collateral Accounts |
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601
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Stock Clearing Accounts/Stock Segregated Accounts/Stock Lending Account/Stock Collateral Control Account/TSF Account/Stock Account of an Investor Participant
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601A
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CCMS Collateral Accounts
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602
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Right to rectify errors
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603
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Right to act in compliance with a court order etc.
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604
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Right to invest
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Chapter 7 - Services - General |
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701
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Services
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702
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Other clearing entities
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703
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Arrangements with other entities
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704
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Access to CCASS
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Chapter 8 - Depository and Custodian Services |
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801
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Deposit of Eligible Securities
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802
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Safe custody
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803
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Eligible Securities deposited to be freely transferable
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804
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Right not to accept Eligible Securities
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805
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Representation and warranty of authority
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806
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Representation untrue
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807
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Registration or re-issue in name of HKSCC's nominee
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808
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Immediate credit
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809
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Fungibility
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810
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Withdrawal of Eligible Securities from CCASS
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811
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Limited withdrawal right of Stock Pledgee Participants
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812
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Withdrawal of Certificates
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813
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Withdrawal of New Certificates and Old Certificates
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814
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Withdrawal of other Eligible Securities
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815
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HKSCC's liability for defects
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816
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HKSCC to pursue
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816A
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Transfer service for Multi-counter Eligible Securities
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816B
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Conversion service for Eligible Securities subject to parallel trading arrangements
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817
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Appointed Depositary
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818
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Custodian services in relation to Exchange Fund Notes and Government Bonds
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819
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Custodian services in relation to Specified Instruments
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819A
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Custodian services in relation to CMU Instruments
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820
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Legal title to Exchange Fund Notes and Government Bonds and interests in Specified Instruments and CMU Instruments
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821
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Custodian services in relation to Foreign Securities |
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822
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Custodian services in relation to Structured Products issued in global or scripless form |
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823
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Custodian Services in relation to Uncertificated Eligible Securities |
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824
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Custodian services in relation to China Connect Securities |
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Chapter 9 - Clearing Services |
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901
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Clearance of Exchange Trades
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901A
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Clearance of China Connect Securities Trades
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902
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Clearance of Clearing Agency Transactions
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903
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HKSCC's discretion not to operate CNS System
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904
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Clearance of other transactions: SIs
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905
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Clearance of other transactions: ISIs
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906
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Clearance of other transactions: TIs
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907
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Clearance of other transactions: Cross-Border Transfer Instructions
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Chapter 10 - Settlement Services |
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1001
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Book-entry settlement
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1002
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Transactions accepted for settlement
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1003
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Settlement by DIs or Batch-settlement-runs or on-line delivery
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1004
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Batch-settlement-runs: sequence of deliveries
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1005
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Unsettled SI transactions
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1006
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Unsettled ISI transactions
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1007
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Transfer Instructions
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| 1008 |
Intra-day Counter Transfer Instructions |
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Chapter 11 - Nominee Services |
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1101
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Scope and extent of nominee and similar services
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1102
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HKSCC not to act for its own benefit
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1103
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Agents to provide nominee and similar services
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1104
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Time limit for deposit of Eligible Securities
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1105
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Time limit for instructions etc.
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1106
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HKSCC may allocate rights among Participants
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1107
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Fractional entitlements
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1108
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HKSCC not liable
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1109
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Claims for surplus dividends etc.
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Chapter 12 - Money Settlement Services |
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1201
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Participants to have Designated Bank Accounts
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1202
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Participants to authorise HKSCC
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1203
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Extent of HKSCC's authority
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1204
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Payments relating to Isolated Trades which are Exchange Trades
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1205
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Payments relating to SI and ISI transactions
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1205A
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Payments relating to STI Transfer
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1205B
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Payments relating to Transfer Instructions
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1206
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Payments relating to Isolated Trades which are Clearing Agency Transactions
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1206A
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Payments relating to TSF FX Transactions and Stock Release FX Transactions
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1207
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Set-off
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1208
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Sums payable on demand/default interest
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1209
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Extent of obligations of HKSCC
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1210
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Tax
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Chapter 12A - Foreign Exchange Services
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12A01
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The TSF
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12A02
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TSF Participants
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12A03
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Criteria for registration as TSF CCASS Participants
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12A04
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TSF Stocks
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12A05
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FX Services
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12A06
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Trades supported by TSF
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12A07
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Trades and transactions not supported by TSF
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12A08
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TSF Accounts
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12A09
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Earmarking and De-earmarking of TSF Stocks
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12A10
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RMB FX Rates
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12A11
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TSF Exchange Trades and TSF FX Transactions
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12A12
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Stock Release Requests and Stock Release FX Transactions
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12A13
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Extent of HKSCC’s authority
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12A14
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Collateral
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12A15
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Set-off
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12A16
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HKSCC’s obligations
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12A17
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Default
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12A18
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Temporary suspension of TSF
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12A19
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Cessation of operation of TSF
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12A20
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Powers of HKSCC
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12A21
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Clearing of TSF Exchange Trades by General Clearing Participants
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12A22
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Typhoons, Extreme Conditions and rainstorms
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Chapter 13 - Back-up Centre
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1301
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Scope of Back-up Centre
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Chapter 14 - Statement and Reports
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1401
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Advices, statements, reports available
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1402
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Participants to check
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1403
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Advices, statements, reports to be conclusive
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1404
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Audited accounts of HKSCC
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Chapter 15 - Lists to be Maintained
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1501
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List of Eligible Securities and List of TSF Stocks
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1502
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Other lists
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1503
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Rules
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Chapter 16 - Fees and Expenses
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1601
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Fees and expenses payable
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Chapter 17 - Continuing Obligations of Participants
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1701
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Further conditions
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1702
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Further assurances
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1703
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Other responsibilities
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| 1704 |
GCPs which are registered institutions |
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Chapter 18 - Financial and Accounting Requirements
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1801
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Scope of requirements
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Chapter 19 - Indemnity
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1901
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Scope of indemnity
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1902
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Participants liable for officers, employees etc.
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1903
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Scope of indemnity
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Chapter 20 - Disciplinary Actions
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2001
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Circumstances subject to disciplinary actions
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2002
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Participants responsible for officers, employees, etc.
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2003
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Disciplinary actions
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2004
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Expulsion of Participant
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2005
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Notices of disciplinary action and right to be heard
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2006
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Notice of hearing and right to be heard
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2007
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Procedures relating to any disciplinary proceedings
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2008
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Summary Disciplinary Action and Summary Suspension
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2009
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Appeals to the Disciplinary Committee and the Disciplinary Appeals Committee
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2010
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Grounds for appeal
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2011
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Order as to costs
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2012
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Commission, Exchange to be notified
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2013
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Rules 2001 to 2012 applicable to Participants other than Investor Participants
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Chapter 21 - Duties and Liabilities of HKSCC |
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2101
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Duty to act in good faith
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2102
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Liability for anything not done in good faith
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2103
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Force majeure
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2104
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HKSCC not to be liable
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2105
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No investigation
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Chapter 22 - Termination of CCASS Participation |
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2201
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Termination by notice by HKSCC
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2202
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Forthwith termination by HKSCC
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2203
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Termination by notice by Participants
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2204
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Consequences of termination
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2205
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HKSCC to notify Participants etc.
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Chapter 23 - Insolvency
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2301
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Insolvency of Participants
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Chapter 24 - Securities Losses
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2401
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Declaration of a Securities Loss
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2402
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Eligible Securities deemed to be lost or unavailable
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2403
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Allocation of a Securities Loss to Participants
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Chapter 25 - Guarantee Fund |
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2501
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Establishment of Guarantee Fund
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2502
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Contributions by Clearing Participants
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2503
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Form of Contributions
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2504
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Additional resources to Guarantee Fund
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2505
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Investment of assets of Guarantee Fund
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2506
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Application of Guarantee Fund
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2507
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Order of application of Guarantee Fund
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2507A
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Application of Dynamic Contribution Credit and Margin Credit, etc.
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2508
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Assessments
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2509
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Limit on Clearing Participant’s liability to Assessments |
| 2509A |
Voluntary Recapitalization |
| 2509B |
Clearing Participants to replenish Guarantee Fund |
| 2509C |
HKSCC to make appropriations for Guarantee Fund |
| 2509D |
Termination of participation in CCASS for limiting liability following the expiry of a Capped Liability Period |
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2510
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Recovery of sums
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2511
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Information on assets and resources of Guarantee Fund
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2512
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Return of Contributions
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2513
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Dissolution of Guarantee Fund
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2514
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Application upon dissolution of Guarantee Fund
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Chapter 26 - Suspension of Services
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2601
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HKSCC may suspend services
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2602
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Notification of suspension
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Chapter 27 - Insurance
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2701
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HKSCC shall maintain insurance
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Chapter 28 - Disclosure
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2801
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Disclosure required by law etc.
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2802
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Disclosure to Issuers or Depositaries of Eligible Securities
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2803
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Disclosure to others
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2804
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Disclosure to any organization with which HKEX, HKSCC or the Exchange has entered into an information
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2805
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Sharing arrangement
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2806
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Disclosure to public
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Chapter 29 - Amendments
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2901
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Amendments
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2902
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Notification of amendments
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Chapter 30 - Notices
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3001
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Notice by HKSCC
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3002
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Notice by Participants
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Chapter 31 - Partial Invalidity
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3101
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Partial invalidity not to affect remainder
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Chapter 32 - Governing Law |
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3201
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Hong Kong Law
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Chapter 32A - Sub-Delegation of the Board's functions
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3201A
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Sub-Delegation
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PART B: EXCHANGE TRADES AND TRANSACTIONS BETWEEN PARTICIPANTS
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Chapter 33 - Continuous Net Settlement System |
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3301
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Novation of Exchange Trades, Clearing Agency Transactions, China Connect Securities Trades and replacement by Market Contracts
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3302
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Terms of Novation
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3303
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Daily netting
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3304
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Cross-day netting
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3305
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Allocation algorithm
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3306
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Daily netting of money sums upon delivery in CCASS
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3307
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HKSCC's obligations under Market Contracts
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3308
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Non-operation of CNS System
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Chapter 34 - Isolated Trades System
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3401
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Direct settlement in CCASS between Participants
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3402
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Possible measures by HKSCC in case of late delivery
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3403
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Possible measures by HKSCC in case of late payment
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3404
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Duty to report late delivery or payment
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3405
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Procedures for adjustments in respect of dividends etc. in case of late delivery
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3406
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Disputes in relation to settlement of Isolated Trades
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3407
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Rules 3401 to 3406 applicable to Participants other than Investor Participants
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Chapter 35 - Late Delivery of Securities - CNS System
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3501
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Default fee, stock borrowing and Buy-in for Eligible Securities other than China Connect Securities
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3501A
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Default fee and Buy-in for China Connect Securities
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3502
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Procedures for adjustments in respect of dividends etc.
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3503
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Compulsory stock borrowing by HKSCC in case of late delivery
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Chapter 36 - Risk Management Measures - CNS System
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3601
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Marks
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3601A
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Margin
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3602
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Collateral
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3602A
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Mainland Settlement Deposit and Mainland Security Deposit
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3603
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Form of Marks, Margin and Collateral
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3603A
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Marks, Margin and Collateral in the form of cash
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3604
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Securities-on-hold
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3605
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Evidence of securities available for settlement
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3606
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Money compensation and payment obligations
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3607
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Closing-out
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3608
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Charged Property
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3609
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[Repealed]
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Chapter 37 - Default Rules - CNS System
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3701
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Events of Default
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3702
|
Actions on default
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| 3702A |
Confidentiality Obligation |
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3703
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Declaration as Defaulter
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3704
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Certification of net sum due
|
3705
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HKSCC Failure to Pay Event
|
| 3706 |
HKSCC Insolvency Event |
| 3707 |
Calculations of Net Payments under an HKSCC Failure to Pay Event or an HKSCC Insolvency Event |
| 3708 |
Liability of HKSCC under an HKSCC Failure to Pay Event or an HKSCC Insolvency Event
|
| 3709 |
Contract Termination |
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Chapter 38 - Settlement Agent
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3801
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Application for Settlement Agents to be connected to CCASS
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3802
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Obligations of CCASS Participants in connection with Settlement Agents
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Chapter 39 - Access to CCASS from a Foreign Jurisdiction |
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3901
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Obligations of Participants or Settlement Agents located in a foreign jurisdiction
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3902
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Books and records
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3903
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Communication
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3904
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Legal liabilities
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Chapter 40 - Clearing by General Clearing Participants
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4001
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Execution of Clearing Agreement
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4002
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Notification of execution of Clearing Agreement
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4003
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Obligations of GCP
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4004
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Termination of Clearing Agreement
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Chapter 41 - China Connect Clearing Services
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4101
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Cross-boundary Clearing Links
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4102
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China Connect Clearing Services
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4103
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China Connect Clearing Participants and Eligibility Criteria for Registration
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4104
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General Clearing Participants as China Connect Clearing Participants
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4104A
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Custodian Participants and non-Exchange Participant GCPs to maintain Special Segregated Accounts for clients
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4105
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China Connect Securities and China Connect Clearing Houses
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4106
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Clearing and settlement of China Connect Securities Trades
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4107
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Risk Management Measures applicable to China Connect Securities Trades
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4108
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Fees and charges of China Connect Clearing Houses
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4109
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Conditions and restrictions on the use of China Connect Clearing Services
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4110
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Compliance with applicable laws and the Rules
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4111
|
Suspension and Cessation of Operation of China Connect Clearing Services and emergency arrangements
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|
4112
|
Typhoons, Extreme Conditions and rainstorms
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|
4113
|
Responsibilities of HKSCC
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|
4114
|
Termination as China Connect Clearing Participant
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Chapter 42 - China Connect Clearing Houses
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|
4201
|
Cross-boundary Clearing Links in relation to Exchange Trades
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|
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
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|
4205
|
Clearance of Exchange Trades by China Connect Clearing Houses
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|
4206
|
Restrictions applicable to a China Connect Clearing House relating to the clearance of Exchange Trades and other transfers
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|
4207
|
Nominee and depository services provided to China Connect Clearing Houses in respect of SEHK Securities
|
|
4208
|
Continuing obligation of China Connect Clearing House
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|
4209
|
Insulation against risk spillover
|
|
Chapter 43 - Clearing Service Termination Event |
4301
|
Clearing Service Termination Event
|
| 4302 |
Liability of HKSCC under a Clearing Service Termination Event |
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