Securities and Futures Act 2001 · 2020 Revised Edition · Part 11 · Investor Compensation Scheme
182. Provisions if fund is reduced below minimum amount
Feedback & supportLast amended by an amending law of 2009.
If the fidelity fund of an approved exchange is reduced below the minimum amount referred to in section 181, the exchange must take steps to make up the deficiency —
approved exchange
“approved exchange” means a corporation that is approved by the Authority under section 9(1)(a) as an approved exchange;
by transferring an amount that is equal to the deficiency from other funds of the exchange to the fidelity fund; and
in the event that there are insufficient funds to transfer under paragraph (a), by requiring each member of the exchange to contribute to the fund such amount as the exchange may determine.
member
“member”, in relation to an approved exchange, a recognised market operator, an approved clearing house or a recognised clearing house, means a person who holds membership of any class or description in the approved exchange, recognised market operator, approved clearing house or recognised clearing house, whether or not the person holds any share in the share capital of the approved exchange, recognised market operator, approved clearing house or recognised clearing house, as the case may be;