Securities and Futures Act 2001 · 2020 Revised Edition · Part 11 · Investor Compensation Scheme
183. Levy to meet liabilities
Feedback & supportLast amended by an amending law of 2009.
If at any time a fidelity fund is not sufficient to satisfy the liabilities that are then ascertained of an approved exchange in relation thereto, the approved exchange —
approved exchange
“approved exchange” means a corporation that is approved by the Authority under section 9(1)(a) as an approved exchange;
may impose on every member a levy of such amount as it thinks fit; or
if ordered by the Authority, must impose a levy of such amount which must in the aggregate be equivalent to the amount so specified in the order.
The amount of the levy must be paid within the time and in the manner specified by the approved exchange either generally or in relation to any particular case.
No member of an approved exchange may be required to pay by way of levy under this section more than $300,000 in the aggregate in any particular case.
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;