Legislative Council of Hong Kong

“ False statements regarding Scheme membership and protected deposits
(1) No person shall, with intent to deceive, make any false, misleading or deceptive statement or representation as to whether or not—
(a) a person is a Scheme member; or (b) a deposit, or any other financial product, is a protected deposit. (2) Any person who contravenes subsection (1) commits an offence and is liable—
(a) on conviction on indictment to a fine of $400,000 and to imprisonment for 2 years ”

“ No person shall, without the written consent of the Monetary Authority given generally or in any particular case or class of cases, disclose to any other person—
(a) any information regarding a Scheme member’s MA supervisory rating or the amount of a Scheme member’s contribution; or (b) any other information that would, by itself or together with other information, enable a Scheme member’s MA supervisory rating or the amount of a Scheme member’s contribution to be ascertained or inferred. ”

“ If a written direction is given under subsection (1) , a requirement under an Ordinance that the Board shall, for the purpose of performing any of the functions to which the written direction relates—
(a) form any opinion; (b) be satisfied as to any matter (including existence of particular circumstances) ; or (c) consult any person, does not apply for any purpose connected with the performance of functions pursuant to, or consequent upon, the written direction. ”

“ In the case of a bank the banking licence of which is granted after the commencement of this section, it becomes a member of the Scheme on the date on which its banking licence is granted.
13. Exemption
(1) A bank may apply to the Board for an exemption from section 12 (1) .
(2) An application under subsection (1) for an exemption is—
(a) to be made in the manner specified by the Board; and (b) to be accompanied by such information and documents as the Board may reasonably require for the purpose of deciding whether the exemption should be granted. ”

“ Establishment of Hong Kong Deposit Protection Board
(1) There is established by this section a body corporate with the corporate name of “Hong Kong Deposit Protection Board” in English and “香港存款保障委員會” in Chinese.
(2) The Board—
(a) has perpetual succession under its corporate name; (b) shall provide itself with a common seal; and (c) is capable of suing and being sued in its corporate name. (3) The Board is not a servant or agent of the Government nor does it enjoy any status, immunity or privilege of the Government. ”

“ Every sitting of the Tribunal shall be held in public unless the Tribunal, on its own motion or on the application of any of the parties to the review, determines that in the interests of justice a sitting, or any part of a sitting, shall not be held in public in which case it may hold the sitting, or the relevant part of the sitting, as the case may be, in camera. ”

“ A qualifying client of a specified person shall not claim compensation from the compensation fund in respect of any loss in respect of which he has been paid an amount of compensation from the Deposit Protection Scheme Fund established by section 14 of the Deposit Protection Scheme Ordinance (7 of 2004) .”. ”

“ Subsection (1) (c) does not empower the Tribunal to require—
(a) the banker or financial adviser of an applicant to disclose any information relating to the affairs of any person other than the applicant; or (b) a solicitor or counsel to disclose any privileged communication, whether oral or written, made to or by him in that capacity. (3) A person commits an offence if he, without reasonable excuse—
(a) fails to comply with an order, notice, prohibition or requirement of the Tribunal made or given under or pursuant to subsection (1) ”

“ The Board shall, with the prior approval of the Financial Secretary, appoint an auditor, who may be the Director of Audit.
(2) The auditor is entitled—
(a) to have access to such books of account and other records of the Fund; and (b) to require such information and explanation, as he considers necessary to perform his functions. (3) The auditor shall audit the statement of accounts prepared under section 18 (2) and make a report to the Board on the audit of that statement. ”