| (Cap 571, section 118(2)) [1 April 2003] L.N. 12 of 2003 (L.N. 190 of 2002) Cap 571F s 1 (Omitted as spent) PART 1 PRELIMINARY (Omitted as spent) Cap 571F s 2 Interpretation In these Rules, unless the context otherwise requires- "arbitration panel" (仲裁小组) means the arbitration panel established by section 4; "arbitrator" (仲裁人) means an arbitrator appointed under any provision of these Rules; "chairman" (主席) means the chairman of the arbitration panel; "claimant" (申索人), in relation to a dispute being referred to arbitration, means the party making the claim; "clerk" (书记) means the clerk to the arbitration panel referred to in section 4(6); "client contract" (客户合约) means any contract or arrangement between a licensed corporation and its client, which contains terms on which the licensed corporation is to provide leveraged foreign exchange trading services; "deputy chairman" (副主席) means the deputy chairman of the arbitration panel; "dispute" (争议) means any dispute between a licensed corporation and a client regarding or touching upon any matter concerning the carrying on of leveraged foreign exchange trading; "HKIAC" (仲裁中心) means the Hong Kong International Arbitration Centre; "member" (成员) means a member of the arbitration panel; "party" (当事一方) means a party to a dispute; "respondent" (答辩人), in relation to a dispute being referred to arbitration, means the party against whom the claim is made. Cap 571F s 3 Purpose of these Rules These Rules govern the resolution of any dispute that is required to be settled by arbitration pursuant to section 118(1)(b) of the Ordinance. Cap 571F s 4 Constitution of arbitration panel (1) For the purposes of resolving disputes in accordance with these Rules, there is established a panel to be known as the arbitration panel. (2) The arbitration panel consists of a chairman, a deputy chairman and other members, to be appointed by the Financial Secretary. (3) Directors and employees of the Commission are not eligible for appointment as members. (4) The Financial Secretary may determine the term of office of a member, but a member may resign his office at any time by a notice in writing sent to the Financial Secretary. (5) If the office of chairman is vacant or the chairman is unable to act as chairman due to illness, other incapacity or absence from Hong Kong, the deputy chairman or failing him, such other member as the Financial Secretary may designate, shall act as chairman in his place. (6) The arbitration panel shall have a clerk, who shall be appointed by the Commission. (7) The clerk shall prepare and maintain a list of members, which shall be made available for public inspection at all reasonable times free of charge. Cap 571F s 5 Commencement of proceedings PART 2 RULES RELATING TO COMMENCEMENT OF ARBITRATION PROCEEDINGS (1) Subject to subsection (3), a client may send a notice in writing, signed by him or on his behalf, to the licensed corporation with which he has a dispute requiring the dispute to be settled by arbitration in accordance with these Rules. (2) Where the client has not sent a notice in writing under subsection (1)- (a) the licensed corporation may send to the client with whom it has a dispute a notice in writing (containing the particulars described in subsection (7)(b), (d) and (e)), signed by it or on its behalf, referring the client to his right to require the dispute to be settled by arbitration in accordance with these Rules; and (b) the client may send to the licensed corporation a notice in writing, signed by him or on his behalf, within 14 days after the receipt of the notice in writing under paragraph (a), requiring the dispute to be settled by arbitration in accordance with these Rules.(3) Where a licensed corporation has sent to a client a notice in writing under subsection (2)(a) and the client has not sent to the licensed corporation a notice in writing under subsection (2)(b) within the time specified in subsection (2)(b), the client is not entitled to require the dispute to be settled by arbitration in accordance with these Rules. (4) Subject to subsection (5), despite court proceedings having commenced in respect of a dispute, the client may require that the dispute be settled by arbitration, by sending a notice in writing signed by him or on his behalf to the licensed corporation to that effect within 14 days after the commencement of the court proceedings. (5) Where a licensed corporation has sent to a client a notice in writing under subsection (2)(a) and the client has not sent to the licensed corporation a notice in writing under subsection (2)(b) within the time specified in subsection (2)(b), subsection (4) does not apply to that dispute. (6) Arbitration proceedings are deemed to commence on the date on which the notice in writing under subsection (1) or (4), or where applicable, the notice in writing under subsection (2)(b), is sent to the licensed corporation in accordance with section 33. |
