Paper 1 Part 4: Licensing, Registration & Subsidiary Legislation

Some shareholders of a sub-fund of XYZ OFC apply to the Court of First Instance for relief on the ground that the company's affairs have been conducted in an unfairly prejudicial manner. Under section 213(5), the Court may make which of the following orders?

• AOrder the SFC to take over day-to-day operations of the company
• BRevoke the practising qualification of the company's auditor
• CDirect that the investments attributable to a portion of a sub-fund be realised, that any liabilities attributable to that portion be discharged, and that the remaining funds be distributed to shareholders in accordance with the OFC rules
• DProhibit the company from carrying on any business outside Hong Kong

Regarding incorporation of an OFC and submission of incorporation documents, which of the following statements is correct?

• AIncorporation documents may be delivered in any manner, with no format restriction
• BIncorporation documents may only be delivered to the Court in person by a director
• CIncorporation documents must be delivered in the manner prescribed by the OFC rules
• DIncorporation documents must first be approved by the Secretary for Financial Services and the Treasury before delivery