### Securities and Futures Ordinance 《證券及期貨條例》

226. Orders of Tribunal may be registered in Court of First Instance
The Court of First Instance may, on notice in writing given by the Tribunal in the manner prescribed by rules made by the Chief Justice under section 233, register an order of the Tribunal in the Court of First Instance and the order shall, on registration, become for all purposes an order of the Court of First Instance made within the jurisdiction of the Court of First Instance.

227. Applications for stay of execution of specified decisions
(1) Subject to subsections (2) and (3), the making of an application for review does not by itself operate as a stay of execution of the specified decision to which the application relates.
(2) A person who has made an application for review or an application pursuant to section 217(4) may, at any time before the review or the application (as the case may be) is determined by the Tribunal, apply to the Tribunal for a stay of execution of the specified decision to which the application relates.
(3) On an application made under subsection (2), the Tribunal shall as soon as reasonably practicable conduct a hearing to determine the application, and may, where it considers appropriate, by order grant a stay of execution of the specified decision to which the application relates, subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Tribunal considers appropriate.

228. Applications for stay of execution of decisions of Tribunal
A party to a review may, at any time after the determination of the review, apply to the Tribunal for a stay of execution of a decision of the Tribunal relating to the review, whereupon the Tribunal may, where it considers appropriate, by order grant the stay, subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Tribunal considers appropriate.

### Securities and Futures Ordinance 《證券及期貨條例》

229. Appeal to Court of Appeal
(1) A party to a review who is dissatisfied with a decision of the Tribunal relating to the review may appeal to the Court of Appeal against the decision on a point of law.
(2) In an appeal under subsection (1), the Court of Appeal may—
(a) allow the appeal;
(b) dismiss the appeal;
(c) vary or set aside the decision in question, and, where the decision is set aside, substitute for the decision any other decision it considers appropriate;
(d) remit the matter in question to the Tribunal with the directions it considers appropriate, which may include a direction to the Tribunal to conduct the review in question afresh for the purpose of determining any question specified by the Court of Appeal.
(3) Where the Court of Appeal varies, or substitutes any other decision for, a decision under subsection (2)(c), the decision as varied or the other decision substituting for the decision (as the case may be) may be any decision (whether more or less onerous) that the Tribunal had power to make in respect of the review in question, whether or not under the same provision as that under which the decision has been made.
(4) In an appeal under subsection (1), the Court of Appeal may make such order as to costs as it considers appropriate.

230. No stay of execution on appeal
Without prejudice to section 228, the lodging of an appeal under section 229 does not by itself operate as a stay of execution of a decision of the Tribunal unless the Court of Appeal otherwise orders, and any stay of execution may be subject to such conditions as to costs, payment of money into the Tribunal or otherwise as the Court of Appeal considers appropriate.

231. No other right of appeal
Subject to section 229 and section 50 of the High Court Ordinance (Cap. 4), any decision of the Tribunal shall be final and shall not be subject to appeal.

### Securities and Futures Ordinance 《證券及期貨條例》

232. Time when specified decisions to take effect
(1) Notwithstanding subsections (2) and (3) and any other provisions of this or any other Ordinance, no specified decision, other than a specified decision which is described in column 2 of Division 4 of Part 3 of Schedule 8 and to which the provision set out, opposite such description of the specified decision, in column 3 of that Division applies, takes effect at any time before—
(a) where there is any requirement in this or any other Ordinance for notice in writing in respect of the decision to be served, the notice has been served in accordance with such requirement; or
(b) where there is no such requirement, a notice in writing in respect of the decision has been served on the person in respect of whom it is made.
(2) A specified decision, other than a specified decision which is described in column 2 of Division 5 of Part 3 of Schedule 8 and to which the provision set out, opposite such description of the specified decision, in column 3 of that Division applies, takes effect—
(a) where, prior to the expiration of the period of 21 days specified in section 217(3), the person in respect of whom the decision is made notifies the relevant authority that he will not make an application for review of the decision, at the time when he so notifies the relevant authority;
(b) subject to paragraph (a), where the person does not make an application for review of the decision within the period of 21 days specified in section 217(3), at the time when the period so specified expires; or
(c) where the person makes an application for review of the decision within the period of 21 days specified in section 217(3)—
(i) where the decision is confirmed by the Tribunal, at the time when the decision is so confirmed;
(ii) where the decision is varied, or substituted by another decision, by the Tribunal, at the time when the decision is so varied or substituted, subject however to the terms of the variation or substitution; or
(iii) where the application is withdrawn, at the time when it is so withdrawn.
(3) Notwithstanding subsection (2) and any other provisions of this or any other Ordinance, but subject to subsection (1), the relevant authority may, where it considers appropriate in the interest of the investing public or in the public interest to do so, specify in the notice served in respect of a specified decision any time, other than that at which the decision is apart from this subsection to take effect, as the time at which the decision is to take effect, in which case the decision takes effect at the time so specified.
(4) Nothing in this section affects the power of the Tribunal to grant a stay of execution of a specified decision under section 227.

### Securities and Futures Ordinance 《證券及期貨條例》

233. Rules by Chief Justice
The Chief Justice may make rules—
(a) providing for the award of costs under section 223 and the taxation of those costs;
(b) prescribing the manner in which the Tribunal is to give notice to the Court of First Instance in respect of orders of the Tribunal pursuant to section 226;
(c) regulating the procedure for the hearing of appeals under section 229;
(d) requiring the payment of the fees specified in the rules for any matter relating to applications for review;
(e) providing for matters of procedure or other matters relating to applications for review or reviews, which are not provided for in this Part or in Part 1 of Schedule 8;
(f) providing for the issue or service of any document (however described) for the purposes of this Part or Part 1 of Schedule 8;
(g) prescribing any matter which this Part provides is, or may be, prescribed by rules made by the Chief Justice.

234. Amendment of Parts 2 and 3 of Schedule 8
The Chief Executive in Council may, by order published in the Gazette, amend Parts 2 and 3 of Schedule 8.

235. Interpretation of Part XII
In this Part, unless the context otherwise requires—
compensation (賠償) means compensation payable out of the compensation fund under rules made under section 244;
default (違責) means a default prescribed by rules made under section 244;
Futures Exchange Compensation Fund (期交所賠償基金) means the compensation fund established under Part VIII of the repealed Commodities Trading Ordinance;
Unified Exchange Compensation Fund (聯交所賠償基金) means the compensation fund established under Part X of the repealed Securities Ordinance.