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

264. Orders of Tribunal may be registered in Court of First Instance
(1) 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 269, 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.
(2) Where an order is made under section 257(1)(a), or an order referred to in section 257(1)(a) is made under section 258(1), the order shall be filed by the Tribunal with the Registrar of Companies, as soon as reasonably practicable after it is made.

265. Applications for stay of execution of orders of Tribunal under section 257, 258, 259 or 260
Any person in respect of whom an order has been made under section 257, 258, 259 or 260 may apply to the Tribunal for a stay of execution of the order, 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.

266. Appeal to Court of Appeal
(1) Where the Tribunal has made any finding or determination for the purposes of any proceedings instituted under section 252, and the Commission, or a person identified as having engaged in market misconduct pursuant to section 252(3)(b), is dissatisfied with the finding or determination, the Commission or the person (as the case may be) may, after the Tribunal has made orders (if any) under section 257, 258, 259 or 260 for the purposes of the proceedings, appeal to the Court of Appeal against the finding or determination— (Amended 9 of 2012 s. 25)
(a) on a point of law; or
(b) with the leave of the Court of Appeal, on a question of fact.
(2) A person in respect of whom an order has been made under section 257, 258, 259, 260 or 265 may appeal to the Court of Appeal against the order.

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

267. Powers of Court of Appeal on appeal
(1) In an appeal under section 266(1), the Court of Appeal may—
(a) allow the appeal;
(b) dismiss the appeal;
(c) vary or set aside the finding or determination, and, where the finding or determination is set aside, substitute for the finding or determination any other finding or determination 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 proceedings in question afresh for the purpose of determining any question specified by the Court of Appeal.
(2) In an appeal under section 266(2), the Court of Appeal may—
(a) confirm, vary or set aside the order appealed against; and
(b) where the order is set aside, substitute for the order any other order it considers appropriate.
(3) Where the Court of Appeal varies, or substitutes any other finding, determination or order for, a finding, determination or order under subsection (1)(c) or (2)(a) or (b), the finding, determination or order as varied or the other finding, determination or order substituting for the finding, determination or order (as the case may be) may be—
(a) in the case of subsection (1)(c), any finding or determination (whether more or less onerous) that the Tribunal had power to make for the purposes of the proceedings in question; or
(b) in the case of subsection (2)(a) or (b), any order (whether more or less onerous) that the Tribunal had power to make in respect of the appellant,

whether or not under the same provision as that under which the finding, determination or order has been made.
(4) Where on appeal the Court of Appeal remits any matter to the Tribunal under section 267(1)(d), unless the Court of Appeal otherwise directs, members of the Tribunal disposing of the matter may be the same as, or different from, those of the Tribunal from which the appeal lies.
(5) In an appeal under section 266, the Court of Appeal may make such order as to costs as it considers appropriate.

268. No stay of execution on appeal
Without prejudice to section 265, neither the lodging of an appeal nor the filing of an application for leave to appeal under section 266 by itself operates as a stay of execution of a finding or determination or an order (as the case may be) 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.

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

269. Rules by Chief Justice
The Chief Justice may make rules—
(a) providing for the taxation of costs required to be paid under an order referred to in section 257(1)(e) or (f), whether made under section 257(1) or 258(1), and for the award of costs under section 260 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 264;
(c) regulating the procedure for—
(i) applying for leave to appeal, and the hearing of applications for leave to appeal, under section 266;
(ii) the hearing of appeals under that section;
(d) requiring the payment of the fees specified in the rules for any matter relating to the proceedings instituted under section 252;
(e) providing for matters of procedure or other matters relating to the proceedings instituted under section 252, which are not provided for in this Part or in Schedule 9;
(f) providing for the issue or service of any document (however described) for the purposes of this Part or Schedule 9;
(g) prescribing any matter which this Part provides is, or may be, prescribed by rules made by the Chief Justice.

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

273. Insider dealing—certain persons exercising right to subscribe for or acquire securities or derivatives not to be regarded as having engaged in market misconduct
A person shall not be regarded as having engaged in market misconduct by reason of an insider dealing taking place through his dealing in listed securities or derivatives if he establishes that—
(a) he dealt in the listed securities or derivatives in question by way of his exercise of a right to subscribe for or otherwise acquire such listed securities or derivatives; and
(b) the right was granted to him or was derived from securities or their derivatives that were held by him before he became aware of any inside information in relation to the corporation the listed securities of which were, or the derivatives of the listed securities of which were, such listed securities or derivatives. (Amended 9 of 2012 s. 14)

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

280. Transactions relating to market misconduct not void or voidable
A transaction is not void or voidable by reason only that any market misconduct has taken place in relation to or as a result of it.