Revised Return of Securities Related Activities (Securities Return)

Our Ref.: B1/15C
7 August 2024
The Chief Executive
All Registered Institutions
Dear Sir / Madam,
Revised Return of Securities Related Activities (Securities Return) I am writing to enclose the Securities Return and the related completion instructions which have been revised following consultation with the industry associations in Annex 1 and Annex 2. Changes to the last version in use are highlighted to facilitate the preparation work of reporting institutions. These changes aim to expand the Securities Return to capture additional information relating to regulated activities carried on by Registered Institutions (RIs) under the Securities and Futures Ordinance (SFO), including Type 13 regulated activity (i.e. providing depositary services for relevant collective investment schemes) newly introduced under the SFO. The reporting frequency of the revised Securities Return remains unchanged, i.e. RIs should submit the Securities Return every 6 months not later than 21 days after the end of June and December each year. The first reporting period of the revised Securities Return will be from 1 July to 31 December 2024. The submission deadline of the first revised Securities Return will be on 21 January 2025. The revised Securities Return is being incorporated into the template of the STET (Submission Through Electronic Transmission) system, which will be available later this year.

This circular supersedes four relevant circulars on the Securities Return previously issued by the HKMA as set out in Annex 3. Should you have any questions relating to the above, please contact Mr Andy Lam at 2878-8790 or Mr Eric Mok at 2878-1405. Yours faithfully, Alan Au Executive Director (Banking Conduct) Encl. c.c. The Chairman, The Hong Kong Association of Banks The Chairman, The DTC Association The Chairman, Private Wealth Management Association Securities and Futures Commission (Attn: Mr Eric Yip, Executive Director (Intermediaries))

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U SECRET
高度機密

C o . N o . M M Y Y
代 號 月 年
(For Official Use Only)
（只供本局填寫）
Information required under the Banking Ordinance 根據《銀行業條例》要求的資料 RETURN OF SECURITIES RELATED ACTIVITIES 證券業務申報表 Position of the Hong Kong offices of an authorized institution that is a registered institution* under the Securities and Futures Ordinance 根據《證券及期貨條例》為註冊機構*的認可機構香港辦事處狀況 for the 6-month period ended _______________________________________ (last day of June / December) 在結束於 (六月/十二月最後一天) 六個月內的狀況 Name of Authorized Institution 認可機構名稱 Date of Submission 遞交日期 The Banking Ordinance 《銀行業條例》 The Monetary Authority requires the submitting Authorized Institution to provide the information specified in this return to the Monetary Authority, in the form set out in the return, in accordance with section 63(2) of the Banking Ordinance. Information requested in this return is required under section 63(2) of the Banking Ordinance. The information, in Tthe form of the duly completed return, shouldmust be submitted to the Monetary Authority not later than 21 days after the end of June and December each year, unless otherwise advised by the Monetary Authority. If the submission deadline falls on a public holiday, it will be deferred to the next working day. This return must be completed in accordance with the completion instructions issued by the Monetary Authority to ensure that all requisite information is provided and submitted in the required form. 金融 管 理專 員本 申 報表 內 的 資料 是 根據 《銀 行 業條 例 》 第 63(2)條 所 要求 規定 呈 交 資料 認 可機 構按 照 本申報 表列載的方式提供本申報表指明的資料。 本申報表內的資料是根據《銀行業條例》第 63(2)條所要求的。除金融管理專員另有指示外，該等資料(以填 妥的本申報表的形式)須於每年的六月及十二月最後一日起計 21 天內交回金融管理專員。如遞交限期當日為公眾 假期，則順延至下一個工作日。 Note: This return is to be prepared in accordance with the completion instructions issued by the Monetary Authority. 註： 本申報表須按金融管理專員發出的填報指示填寫，以確保所有所需資料均按所要求的格式提供及呈 交。 We certify that this return is, to the best of our knowledge and belief, correct. 我們據所知及確信，證明本申報表內容均屬正確無誤。

Chief Accountant
會計主任
Chief Executive
行政總裁

Name
姓名
Name
姓名
Name and telephone number of responsible person who may be contacted by the Monetary Authority in case of any query. 金融管理專員需要查詢時可聯絡的負責人姓名和電話號碼。

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Name
姓名
Telephone Number
電話號碼
[* including a deemed registered institution] [* 包括當作註冊機構] MA(BS)14 (Dec 2003Dec 2024)

• An “Y” in the box indicates Yes and an “N” indicates No.
• 在空格內填上“Y”即代表有而“N”則代表否。
  I. Regulated Activities under the Securities and Futures Ordinance
  《證券及期貨條例》下的受規管活動

1. Type 1: Dealing in Securities
   第 1 類: 證券交易
   (Y/N)*
   Was your institution engaged in this activity during the reporting period? 機構在申報期內有否從事此類活動？ If yes, provide the following information. 如有，請提供以下資料。◦ At the end of the reporting period:
   截至申報期完結：
   Accounts maintained with the reporting institution in Hong Kong 在申報機構的 香港辦事處開 立的戶口 Accounts maintained elsewhere 在其他機構或 在申報機構的 其他辦事處開 立的戶口 (1) Dealing in securities for clients:
   為客戶進行的證券交易:
   (a) Number of securities accounts for cash clients 為現金客戶開設的證券戶口數目 (b) Number of securities accounts for margin clients 為孖展客戶開設的證券戶口數目 (i) Institutions licensed by the SFC 獲證監會發牌的機構 (ii) Others 其他 (2) For institution with branches in Hong Kong, the number of branch-office that provides services of dealing in securities for clients 機構如在香港設有分行，為客戶提供證券交易服務的分行數目

During the reporting period, in relation to dealing in securities for clients:
申報期內，與客戶有關的證券交易：
(HK$’000)
(港幣千元)
(HK$’000)
(港幣千元)

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    (3) The volume of transactions that were traded through the exchange in Hong Kong 經香港交易所買賣的交易額 (4) The volume of transactions that were traded through overseas other exchanges 經海外其他交易所買賣的交易額 (5) The volume of transactions that were traded through other means 經其他途徑買賣的交易額

2. Type 2: Dealing in Futures Contracts
   第 2 類： 期貨合約交易
   (Y/N)*
   Was your institution engaged in this activity during the reporting period? 機構在申報期內有否從事此類活動？

If yes, provide the following information.
如有，請提供以下資料。
At the end of the reporting period:
截至申報期完結：
Accounts maintained with the reporting institution in Hong Kong 在申報機構的 香港辦事處開 立的戶口 Accounts maintained elsewhere 在其他機構或 在申報機構的 其他辦事處開 立的戶口 (1) Number of accounts for dealing in futures contracts for clients 為客戶就期貨合約交易而開設的戶口數目 During the reporting period, in relation to dealing in futures contracts for clients:
申報期內，與客戶有關的期貨合約交易：
Number of contracts
合約宗數
Number of contracts
合約宗數
(2) Total number of futures contracts that were traded through the exchange in Hong Kong 經香港交易所買賣的期貨合約宗數 (a) Equity index futures 股本證券指數期貨 (b) Equity futures 股票期貨 (c) Interest rate futures 利率期貨 (d) Other futures contracts 其他期貨合約 (3) Total number of futures contracts that were traded through overseas other exchanges 經其他海外交易所買賣的期貨合約宗數 (a) Equity index futures 股本證券指數期貨 (b) Equity futures 股票期貨

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    (c) Interest rate futures
    利率期貨
    (d) Other futures contracts
    其他期貨合約

3. Type 4: Advising on Securities
   第 4 類： 就證券提供意見
   Was your institution engaged in any of the following activities during the reporting period? 機構在申報期內有否從事以下任何活動？ (Y/N)* (1) Giving advice on (i) whether; (ii) which; (iii) the time at which; or (iv) the terms or conditions on which, securities should be acquired or disposed of. 就以下各項 提供意 見— (i) 應否取得或 處置證 券；(ii) 應取得或處 置哪些 證券 ； (iii) 應於何時取得或處置證券；或 (iv) 應按哪些條款或條件取得或處置證券。 (2) Issuing analyses or reports for the purposes of facilitating the recipients to make decision on (i) whether; (ii) which; (iii) the time at which; or (iv) the terms or conditions on which, securities are to be acquired or disposed of. 發出分析或報告 ，而目的是 為利便該等分析 或報告的受 眾就以下各項作 出決定— (i) 是否取得或處置證券；(ii) 須取得或處置哪些證券；(iii) 於何時取得或處置 證券；或 (iv) 按哪些條款或條件取得或處置證券。

4. Type 5: Advising on Futures Contracts
   第 5 類： 就期貨合約提供意見
   Was your institution engaged in any of the following activities during the reporting period? 機構在申報期內有否從事以下任何活動 ？ (Y/N)* (1) Giving advice on (i) whether; (ii) which; (iii) the time at which; or (iv) the terms or conditions on which, futures contracts should be entered into. 就 以 下 各 項 提 供 意 見—(i) 應 否 訂 立 期 貨 合 約 ； (ii) 應 訂 立 哪 些 期 貨 合 約 ； (iii) 應 於何時訂立期貨合約；或 (iv) 應按哪些條款或條件訂立期貨合約。 (2) Issuing analyses or reports for the purposes of facilitating the recipients to make decision on (i) whether; (ii) which; (iii) the time at which; or (iv) the terms or conditions on which, futures contracts are to be entered into. 發出分析或報告 ，而目的是 為利便該等分析 或報告的受 眾就以下各項作 出決定— (i) 是 否 訂 立 期 貨 合 約 ； (ii) 須 訂 立 哪 些 期 貨 合 約 ； (iii) 於 何 時 訂 立 期 貨 合 約 ； 或 (iv) 按哪些條款或條件訂立期貨合約。

5. Type 6: Advising on Corporate Finance
   第 6 類： 就機構融資提供意見
   Was your institution engaged in any of the following activities during the reporting period? 機構在申報期內有否從事以下任何活動？ (Y/N)*

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    (1) Giving advice concerning compliance with or in respect of rules made under
    section 23 or 36 of the Securities and Futures Ordinance (SFO) governing the
    listing of securities and the code published under section 399(2)(a) or (b) of the SFO. 對根據《證券及期貨條例》(條例)第 23 或 36 條訂立的關於管限證券上市的規章 或規則及 根據 條例第 399(2)(a)或(b)條刊 登或 發表的 守 則的遵守 問題 或就該 等規 章、規則或守則提供意見。

(Y/N)*
(2) Giving advice concerning (i) any offer to dispose of securities to the public; (ii) any offer to acquire securities from the public; or (iii) acceptance of any offer referred to in (i) or (ii), but only in so far as the advice is given generally to holders of securities or a class of securities. 提供關於以下各項的意見— (i)處置證券而將之轉予公眾的要約；(ii)從公眾取得證券的要 約；或(iii)接受第 (i) 或 (ii) 節 提 述 的 任 何 要 約 ， 但 以 意 見 是 普 遍 地 提 供 予 證 券 或 某 類別證券的持有人為限。 (3) Giving advice to a listed corporation or public company or a subsidiary of the corporation or company, or to its officers or shareholders, concerning corporate restructuring in respect of securities (including the issue, cancellation or variation of any rights attaching to any securities). 向上市法團、公眾公司或該法團或公司的附屬公司，或向該法團、公司或附屬公 司的高級人員 或股東提供 關 於機構重組而 在證券方面 ( 包括發行、撤 銷或更改 附 於任何證券的權利) 的意見。

6. Type 7: Providing Automated Trading Services (ATS)
   第 7 類： 提供自動化交易服務
   Was your institution engaged in any of the following activities during the reporting period? 機構在申報期內有否從事以下任何活動？ (Y/N)* (1) Providing ATS for the sale or purchase of securities 提供自動化交易服務作證券買賣 (2) Providing ATS for the sale or purchase of futures contracts 提供自動化交易服務作期貨合約買賣

7. Type 9: Asset Management
   第 9 類： 提供資產管理

(Y/N)*
Was your institution engaged in this activity during the reporting period? 機構在申報期內有否從事此類活動？

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    If Yes, provide the following information.
    如有，請提供以下資料。
    At the end of the reporting period:
    截至申報期完結：
    Accounts maintained with the reporting institution in Hong Kong 在申報機構的 香港辦事處開 立的戶口 Accounts maintained elsewhere 在其他機構或 在申報機構的 其他辦事處開 立的戶口 (1) Asset management services for “non-discretionary” accounts of private banking clients:
    為「非授權買賣」戶口的私人銀行客戶提供的資產管理服務：
    (a) Number of accounts
    戶口數目
    (HK$’000)
    (港幣千元)
    (HK$’000)
    (港幣千元)
    (b) The aggregate size of portfolios under management by the institution 機構所管理的投資組合的總額 Accounts maintained with the reporting institution in Hong Kong 在申報機構的 香港辦事處開 立的戶口 Accounts maintained elsewhere 在其他機構或 在申報機構的 其他辦事處開 立的戶口 (2) Asset management services for “discretionary” accounts of private banking clients:
    為「授權買賣」戶口的私人銀行客戶提供的資產管理服務：
    (a) Number of accounts
    戶口數目
    (HK$’000)
    (港幣千元)
    (HK$’000)
    (港幣千元)
    (b) The aggregate size of portfolios under management by the institution 機構所管理的投資組合的總額 (3) Asset management services for collective investment schemes:
    就集體投資計劃提供的資產管理服務：
    (a) Number of accounts
    戶口數目
    (HK$’000)
    (港幣千元)
    (HK$’000)
    (港幣千元)
    (b) The aggregate size of portfolios under management by the institution 機構所管理的投資組合的總額 (4) Other asset management services:
    其他資產管理服務：
    (a) Number of accounts
    戶口數目
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    (HK$’000)
    (港幣千元)
    (HK$’000)
    (港幣千元)
    (b) The aggregate size of portfolios under management by the institution 機構所管理的投資組合的總額 During the reporting period, in relation to asset management services:
    申報期內，與提供資產管理有關的服務：
    (HK$’000)
    (港幣千元)
    (HK$’000)
    (港幣千元)
    (5) The volume of securities transactions that were traded through the exchange in Hong Kong 經香港交易所買賣的證券之交易額 (6) The volume of securities transactions that were traded through otheroverseas exchanges 經其他海外交易所買賣的證券之交易額 (7) The volume of securities transactions that were traded through other means 經其他途徑買賣的證券之交易額

During the reporting period, in relation to asset management services:
申報期內，與提供資產管理有關的服務：
Number of contracts for accounts maintained with the reporting institution in Hong Kong 在申報機構的 香港辦事處開 立的戶口所買 賣的合約宗數 Number of contracts for accounts maintained elsewhere 在其他機構或 在申報機構的 其他辦事處開 立的戶口所買 賣的合約宗數 (8) Total number of futures contracts that were traded through the exchange in Hong Kong 經香港交易所買賣的期貨合約宗數 (a) Equity index futures 股本證券指數期貨 (b) Equity futures 股票期貨 (c) Interest rate futures 利率期貨 (d) Other futures contracts 其他期貨合約 (9) Total number of futures contracts that were traded through overseas other exchanges 經其他海外交易所買賣的期貨合約宗數 (a) Equity index futures 股本證券指數期貨

(b) Equity futures
股票期貨

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    (c) Interest rate futures
    利率期貨
    (d) Other futures contracts
    其他期貨合約

8. Type 10: Providing credit rating services
   第 10 類： 提供信貸評級服務
   Was your institution engaged in any of the following activities during the reporting period? 機構在申報期內有否從事以下任何活動 ？ (Y/N)* (1) Preparing credit ratings (i) for dissemination to the public, whether in Hong Kong or elsewhere; or (ii) with a reasonable expectation that they will be so disseminated. 在(i)以向公眾 ( 不論在香 港或其他地方 ) 散 發信貸 評級為目的之情況下，擬備 該等信貸評級；或(ii)信貸評級會如此散發的合理期望下，擬備該等信貸評級。 (2) Preparing credit ratings (i) for distribution by subscription, whether in Hong Kong or elsewhere; or (ii) with a reasonable expectation that they will be so distributed. 在(i) 以訂閱方式 ( 不論在香港或其他地方 ) 分發信貸評級為目的之情況下，擬 備 該 等 信 貸 評 級 ； 或 (ii) 信 貸 評 級 會 如 此 分 發 的 合 理 期 望 下 ， 擬 備 該 等 信 貸 評 級。

9. Type 13: Providing depositary services for relevant collective investment schemes
第 13 類：為相關集體投資計劃提供存管服務
(Y/N)*
Was your institution engaged in this activity during the reporting period? 機構在申報期內有否從事此類活動？ If Yes, provide the following information. 如有，請提供以下資料。 At the end of the reporting period:
截至申報期完結：
Number
數目
Aggregate net asset value
(HK$’000)
總額
(港幣千元)
(1) Relevant collective investment schemes under the depositary services provided by the institution 機構所提供存管服務的相關集體投資計劃
108. Channels through which clients’ securities / futures contracts orders were received
接受客戶的證券/期貨合約交易指示所經由的途徑
If your institution was engaged in Type 1, Type 2 and/or Type 9 regulated activities during the reporting period, on a best estimate basis, indicate the proportion of executed securities/futures contracts transactions (for all types of clients) that were executed through the following channels during the reporting period. 機構如在申報期內從事第 1 類、第 2 類及/或第 9 類受規管活動，請用概算方法估計在申報期內經由以 下途徑接盤而完成的證券/ 期貨合約買賣交易(包括各類別客戶)的比重。

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Securities transactions
證券交易
As % of the total value of transactions
佔交易總值的
百分比
As % of total number of transactions
佔交易宗數的
百分比
(1) (a) The Internet
互聯網
(b) Other unmanned electronic devices (e.g. voice response system, mobile phone trading system etc.) 其 他 不 須 經 人 力 介 入 的 電 子 媒 介 ( 例 如 ： 自 動 化 電 話 系 統、流動電話系統等) (2) Transactions executed through manned order-receiving channels (e.g. counter service, telephone order etc.) 須經人力介入的接盤途徑 (例如：櫃檯服務、電話接盤等) 100 100

Futures contracts
期貨合約
As % of the total value of transactions
佔交易總值的
百分比
As % of total number of transactions
佔交易宗數的
百分比
(3) (a) The Internet
互聯網
(b) Other unmanned electronic devices (e.g. voice response system, mobile phone trading system etc.) 其 他 不 須 經 人 力 介 入 的 電 子 媒 介 ( 例 如 ： 自 動 化 電 話 系 統、流動電話系統等) (4) Transactions executed through manned order-receiving channels (e.g. counter service, telephone order etc.) 須經人力介入的接盤途徑(例如：櫃檯服務、電話接盤等) 100 100

119. The reporting institution’s income arising from regulated activities
     申報機構來自受規管活動的收入
     The institution’s income arising from regulated activity(ies) during the reporting period:
     機構在申報期內來自受規管活動的收入:
     (HK$’000)
     (港幣千元)
     (1) Type 1: Dealing in securities
     第 1 類： 證券交易
     (2) Type 2: Dealing in futures contracts 第 2 類： 期貨合約交易 (3) Type 4: Advising on securities 第 4 類： 就證券提供意見 (4) Type 5: Advising on futures contracts 第 5 類： 就期貨合約提供意見 (5) Type 6: Advising on corporate finance 第 6 類： 就機構融資提供意見

• • 10

(HK$’000)
(港幣千元)
(6) Type 7: Providing automated trading services 第 7 類： 提供自動化交易服務 (7) Type 9: Asset management 第 9 類： 提供資產管理 (8) Type 10: Providing credit rating services 第 10 類： 提供信貸評級服務 (9) Type 13: Providing depositary services for relevant collective investment schemes 第 13 類： 為相關集體投資計劃提供存管服務 (810) Total 總數

II. Additional information on transactions relating to Equity-linked Instruments,
Collective Investment Schemes, as well as Underwriting and Placement of securities 就有關股票掛鈎投資工具、集體投資計劃及包銷與配售證券的其他資料

1. Equity-linked Instruments
   股票掛鈎投資工具
   (Y/N)*
   (1) Whether during the reporting period your institution was engaged as an intermediary in dealing in equity-linked instruments? 申報期內，機構有否以中介人身分進行股票掛鈎投資工具的交易？

If Yes, provide the following information.
如有，請提供以下資料。
During the reporting period:
申報期內：
Minimum size of each deposit/ investment (HK$’000) 每宗的最低存款 金額 / 投資額 (港幣千元) Volume of transactions (HK$’000) 交易額 (港幣千元) (a) Transactions concerning equity-linked deposits 關於股票掛鈎存款的交易 (b) Transactions concerning equity-linked notes 關於股票掛鈎票據的交易 (c) Transactions concerning other equity-linked instruments 關於其他股票掛鈎投資工具的交易 (Y/N)* (2) Whether during the reporting period your institution was engaged as an issuer of equity-linked instruments (other than equity-linked deposits)? 申報 期 內 ，機 構 有 否以 發 行 人身 份 參 與發 行 股 票掛 鈎 投 資工 具( 除 股 票掛 鈎 存款 外)？

If Yes, provide the following information.
如有，請提供以下資料。
During the reporting period:
Volume of transactions
(HK$’000)
交易額

• • 11
    申報期內： (港幣千元)
    (a) Transactions concerning equity-linked notes 關於股票掛鈎票據的交易 (b) Transactions concerning other equity-linked instruments 關於其他股票掛鈎投資工具的交易
• • 12

2. Collective Investment Schemes
   集體投資計劃

(Y/N)*
Whether during the reporting period your institution was engaged as an intermediary in dealing in collective investment schemes? 申報期內，機構有否以中介人身分進行集體投資計劃的交易？

If Yes, provide the following information.
如有，請提供以下資料。
During the reporting period:
申報期內：
Volume of transactions
(HK$’000)
交易額
(港幣千元)
(1) Transactions concerning unit trusts and/or mutual funds (other than hedge funds and fund-of-hedge funds) 關於單位信託基金及/或互惠基金的交易(除對沖基金及對沖基金的基金外) (2) Transactions concerning hedge funds (including fund-of-hedge-funds) 關於對沖基金的交易(包括對沖基金的基金) (3) Transactions concerning other collective investment schemes 關於其他集體投資計劃的交易

3. Underwriting and placement of securities
   包銷及配售證券
   (Y/N)*
   Whether during the reporting period your institution was engaged in the activities of underwriting and / or placement of securities? 申報期內，機構有否從事包銷及/ 或配售證券的活動？ If Yes, provide the following information. 如有，請提供以下資料。 During the reporting period:
   申報期內：
   Number of transactions concluded
   已完成的
   交易宗數
   Aggregate amount of securities
   (HK$’000)
   證券的總值
   (港幣千元)
   (1) Transactions concerning underwriting of securities:
   關於包銷證券的交易
   (a) Underwriting arrangements concluded during the reporting period 在申報期內完成的包銷安排 (b) In respect of the underwriting arrangements reported under (a), the amount of securities that were sub￾underwritten by other entities 就(a)項 所申報 的包 銷安排 中，與 其他機 構定 立的分 包 銷安 排的總值 (2) Transactions concerning placement of securities 關於配售證券的交易

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MA(BS)14/P. 1 ( Dec 202403)
Completion Instructions
Return of Securities Related Activities (Form MA(BS)14) Introduction

1. This return collects information on regulated activities conducted by
   authorized institutions in Hong Kong in the capacity as registered institutions under the Securities and Futures Ordinance (SFO).
2. These completion instructions are divided into 3 sections. Section A gives
   instructions on the general reporting requirements. Section B provides definitions and clarifications of certain items and terms. Section C explains the specific reporting requirements for individual items in this return.
   Section A: General Instructions
3. This return is to be submitted by all authorized institutions (AIs) that are
   registered institutions, including those institutions that are deemed to be registered with the Securities and Futures Commission (SFC) under transitional arrangements.
4. Unless otherwise specified by the Monetary Authority, institutions should
   submit this return every 6 months not later than 21 days after the end of June and December each year. If the submission deadline falls on a public holiday, it will be deferred to the next working day.
5. Amounts should be shown to the nearest thousands in HK$, or HK$ equivalent
   in the case of foreign currency items. The closing middle market T/T rates prevailing at the reporting date should be used for conversion purpose.
   Section B: Definitions and Clarifications
6. Advising on corporate finance, advising on futures contracts, advising on
   securities, asset management, dealing in futures contracts, dealing in securities, providing automated trading services, providing credit rating services and providing depositary services for relevant collective investment schemes are regulated activities and have the same meanings assigned to them respectively under Schedule 5 to the SFO.
7. Cash clients refer to those clients who are not margin clients.
8. Client, collective investment scheme, futures contract and securities have the
   same meanings assigned to them respectively under Part 1 of Schedule 1 to the SFO.

MA(BS)14/P. 2 ( Dec 202403)
9. Depositary and relevant collective investment schemes have the same
meanings assigned to them respectively under Part 2 of Schedule 5 to the SFO.
10. For the purpose of this return, dealing in securities includes securities
transactions that are structured on a “back-to-back principal-to-principal” basis 1 , but excludes any proprietary or house trading of the reporting institution. The activities of underwriting and placement of securities conducted by the reporting institution should be reported in Part II Item 3. Dealing in futures contracts also excludes any proprietary or house trading of the reporting institution.
11. Discretionary accounts refer to those accounts where portfolios of securities,
futures contracts and / or other financial assets are being managed by the reporting institution on a discretionary basis pursuant to contracts or arrangements with clients. In the course of managing the assets in the discretionary accounts, the reporting institution makes investment decision on clients’ behalf and deals in securities and / or futures contracts in accordance with such decisions.
12. Equity futures generally refer to a contract or an option on a contract made
under the rules or conventions of a futures market and its value depends on the change in the price of an equity.
13. Equity index futures generally refer to a contract or an option on a contract
made under the rules or conventions of a futures market and its value depends on the change in the level of an equity index.
14. Equity-linked instruments are instruments with embedded “short” positions in
options which allow the clients to take a bull, bear or range view on the underlying asset. The return on the equity-linked instrument is usually determined by the performance of the underlying asset, which may be a single stock, a basket of stocks or an equities index. Depending on the structure, equity-linked instruments may be in the form of notes, deposits, contracts and other arrangements.
15. Hedge funds are a type of collective investment schemes. There is no
universal definition of “hedge funds”. Generally speaking, a hedge fund is very flexible in its investment style. It may take both long and short positions, use leverage, invest in derivatives and employ active trading techniques. Fund-of-hedge-funds is a fund that exclusively invests in other hedge funds, i.e. a basket of hedge funds.
16. Interest rate futures generally refer to a contract or an option on a contract
made under the rules or conventions of a futures market and its value depends on the change in the level of an interest rate or the price of a fixed income instrument.

1 This means, for example, an institution buys (or sells) securities on-market on the back of a buy (or sell) order from a client for the same securities. Such “back-to-back principal-to-principal” transactions should be reported in this return as a single transaction to buy (or sell) securities on behalf of the client.

MA(BS)14/P. 3 ( Dec 202403)
17. Margin clients refer to those clients who are provided with financial
accommodation (as defined in Part 1 of Schedule 1 to the SFO) by the reporting institution in order to facilitate the acquisition of securities listed on any stock market and the continued holding of such securities, where the securities are pledged as collateral for the accommodation.
18. Non-discretionary accounts refer to those accounts in relation to which clients’
specific instructions are required before the reporting institution can trade for the clients in securities and / or futures contracts under such accounts.
19. Private banking is a generic term that refers to the provision of banking or
other financial services to individuals (including any corporate investment vehicles of such individuals) who are considered by the reporting institution to be of high net worth, but excluding such services provided under retail banking. Generally, such services are offered on a personalised basis with customised relationship management.
20. The number of accounts for which asset management is provided by the
reporting institution not wholly incidental to the carrying on of Type 1 and / or Type 2 regulated activity and the relevant volume of securities transactions / number of futures contracts traded through such accounts should only be reported under Item 7 “Type 9: Asset Management” of Part I, but not under Item 1 “Type 1: Dealing in Securities” and / or Item 2 “Type 2: Dealing in Futures Contracts” of Part I. On the other hand, the number of accounts for which no asset management is provided by the reporting institution or for which asset management is provided wholly incidental to the carrying on of Type 1 and / or Type 2 regulated activity and the relevant volume of securities transactions / number of futures contracts traded through such accounts should only be reported under Item 1 “Type 1: Dealing in Securities” and / or Item 2 “Type 2: Dealing in Futures Contracts” of Part I (as the case may be), but not under Item 7 “ Type 9: Asset Management”.
21. All transactions in relation to securities, futures contracts, equity-linked
instruments and collective investment schemes conducted or executed for clients by the Hong Kong offices of the reporting institution as a registered institution should be reported in this return regardless of the place of booking of such transactions. They should be reported on a “trade date” basis.
22. Unless otherwise specified, any reference to the reporting institution refers to
the reporting institution’s offices in Hong Kong.
Section C: Specific Instructions
Part I - Regulated Activities under the Securities and Futures Ordinance

MA(BS)14/P. 4 ( Dec 202403)
23. Item 1 – Type 1: Dealing in securities “Was your institution engaged in this
activity during the reporting period?”
Institutions which perform Type 1 regulated activity solely for the purpose of the carrying on of Type 9 regulated activity should report “N” under this item.
24. Item 1(1) – Number of securities accounts for clients
Items 2(1), 7(1)(a), 7(2)(a), 7(3)(a) and 7(4)(a) – Number of accounts The number of accounts reported under these items need not include those accounts through which no services that constitute the respective regulated activity are provided to the clients during the past 12 months. A single account for which no asset management is provided by the reporting institution, or for which asset management is provided wholly incidental to the carrying on of Type 1 and Type 2 regulated activities, and which allows a client to deal in both securities and futures contracts should be reported separately under both Items 1(1) and 2(1). The number of accounts for which asset management is provided by the reporting institution not wholly incidental to the carrying on of Type 1 and / or Type 2 regulated activity should only be reported under Item 7(1)(a), 7(2)(a), 7(3)(a) or 7(4)(a) (as the case may be) and such accounts should not be reported again under Item 1(1) and / or Item 2(1).
25. Item 1(2) – Number of branch-office that provides services of dealing in
securities for clients
Institutions that do not have any branch office in Hong Kong should report “0” (zero) under this item.
26. Items 1(3), 1(4) and 1(5) – Volume of transactions
Items 7(5), 7(6) and 7(7) – Volume of securities transactions Report the volume of transactions during the reporting period on a “trade date” basis. This should include both sale and purchase transactions, i.e. purchase and sale of the same securities should not be netted off. Transactions structured on a “back-to-back principal-to-principal” basis should however be regarded as a single transaction. The volume of securities transactions traded through accounts for which asset management is provided by the reporting institution not wholly incidental to the carrying on of Type 1 regulated activity should be reported under Item 7(5), 7(6) or 7(7), but not in Item 1(3), 1(4) or 1(5).
27. Item 2 – Type 2: Dealing in futures contracts “Was your institution engaged in
this activity during the reporting period?”

MA(BS)14/P. 5 ( Dec 202403)
Institutions which perform Type 2 regulated activity solely for the purpose of the carrying on of Type 9 regulated activity should report “N” under this item.
28. Items 2(2), 2(3), 7(8) and 7(9) – Number of futures contracts traded
Report the number of futures contracts concluded during the reporting period on a “trade date” basis. The number of futures contracts traded through accounts for which asset management is provided by the reporting institution not wholly incidental to the carrying on of Type 2 regulated activity should be reported under Item 7(8) or 7(9), but not in Item 2(2) or 2(3).
29. Items 3(1) and 3(2) – Type 4: Advising on securities
Institutions which perform the specified activities wholly incidental to the carrying on of Type 1 regulated activity should report “N” under these items.
30. Items 4(1) and 4(2) – Type 5: Advising on futures contracts
Institutions which perform the specified activities wholly incidental to the carrying on of Type 2 regulated activity should report “N” under these items.
31. Items 5(1), 5(2) and 5(3) – Type 6: Advising on corporate finance
Institutions which perform the specified activities wholly incidental to the carrying on of Type 1 regulated activity should report “N” under these items.
32. Items 7(1), 7(2), 7(3) and 7(4) – Type 9: Asset management
Institutions which perform the specified activities wholly incidental to the carrying on of Type 1 and / or Type 2 regulated activity should report “N” under these items.
33. Items 7(1)(b), 7(2)(b), 7(3)(b) and 7(4)(b) – Size of portfolios
Report the size of the portfolios by using the market value of the assets managed by the reporting institution (including securities and other financial assets but excluding derivatives contracts) as at the end of the reporting period, including those assets that are pledged for the provision of financial accommodation by the reporting institution.
34. Item 119 – The reporting institution’s income arising from regulated activities
Report the institution’s net income for the reporting period arising from each regulated activity. For the purpose of this return, net income in broad terms means total income received or receivable (including but not limited to charges, fees, interests and commissions) deducted by total identifiable direct costs incurred or payable in relation to the respective regulated activity (such as fees paid or payable to brokers, custodians etc).

MA(BS)14/P. 6 ( Dec 202403)
A “best estimate” basis should be adopted where the net income of more than one type of regulated activity is not separable from one another by the reporting institution. There is also no need to split the income artificially among various regulated activities if the reporting institution charges a gross fee under one type of regulated activity with the intention that it covers the provision of services under other type(s) of regulated activity as well. See separate instruction below in relation to Type 7 regulated activity. To avoid double counting, any income arising from the provision of services in relation to Type(s) 4, 5, 6 and / or 9 regulated activities which are wholly incidental to the carrying on of Type(s) 1 and / or 2 regulated activities (as the case may be) should be reported only under Item(s) 119(1) and / or 119(2) where appropriate. Likewise, income arising from the provision of services in relation to Type(s) 1 and / or 2 regulated activities which are performed solely for the purpose of the carrying on of Type 9 regulated activity should be reported only under Item 119(7). In respect of accounts maintained outside the reporting institution, any funds received / receivable by the reporting institution in the form of reimbursement of staff expenses or management fees etc should be reported as income under the respective regulated activity.
35. Item 119(6) – Income arising from Type 7 (providing automated trading
services) regulated activity
Income arising from the provision of automated trading services for conducting transactions in securities / futures contracts should be reported under this item. However, if such income is not separately identifiable, i.e. cannot be split from that generated in relation to Type(s) 1 and / or 2 regulated activities, report the income only under Item(s) 119(1) and / or 119(2) as appropriate.
Part II - Additional information on transactions relating to Equity-linked
Instruments, Collective Investment Schemes, as well as Underwriting and Placement of Securities
36. Items 1(1) and 1(2) – Equity-linked instruments
Where the reporting institution issues and deals in the same equity-linked instrument in a particular transaction, report the transaction under both Items 1(1) and 1(2) separately.
37. Items 1(1)(a), (b) and (c) – Minimum size of deposit / investment
Report the minimum entry requirement for clients to invest in the respective type of equity-linked instruments.
38. Item 3 – Underwriting and / or placement of securities

MA(BS)14/P. 7 ( Dec 202403)
This item captures those activities where the reporting institution is engaged in the underwriting and / or placement of securities. Report under item 3(1)(a) the aggregate number and value of all transactions in which the reporting institution has underwritten securities during the reporting period. The portion of underwritten securities that has been covered by any sub-underwriting arrangements with other entity(ies) should be reported under item 3(1)(b).
39. Items 3(1) and 3(2) – Number of transactions concluded
Report the number of transactions (each mandate is regarded as one transaction) that were concluded during the reporting period. An underwriting arrangement is considered concluded when the underwriting syndicate has executed the relevant underwriting agreement. A placement of securities is considered concluded when all purchasers have entered into an agreement to purchase such securities.

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Annex 3

Previous circulars superseded
The following circulars on Securities Return previously issued by the HKMA are superseded by this circular:

• The HKMA’s circular dated 26 June 2003 on “Amendments to the Return of
  Securities Related Activities”
• The HKMA’s circular dated 19 November 2003 on “The Revised Return of
  Securities Related Activities”
• The HKMA’s circular dated 22 December 2003 on “The Revised Return of
  Securities Related Activities”
• The HKMA’s circular dated 10 March 2004 on “The Revised Return of
  Securities Related Activities”