The definition of asset management is provided in Part 2 of Schedule 5, the Securities and Futures Ordinance (Cap. 571)

asset management  ( 資產管理 ) 

means—

(a) real estate investment scheme management; or

(b) securities or futures contracts management; 

 (Added L.N. 197 of 2005)

securities or futures contracts management  (證券或期貨合約管理),

 in relation to a person, means providing a service of managing a portfolio of securities or futures contracts for another person by the person, otherwise than by— (Amended L.N. 197 of 2005)

(a) a corporation which provides such service solely to any of its wholly owned subsidiaries, its holding company which holds all its issued shares, or other wholly owned subsidiaries of that holding company;

(b) a person who is licensed for Type 1 or Type 2 regulated activity who provides such service wholly incidental to the carrying on of that regulated activity;

(c) an authorized financial institution which is registered for Type 1 or Type 2 regulated activity which provides such service wholly incidental to the carrying on of that regulated activity;

(d) an individual—

(i) whose name is entered in the register maintained by the Monetary Authority under section 20 of the Banking Ordinance (Cap. 155) as engaged in respect of Type 1 or Type 2 (as the case may be) regulated activity by an authorized financial institution registered for that regulated activity; and

(ii) who provides such service wholly incidental to the carrying on of that regulated activity;

(e) a solicitor who provides such service wholly incidental to his practice as such in a Hong Kong firm or foreign firm within the meaning of the Legal Practitioners Ordinance (Cap. 159);

(f) counsel who provides such service wholly incidental to his practice as such;

(g) a certified public accountant who provides such service wholly incidental to his practice as such in a practice unit as defined by section 2(1) of the Accounting and Financial Reporting Council Ordinance (Cap. 588); or  (Amended 23 of 2004 s. 56; L.N. 66 of 2022)

(h) a trust company registered under Part 8 of the Trustee Ordinance (Cap. 29) which provides such service wholly incidental to the discharge of its duty as such. (Amended L.N. 197 of 2005)

(Amended E.R. 2 of 2014)

real estate investment scheme management  (房地產投資計劃管理),

 in relation to a person, means providing a service of operating a collective investment scheme for another person by the person, where—

(a) the property that is being managed under the scheme consists primarily of immovable property; and

(b) the scheme is authorized under section 104 of this Ordinance;

(Added L.N. 197 of 2005)

securities  (證券 ) means—

(a) shares, stocks, debentures, loan stocks, funds, bonds or notes of, or issued by, a body, whether incorporated or unincorporated, or a government or municipal government authority;

(b) rights, options or interests (whether described as units or otherwise) in, or in respect of, such shares, stocks, debentures, loan stocks, funds, bonds or notes;

(c) certificates of interest or participation in, temporary or interim certificates for, receipts for, or warrants to subscribe for or purchase, such shares, stocks, debentures, loan stocks, funds, bonds or notes;

(d) interests in any collective investment scheme;

(e) interests, rights or property, whether in the form of an instrument or otherwise, commonly known as securities;

(f) interests, rights or property which is interests, rights or property, or is of a class or description of interests, rights or property, prescribed by notice under section 392 of this Ordinance as being regarded as securities in accordance with the terms of the notice;  (Amended 8 of 2011 s. 14)

(g) a structured product that does not come within any of paragraphs (a) to (f) but in respect of which the issue of any advertisement, invitation or document that is or contains an invitation to the public to do any act referred to in section 103(1)(a) of this Ordinance is authorized, or required to be authorized, under section 105(1) of this Ordinance, (Added 8 of 2011 s. 14)

but does not include—

(i) shares or debentures of a company that is a private company within the meaning of section 11 of the Companies Ordinance (Cap. 622);  (Amended 28 of 2012 ss. 912 & 920)

(ii) any interest in any collective investment scheme that is—

(A) a registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap. 485), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485 sub. leg. A);

(B) an occupational retirement scheme as defined in section 2(1) of the Occupational Retirement Schemes Ordinance (Cap. 426); or

(C) a contract of insurance in relation to any class of insurance business specified in Schedule 1 to the Insurance Ordinance (Cap. 41);  (Amended 12 of 2015 s. 144)

(iii) any interest arising under a general partnership agreement or proposed general partnership agreement unless the agreement or proposed agreement relates to an undertaking, scheme, enterprise or investment contract promoted by or on behalf of a person whose ordinary business is or includes the promotion of similar undertakings, schemes, enterprises or investment contracts (whether or not that person is, or is to become, a party to the agreement or proposed agreement);

(iv) any negotiable receipt or other negotiable certificate or document evidencing the deposit of a sum of money, or any rights or interest arising under the receipt, certificate or document;

(v) any bill of exchange within the meaning of section 3 of the Bills of Exchange Ordinance (Cap. 19) and any promissory note within the meaning of section 89 of that Ordinance;

(vi) any debenture that specifically provides that it is not negotiable or transferable (excluding a debenture that is a structured product in respect of which the issue of any advertisement, invitation or document that is or contains an invitation to the public to do any act referred to in section 103(1)(a) of this Ordinance is authorized, or required to be authorized, under section 105(1) of this Ordinance);  (Amended 8 of 2011 s. 14)

(vii) interests, rights or property which is interests, rights or property, or is of a class or description of interests, rights or property, prescribed by notice under section 392 of this Ordinance as not being regarded as securities in accordance with the terms of the notice;