ANNUAL CAP FOR THE BROKERAGE SERVICES AGREEMENTS Sample Clauses

ANNUAL CAP FOR THE BROKERAGE SERVICES AGREEMENTS. The annual cap in respect of brokerage fee which may be received by the Group from each of Xx. Xxx and Xx. Xxxxxx Xxxx (together with their respective associates) for each of the three financial years ending 31 March 2017, 2018 and 2019 is set out as follows: Maximum amount which may be received from such connected person and his associates during the year ending 31 March Name of connected person 2017 2018 2019 HK$’000 HK$’000 HK$’000 Xx. Xxx 10,000 10,000 10,000 Xx. Xxxxxx Xxxx 1,000 1,000 1,000 The above annual cap is determined after taking into consideration: (i) the historical amount of brokerage fee payable by Xx. Xxx, Xx. Xxxxxx Xxxx and their respective associates to the Group as set forth below; (ii) the average turnover of the securities market in recent years; (iii) Xx. Xxx and Xx. Xxxxxx Xxxx’x perception of the securities market for the three financial years ending 31 March 2019; and (iv) the trend of the general economic conditions in Hong Kong. Although the proposed annual cap is substantially higher than the historical amount of brokerage fee payable by Xx. Xxx, Xx. Xxxxxx Xxxx and their respective associates to the Group, the Directors (including the independent non-executive Directors) are of the view that it is fair and reasonable as brokerage fee is very much dependent on the level of trading activities and such buffer is considered necessary in view of the recent market volatility. Brokerage fee received from such connected person and his associates during the year ended 31 March Brokerage fee received from such connected person and his associates during the 9 months ended 31 December Name of connected person 2014 2015 2015 HK$’000 HK$’000 HK$’000 Xx. Xxx 28 278 1,006 Xx. Xxxxxx Xxxx 3 5 2 C. REASONS FOR ENTERING INTO THE BROKERAGE SERVICES AGREEMENTS The Group is principally engaged in the provision of financial services, including securities brokerage, margin financing, commodities and futures brokerage and bullion trading. The Directors (including the independent non-executive Directors) are of the view that the Brokerage Services Agreements were entered into on normal commercial terms and in the ordinary and usual course of business of the Group. Given that the commission rate to be charged by the Group to Xx. Xxx, Xx. Xxxxxx Xxxx and their respective associates shall be no less favourable to the Group than those offered to other customers who are independent third parties, the continued provision of such brokerage services to Xx. ...
Sample 1
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ANNUAL CAP FOR THE BROKERAGE SERVICES AGREEMENTS. The annual cap in respect of brokerage fee which may be received by the Group from each of the Connected Persons and their respective associates (which, for the purpose of Xx. Xxx, shall exclude Xx. Xxxx Wing Xxxxx, Xxxxxx and his associates who are connected with Xx. Xxx only by reason of his/her/its relationship with Xx. Xxxx Xxxx Xxxxx, Xxxxxx, and for the purpose of Xx. Xxxx Xxxx Xxxxx, Xxxxxx, shall exclude Xx. Xxx and his associates who are connected with Xx. Xxxx Wing Xxxxx, Xxxxxx only by reason of his/her/its relationship with Xx. Xxx) for each of the three financial years ending 31 March 2014, 2015 and 2016 is set out as follows: For the year ending 31 March Name of Connected Person 2014 HK$ 2015 HK$ 2016 HK$ Yip Mow Xxx 10,000,000 10,000,000 10,000,000 Xxxx Xxx Xxxx 1,000,000 1,000,000 1,000,000 Xxxx Xxx Chi 1,000,000 1,000,000 1,000,000 Xxxx Wing Xxxxx, Xxxxxx 1,000,000 1,000,000 1,000,000 Xx Xxx Kong 1,000,000 1,000,000 1,000,000 Xxxxx Xxx Sun 1,000,000 1,000,000 1,000,000 Xxxx Xxxx Xxx, Xxxxxx 1,000,000 1,000,000 1,000,000 Xxxxxx Xx Xxxx, Xxxxx 1,000,000 1,000,000 1,000,000 Xxxx Xxx 1,000,000 1,000,000 1,000,000 Xx Xxx Xxx 1,000,000 1,000,000 1,000,000 The above annual cap is determined after taking into consideration: (i) the historical amount of brokerage fee charged by the Group to the Connected Persons and their associates as set forth below; (ii) the average turnover of the securities market in recent years; (iii) the Connected Persons' perception of the securities market for the three financial years ending 31 March 2016; and (iv) the trend of the general economic conditions in Hong Kong. For the 10 months ended 31 For the year ended 31 March January Name of Connected Person 2011 2012 2013 HK$ HK$ HK$ Yip Mow Xxx 226,222 494,685 144,004 Xxxx Xxx Xxxx 34,904 83,722 52,747 Xxxx Xxx Chi 34,409 11,992 10,927 Xxxx Wing Xxxxx, Xxxxxx 500 939 614 Xx Xxx Xxxx - - 1,305 Xxxxx Xxx Sun - - - Xxxx Xxxx Fai, Xxxxxx - - 182 Xxxxxx Xx Xxxx, Xxxxx - - - Xxxx Xxx - - - Xx Xxx Xxx - - 327 I. REASONS FOR ENTERING INTO THE BROKERAGE SERVICES AGREEMENTS The Group is principally engaged in the provision of financial services, including securities brokerage, margin financing and commodities and futures brokerage. The Directors (including the independent non-executive Directors) are of the view that the Brokerage Services Agreements were entered into on normal commercial terms in the ordinary and usual course of business of the Group. Given that the commission...
Sample 1

Related to ANNUAL CAP FOR THE BROKERAGE SERVICES AGREEMENTS

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