Functions of the Parties. The Hong Kong Police
3.1 The general duties and powers of the HKP are primarily set out in the PFO. The HKP, in the performance of its general Functions under the PFO, is responsible for maintaining law and order and preventing and detecting crimes in Hong Kong.
3.2 The FRC is a statutory body established under the FRCO. The FRC’s main Functions relevant to this MoU are:
(1) to regulate auditors of Listed Entities through the following means:
(a) by a system of registration and recognition whereby (i) Hong Kong and non-Hong Kong auditors of PIEs are required to be registered and recognized respectively as PIE Auditors; and (ii) such registration and recognition is required to be renewed annually;
(b) by conducting inspections of PIE Auditors’ internal quality control systems and selected engagements to ensure compliance with professional standards and the provisions of the FRCO;
(c) by conducting investigations into possible Misconduct by PIE Auditors and Registered Responsible Persons including Practice Irregularities for consideration of disciplinary sanctions;
(d) by conducting investigations into possible Practice Irregularities by non-PIE Auditors; and
(e) by imposing disciplinary sanctions for Misconduct; and
(2) to monitor the compliance by Listed Entities of regulatory requirements for financial reports by conducting Enquiries and preparing reports thereon, ensuring that any Relevant Non- compliance is remedied; and referring the reports to other appropriate authorities for follow-up action where necessary.
3.3 Upon the commencement of the Financial Reporting Council (Amendment) Ordinance 2021 on a date to be appointed by the Secretary for Financial Services and the Treasury, the FRC and FRCO will be renamed as the AFRC and AFRCO respectively. The AFRC will become the independent regulator of the accounting profession in Hong Kong and will assume the following additional Functions relevant to this MoU:
(1) issuance of practising certificates to CPAs;
(2) registration of CPA firms (as defined in the AFRCO) and corporate practices (as defined in the AFRCO);
(3) inspection of Practice Units; and
(4) investigation and discipline of all CPAs and Practice Units in relation to CPA Misconduct.
3.4 This MOU shall remain in full force and effect and continue to apply notwithstanding the coming into effect of the Financial Reporting Council (Amendment) Ordinance 2021 but all references in this MoU to “FRC” shall read “AFRC” and all references to “FRCO” shall ...
Functions of the Parties. Pursuant to its Licences and its statutory obligations:
(i) Gaslink has responsibility for the operation and maintenance of the BGE Group Transportation System and shall require BGN to provide the services in respect of such operation and maintenance described in this Clause 9 and Schedule 10;
(ii) BGN shall provide such services in respect of such operation and maintenance; in each case in accordance with this Clause 9 and Schedule 10. The Parties shall interact with each other in respect of such operation and maintenance in the manner set out in this Clause 9 and Schedule 10.
Functions of the Parties. Gaslink has responsibility for the Plans and BGN shall carry out the work set out in this Schedule 8 in respect of the Plans referred to in this Schedule 8 in accordance with Gaslink’s instructions (save where otherwise expressly stated).
Functions of the Parties. 2.1 The ICAC was established under the Independent Commission Against Corruption Ordinance, Cap. 204 (“ICACO”) as an independent anti- corruption agency answerable directly to the Chief Executive of Hong Kong. It is the statutory duty of the ICAC to, among other things, investigate corrupt practices and offences under ICACO, Prevention of Bribery Ordinance, Cap. 201 and Elections (Corrupt and Illegal Conduct) Ordinance, Cap. 554.
2.2 Pursuant to the general duties and powers as set out primarily in the above mentioned Ordinances, the ICAC is committed to fighting corruption through effective law enforcement, education and prevention to help keep Hong Kong fair, just, stable and prosperous.
2.3 The SFC is an independent statutory body established under the repealed Securities and Futures Commission Ordinance, Cap. 24 and continued in existence by the Securities and Futures Ordinance, Cap. 571 (“SFO”) to regulate Hong Kong's securities and futures markets.
2.4 The SFC administers the SFO and certain provisions of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap. 32, the Companies Ordinance, Cap. 622, the Anti-Money Laundering and Counter- Terrorist Financing (Financial Institutions) Ordinance, Cap. 615 and Financial Institutions (Resolution) Ordinance, Cap. 628.
2.5 The SFC’s investigative, remedial and disciplinary powers are specified in the SFO. The regulatory objectives of the SFC specified in the SFO include: • to maintain and promote a fair, efficient, competitive, transparent and orderly securities and futures industry; • to provide protection for the investing public; and • to minimize crime and misconduct in the securities and futures industry.
Functions of the Parties. Pursuant to its System Functions:
(a) Gaslink has responsibility for the Market Arrangements; and
(b) BGN shall provide such analysis, assistance and support to Gaslink in respect of the Market Arrangements as Gaslink may require. The Parties shall interact with each other in respect of the Market Arrangements in the manner set out in this Clause 10 and Schedule 11.
Functions of the Parties. (a) Pursuant to its Licences and its statutory obligations:
(i) Gaslink has responsibility for the Plans and shall require BGN to provide the services in respect of the Plans described in this Clause 7 and where applicable Schedule 8;
(ii) BGN shall provide such services in respect of the Plans in accordance with Gaslink’s instructions and in accordance with any timeframes applicable to such services set out in the Agreed Processes Document, in each case in accordance with this Clause 7 and where applicable Schedule 8. The Parties shall interact with each other in respect of the Plans in the manner set out in this Clause 7 and where applicable Schedule 8.
(b) For the avoidance of doubt, Xxxxxxx shall have the final right of approval over any work, including any draft Plans or revisions of the Plans, submitted to Gaslink by BGN in accordance with this Clause 7 and Schedule 8 and shall be under no obligation to adopt recommendations in any report from BGN.
Functions of the Parties. 2.1 The ICAC was established under the Independent Commission Against Corruption Ordinance, Cap. 204 (“ICACO”) as an independent anti- corruption agency accountable directly to the Chief Executive of Hong Kong. It is the statutory duty of the ICAC to, among other things, investigate corrupt practices and offences under ICACO, Prevention of Bribery Ordinance, Cap. 201 and Elections (Corrupt and Illegal Conduct) Ordinance, Cap. 554.
2.2 Pursuant to the general duties and powers as set out primarily in the above-mentioned Ordinances, the ICAC is committed to fighting corruption through effective law enforcement, education and prevention to help keep Hong Kong fair, just, stable and prosperous.
2.3 The IA was established under the Insurance Ordinance (Cap. 41) (“IO”). It has responsibilities under IO, and the rules and regulations made thereunder, to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. It is responsible for, among other things, supervising authorized insurers’ and licensed insurance intermediaries’ compliance with the provisions of the IO, and regulating the conduct of insurance intermediaries through a licensing regime. It also has certain responsibilities under the Anti-Money Laundering and Counter- Terrorist Financing Ordinance (Cap. 615), the Financial Institutions (Resolution) Ordinance (Cap. 628) and the Mandatory Provident Fund Schemes Ordinance (Cap. 485).
Functions of the Parties. Gaslink has responsibility for the operation and maintenance of the BGE Group Transportation System and BGN shall carry out the work set out in this Schedule 10 in respect of such operation and maintenance. BGN shall carry out all work set out in this Schedule 10 in the name of Gaslink save in case of NDM connections to and siteworks in respect of such connections in respect of which it shall act in its own name as disclosed agent for Gaslink.
Functions of the Parties. Pursuant to its System Functions:
(a) Gaslink has responsibility for the operation and maintenance of the BGE Group Transportation System and shall require BGN to provide the services in respect of such operation and maintenance described in this Clause 9 and Schedule 10;
(b) BGN shall provide such services in respect of such operation and maintenance; in each case in accordance with this Clause 9 and Schedule 10 without prejudice to any other applicable provision of this Agreement. The Parties shall interact with each other in respect of such operation and maintenance in the manner set out in this Clause 9 and Schedule 10 without prejudice to any other applicable provision of this Agreement.
Functions of the Parties. The Parties anticipate that each Party will perform or subcontract the performance of Intangible Development Activities in its respective Field of Use i n order to develop the Developed Technology, Developed Marketing Intangibles and underlying Developed Intangible Property Rights. The Parties also anticipate that each Party will market, sell and distribute (or license the right to market, sell and distribute) the Insmed Group Property in its respective Field of Use and will perform such general and administrative activities as are necessary to utilize the Developed Intangible Property Rights in its respective Field of Use.
