Common use of Status of MOU Clause in Contracts

Status of MOU. 3.1 The parties acknowledge and agree that this MOU does not create any legally enforceable rights or impose any legally binding obligations including any direct or indirect rights on the part of third parties. This MOU sets forth a statement of intent of HKEx and the SFC regarding the arrangements and procedures for facilitating the performance of their respective functions. 3.2 Each of the parties shall use all reasonable endeavours to: 3.2.1 maintain a good working relationship with the other with respect to all matters referred to herein; 3.2.2 cooperate with the other in complying with the provisions hereof; and 3.2.3 perform its obligations hereunder, fully, in good faith and to the best of its ability. 3.3 In the case of a failure or refusal of HKEx or an Exchange Company or clearing house to comply fully with the provisions of this MOU, then the SFC may, in its absolute discretion, take any action it considers necessary or desirable in the public interest and may exercise its powers as it deems necessary under any applicable legislation. In the case of a failure or refusal by either party to comply with the provisions of this MOU, the other party hereto may unilaterally terminate this MOU by giving not less than 14 days written notice (which shall include the reason or reasons for such termination) to the other party. 3.4 Prior to the SFC taking any action it considers necessary or desirable in the public interest or exercise its powers as it deems necessary under any applicable legislation under paragraph 3.3, it shall give HKEx a reasonable opportunity of being heard. 3.5 This MOU is a public document and the contents hereof may be disclosed and copies may be furnished by any party hereto to any third party without the consent of the other party hereto. 3.6 Nothing in this MOU shall affect the right of the SFC to exercise any of its powers or perform any of its functions under any of the relevant Ordinances. 3.7 Nothing in this MOU shall affect the right of HKEx, the Exchange Companies and clearing houses to exercise their rights and powers and perform any of their functions under any of the relevant Ordinances.

Status of MOU. 3.1 The parties acknowledge and agree that this MOU does not create any legally enforceable rights or impose any legally binding obligations including any direct or indirect rights on the part of third parties. This MOU sets forth a statement of intent of HKEx HHEx and the SFC regarding the arrangements and procedures for facilitating the performance of their respective functions. 3.2 Each of the parties shall use all reasonable endeavours to: 3.2.1 maintain a good working relationship with the other with respect to all matters referred to herein; 3.2.2 cooperate with the other in complying with the provisions hereof; and 3.2.3 perform its obligations hereunder, fully, in good faith and to the best of its ability. 3.3 In the case of a failure or refusal of HKEx HHEx or an Exchange Company or clearing house to comply fully with the provisions of this MOU, then the SFC may, in its absolute discretion, take any action it considers necessary or desirable in the public interest and may exercise its powers as it deems necessary under any applicable legislation. In the case of a failure or refusal by either party to comply with the provisions of this MOU, the other party hereto may unilaterally terminate this MOU by giving not less than 14 days written notice (which shall include the reason or reasons for such termination) to the other party. 3.4 Prior to the SFC taking any action it considers necessary or desirable in the public interest or exercise its powers as it deems necessary under any applicable legislation under paragraph 3.3, it shall give HKEx HHEx a reasonable opportunity of being heard. 3.5 This MOU is a public document and the contents hereof may be disclosed and copies may be furnished by any party hereto to any third party without the consent of the other party hereto. 3.6 Nothing in this MOU shall affect the right of the SFC to exercise any of its powers or perform any of its functions under any of the relevant Ordinances. 3.7 Nothing in this MOU shall affect the right of HKExHHEx, the Exchange Companies and clearing houses to exercise their rights and powers and perform any of their functions under any of the relevant Ordinances.