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PageNo.ForewordiGlossaryI.Securities,FuturesandFinancialTerms1II.RelevantOrganizations753III.JobTitlesofDirectorateStaffintheSecuritiesandFuturesCommission785IV.SecuritiesandFinancerelatedLegislation,CodesandGuidelines789V.DefinedTermsundertheSecuritiesandFuturesOrdinance803Bibliography813ContentsiFOREWORDTOTHESECONDEDITIONInthefouryearssincethefirsteditionoftheGlossarywaspublished,thelandscapeofthesecuritiesmarketshaschangedlocallyandinternationally.InHongKong,alandmarkpieceoflegislation,theSecuritiesandFuturesOrdinance,effectiveasfrom1April2003,wasenactedlastyearaftermorethanadecade’spreparation.Themainlandsecuritiesmarketscontinuetogaininsizeanddepth.ThefirsteditionwaswidelywelcomedbyEnglishandChineseusersinthesecuritiesindustry.Amidstthechanginglandscape,theCommissionseekstoproduceanupdatedandexpandedversionoftheGlossarytohelpinvestorsandmarketpractitionerskeepabreastwithchangingvocabularyandterminology.Wehopetherevisededitionwillproveasusefultoallintermediaries,investorsandmarketparticipants.Asinthefirstedition,entrieshavebeendrawnfromallareasofworkwithintheCommission.Inall,ChinesetranslationscommonlyusedinGreaterChinawerecollectedformorethan13,800Englishindustrytermsandphrasesinthisrevision,whichnearlydoublesthecollectioninthefirstedition.TheeditionistheworkofourTranslationUnitundertheleadershipofVictorLeung.AndrewShengChairmanSecuritiesandFuturesCommissionApril2003ii41020034113,800Securities,FuturesandFinancialTermsIPartI3AASecurities,FuturesandFinancialTermsADecadeofProgress(SFCPublication)AsharesAAA/S(Aktieselskab)(Danish)AB/A.B./A/B(Aktiebolag)(Swedish)abnormalitemaboutorderaboveparabovethelineabridgedauditor’sreportabrogationabscondingcontributoryabsoluteacceptanceabsolutedischargeabsoluteinterestabsoluteparabsoluteprofitmarginabsolutereturnabsolutereturnfundsabsolutesubscription4AAabsolutevalueabsorbliquidityabuseoftrustabusiveconduct/abusivepracticeaccelerateddepreciationacceleratingtrendaccelerationclauseacceptashortsellingorderacceptbywayofsecurityacceptorderacceptableindexacceptableinspectionregime(AIR)acceptabletrusteeacceptanceacceptancehouseacceptanceinblankacceptancelineacceptanceofanofferacceptedindexacceptedtrusteeacceptoraccess5AAaccesschannelaccesscontrolaccessmethodaccesstimeaccesstoaccountsaccesstomarketaccommodationaccommodationbillaccommodationpartyaccommodationtradingaccountaccountcarrieraccountdisclosuredocumentaccountexecutiveaccountinarrearsaccountnumberaccountopeningcontrolaccountopeningdocumentation6AAaccountpayeeonly(A/Cpayeeonly)accountrenderedaccountriggingaccountstatementaccounttitleaccounttransferAccountTransferInstruction(ATI)accountpayable/accountspayableaccountreceivable/accountsreceivableaccountabilityaccountabilitytothepublicaccountant’sreportaccountingandfinancialarrangementsaccountingbasisaccountingclassaccountingdataaccountingdate7AAaccountingequationaccountingfirmaccountingguidelinesaccountingoncashbasisaccountingperiodaccountingpolicyaccountingpracticeaccountingpracticeunitaccountingprinciplesaccountingrecordsaccountingreportaccountingstandardsAccountingStandardsofthePRCaccountingstatementaccountingtransactionaccountingtreatmentaccountsandannualreportaccountsofcompensationfund8AAaccreditaccreditationaccreditedadviseraccreditedcorporationaccrediteddealeraccrediteddirectoraccreditedindividualaccreditedinvestoraccreditedrepresentativesaccreditedtoaccretingswapsaccretionaccretionofdiscountaccrualaccrualaccountingaccrualbasisaccrualbondaccrueaccruedbenefitsaccruedbondinterestreceivableaccruedcharges9AAaccruedcumulativedividendaccruedcumulativepreferencesharedividendaccrueddividendaccruedexpensesaccruedinterestaccruedinterestpayableaccruedinterestreceivableaccruedrevenueaccumulateddepreciationaccumulateddividendaccumulatedincomeaccumulatedinterestaccumulatedprofitsaccumulatedsurplusbroughtforwardaccumulatedsurpluscarriedforwardaccumulation/distributionindicator10AAachievementratioofbondfloatationacidtestacid-testratioacknowledgementreceiptacquireacquireordisposeofsecuritiesacquiredassetsacquiredsurplusacquireracquisitionacquisitionanddispositionofassetsacquisitionarrangementacquisitioncostacquisitionofassetsacquisitionofcontrolacquisitionofinterestsacquisitionofshell11AAacquisitionofvotingrightsacquisitionpriceactastrusteeactimproperlyactingoodfaithactinprofessionalcapacityactofGodactunconscionablyactwithduediligenceactwithoutjurisdictionActingChairmanactingingreyareasactinginconcertactiveaccountactivebondcrowdactivebusinesspursuits(GEM)activedirectoractiveinvestigationcaseactivemarketactivepartneractivesecurities12AAactivestockactivetradingactivitystatementactsandfailuresactualcirculationactualcostactualdishonouractualexpenditureactualincomeactualmarketactualnoparvaluestockactualpriceactualquotationactualrateofinterestactualusefullifeactualyearbasisactualyieldrateactualsactuarialevaluationactuarialinvestigationactuarialvaluationactuaryadhocanalysisadhocreport13AAadreferendumagreementadvaloremadvaloremcapitaldutyadvaloremstampdutyadvaloremtariffaddedriskassetaddend