Risks Disclosure for Securities Lending
證券借貸的風險披露
The risk factors are not, and are not intended to be, a complete list of all risk and considerations relevant to securities lending. You should therefore carefully read and understand the SBLA and the Risk Disclosure Statement(s), and consult your own legal, tax and financial advisers before entering into any securities lending and borrowing arrangements.
RISK OF SECURITIES TRADING
The prices of securities fluctuate, sometimes dramatically and it may become valueless. In some cases the Client will be unable to terminate the Loan to liquidate the Securities, should it wish to mitigate any loss arising from such devaluation. If the Bank fails to deliver Equivalent Securities, the Client will be subject to the full settlement risk of the Bank.
NO COLLATERAL
Client will be exposed to the credit risk of the Bank. All Loans pursuant to the SBLA are not secured on any of the Bank’s assets. In the worst-case scenario, the Client may not receive any Equivalent Securities and/or payment of any fees or other sums owed to the Client.
INSOLVENCY RISK OF THE BANK
The Client will be exposed to the insolvency risk of the Bank. If the Bank were to become insolvent, the Client will become an unsecured creditor of the Bank, with only an unsecured contractual claim against the Bank for delivery of Equivalent Securities and/or payment of any fees or other sums owed to the Client. In the worst-case scenario, the Client may not receive any Equivalent Securities and/or payment of any lending fees or other sums owed to the Client.
RISKS OF NON-OWNERSHIP
Once the Loan is made, the Client will not retain title to the Securities. This means that:
•the Client is exposed to the insolvency risk of the Bank, as outlined above;
•while the Client may receive from the Bank payments representing the value of any interest, dividends or other distributions paid in relation to the Securities (known as “manufactured dividends”), the Client will not be in receipt of any actual dividends. Such payments may not be made to the Client at the same time as they are received by the Bank, which means that the Client is exposed to the Bank’s insolvency risk during this period;
•the Client may be unable to participate in any voting rights attaching to the Securities and may not be entitled to direct the Bank in its exercise (or non-exercise) of any such voting rights; and
•the Client may be given an opportunity to participate in certain corporate actions by virtue of the contractual terms in the SBLA. However, unless the Client gives sufficient notice to, and agrees to indemnify, the Bank in relation to the corporate actions, the Bank may not exercise those rights at all, or not in the manner in which the Client would have done so.
CURRENCY RISK
Where the Securities are denominated in a currency which is different from the currency in which the relevant securities account is held, the Client will be exposed to fluctuations in foreign exchange rates, which may at times move against the Client and cause losses.
RENMINBI CURRENCY RISK (applicable where the Securities are denominated in Renminbi)
The Securities may be denominated in Renminbi. Renminbi (“RMB”) is a restricted currency and subject to foreign exchange controls. Although the PRC central government has relaxed the restrictions by allowing banks in Hong Kong to conduct some forms of RMB business, RMB is still not freely convertible. The Client may not be able to convert RMB at the Client’s preferred time and/or in the Client’s preferred amount or at all, which may lead to investment losses. Like any currency, the exchange rate of RMB may rise or fall. The Hong Kong dollar value of the Securities under a Loan will decrease if RMB depreciates against Hong Kong dollar. Conversion between RMB and other currencies (including Hong Kong dollar) is subject to policy restrictions relating to RMB and consequently the relevant regulatory requirements in Hong Kong. Such restrictions may adversely affect the liquidity of the Securities and such requirements may be amended subject to changes in the policy restrictions relating to RMB.
DELIVERY/SETTLEMENT RISK
The assumption that Securities can be delivered may be affected by disruption events beyond the control of the Client, the Bank and/or the relevant affiliate or third party who has further borrowed the Securities from the Bank.
If the Bank fails or delays to return the Equivalent Securities to the Client, the Client may suffer consequential losses and/or loss of profit as a result. The Client may not be able to claim any costs, expenses, losses and damages or any sums in respect of such consequential loss or loss of profit (whether arising directly or indirectly) from the Bank, the relevant affiliate(s) and/or the relevant third party.
LIMITED POTENTIAL GAIN
The gain under any Loan is limited to the lending fee payable by the Bank in accordance with the SBLA. The lending fee may amount to zero in certain circumstances.
POTENTIAL UNLIMITED LIABILITY
Upon entering into the SBLA, the Client undertakes to indemnify the Bank in certain situations, including without limitation, against any liability arising in respect thereof as a result of the Client’s failure to pay Tax. Such liability may be unlimited; for instance, up to ten times of the Tax may be payable if the Tax was not paid to the relevant regulator within the prescribed time limit.
RISKS ASSOCIATED WITH SYNTHETIC EXCHANGE-TRADED FUNDS (“ETF”) (where the underlying Securities are those of an ETF)
•Market Risk – The Client is exposed to the political, economic, currency and other risks related to the synthetic ETF’s underlying index.
•Counterparty Risk – Where a synthetic ETF invests in derivatives to replicate the index performance, the Client is exposed to the credit risk of the counterparties who issued the derivatives, in addition to the risks relating to the index. Further, potential contagion and concentration risks of the derivative issuers should be taken into account (e.g. since derivative issuers are predominantly international financial institutions, the failure of one derivative counterparty of a synthetic ETF may have a “knock-on” effect on other derivative counterparties of the synthetic ETF). Some synthetic ETFs have collateral to reduce the counterparty risk, but there may be a risk that the market value of the collateral has fallen substantially when the synthetic ETF seeks to realise the collateral.
•Liquidity Risk – A higher liquidity risk is involved if a synthetic ETF involves derivatives which do not have an active secondary market. Wider bid-offer spreads in the price of the derivatives may result in losses.
•Tracking error – There may be disparity between the performance of the synthetic ETF and the performance of the underlying index due to, for instance, failure of the tracking strategy, currency differences, fees and expense.
•Trading at a discount or premium – Where the index/market that the synthetic ETF tracks is subject to restricted access, the efficiency in unit creation or redemption to keep the price of the synthetic ETF in line with its net asset value (“NAV”) may be disrupted, causing the synthetic ETF to trade at a higher premium or discount to its NAV. The Client who buys a synthetic ETF at a premium may not be able to recover the premium in the event of termination.
CONFLICTS OF INTEREST
Conflicts of interest may arise from time to time between the Client and the Bank and/or its affiliates with respect to a transaction, which include without limitation:
•upon transfer of the Securities from the Client to the Bank, the Bank may on-lend or transfer such securities to any of its affiliates or a third party without notifying or obtaining the consent of the Client. Such affiliate or third party may in turn on-lend or transfer such securities to any of its affiliates or other third party;
•the Bank may receive and retain for its own account certain lending fees by on-lending or transferring the securities to its affiliates or third parties, and such affiliate or third party may from time to time receive and retain for its own account certain lending fees by on-lending or further transferring such securities; and
•the Bank may delegate certain administrative, trading, operational and other responsibilities to any of its affiliates or third parties, including without limitation, back office operations and custodial services, which may also be the party which the Bank on-lends or transfers the securities to.
RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE OF HONG KONG
Client’s assets received or held by the licensed or registered person outside of Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the local laws and regulations, including but not limited to the Securities and Futures Ordinance (Cap. 571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on Client’s assets received or held in Hong Kong.
證券借貸的風險披露
風險因素並非且不擬覆蓋涉及證券借貸的所有風險及考慮因素。因此閣下應仔細閱讀並理解證券借貸及風險披露聲明，並於訂立任何證券借出及借入安排前諮詢閣下自己的法律、稅務及財務顧問。
證券借貸風險
客戶在某些情況下可能無法終止借貸以清算證券。如本行未能交付同等證券，客戶可能受本行全部結算風險的影響。
無抵押品
客戶將面臨本行的信貸風險。根據證券借貸協議訂立的所有借貸均不以任何本行資産為抵押。最壞的情況是，客戶可能收不到任何同等證券及/或任何費用付款或者其他欠客戶的款項。
本行無力償債的風險
客戶將面臨本行無力償債的風險。如果本行無力償債，客戶將成為本行的無抵押債權人，僅有一份對本行的無抵押合同索賠，要求交付同等證券及/或任何費用的支付或其他欠客戶的款項。最壞的情況是，客戶可能收不到任何同等證券及/或任何借貸費用付款或者其他欠客戶的款項。
失去所有權之風險
一旦借出證券，客戶將不再保留證券的所有權，它們將成為本行的絕對財産。這意味著：
•證券將不再是客戶的資產，且客戶將不再對其享有獨有的所屬權；
•客戶面臨上述列出的本行無力償債風險；
•雖然客戶可從本行收到款項，代表任何涉及證券的利息、股息或其他分派（稱為「期內産生的等值股息」）等的價值，但客戶不會收到任何實際股息。此類款項不一定在本行收到時同時支付給客戶，這意味著客戶在此期間面臨本行無力償債風險。
•客戶可能不能參與證券所附的任何投票權，亦無權指示本行行使（或不行使）任何此類投票權；及
•客戶可能有機會憑證券借貸協議之合約條款參與特定的企業行動。但除非客戶就企業行動向本行發出充分的通知並同意向本行進行賠償，否則本行可能不會行使這些權利，或者不會以客戶的指示行使這些權利。
貨幣風險
如果證券並非以持有相關證券帳戶的貨幣計價，客戶可能面臨匯率波動，這可能隨時會對客戶産生不利影響並造成損失。
人民幣貨幣風險（適用於以人民幣計價的證券）
證券可能以人民幣計價。人民幣(「RMB」) 是受限制的貨幣，且受外匯管制。儘管中國政府已經放寬限制，允許香港的銀行進行特定形式的人民幣業務，人民幣目前仍不可自由兌換。客戶可能無法在其首選的時間及/或按其首選的金額進行人民幣兌換，因而導致投資損失。如其他貨幣一樣，人民幣的匯率可升可跌。如人民幣兌港幣貶值，則借出的證券的港幣價值將下跌。人民幣與其他貨幣（包括港幣）間的兌換受人民幣相關政策限制，亦最終受香港的相關監管要求的限制。此類限制可能對證券的流動性造成不利影響，且此類要求可能根據人民幣相關政策限制的變動進行修訂。
交付/結算風險
客戶、本行及/或相關聯營公司或從本行借入證券的第三方控制能力範圍之外的干擾事件可能會影響證券的交付。
如果本行未能或延遲歸還同等證券給客戶，客戶可能因此遭受相應的損失及/或利潤損失。客戶可能無法就此類相應的損失或利潤損失（無論是直接或間接産生的）向本行、相關聯營公司及/或相關第三方要求賠償任何費用、開支、損失和損害或任何款項。
有限的潛在收益
任何貸款項下收益僅限於本行根據證券借貸協議應付的借貸費用。在某些情況下，借貸費用可能為零。
潛在的無限責任
訂立證券借貸協議起，客戶承諾在特定情況下對本行進行賠償，包括但不限於，對任何因客戶未能納稅而産生的相關責任進行賠償。此類責任可能是無限的，例如，如果在指定時間限制內，未能向相關監管機構繳納稅款，則最多可繳納十倍的稅款。
合成交易所買賣基金相關的風險（適用於相關證券為交易所買賣基金證券）
•市場風險 – 客戶面臨合成交易所買賣基金相關指數的政治、經濟、貨幣及其他相關風險。
•交易對手風險 – 如果合成交易所買賣基金投資於衍生工具以複製指數表現，投資組合將面對發行有關衍生工具的交易對手的信貸風險，以及與指數相關的風險。另外，上述衍生工具發行商附帶潜在擴散和集中風險（例如衍生工具發行商以國際金融機構為主，因此，如果合成交易所買賣基金的一家衍生工具交易對手倒閉，可能為該合成交易所買賣基金的其他衍生工具交易對手帶來「連鎖」效應）。部分合成交易所買賣基金持有抵押品以降低交易對手風險，但可能面對當該交易所買賣基金嘗試套現有關抵押品時，其市值已經大幅下跌的風險。
•流動性風險 – 如果合成交易所買賣基金投資於第二市場並不活躍的衍生工具，其附帶的流動性風險將較高。較大的衍生工具的買賣差價亦會引致虧損。
•追蹤誤差 – 合成交易所買賣基金的表現與相關指數的表現可能並不一致，原因包括追蹤策略失效、貨幣差異、費用和開支。
•以折讓或溢價進行交易 – 如果合成交易所買賣基金追蹤的指數/市場的進出受到限制，為維持合成交易所買賣基金價格與其資産淨值一致而進行的單位增設或贖回效率或會受阻，導致合成交易所買賣基金以較資産淨值存在溢價或折讓的價格進行交易。如果委托投資組合以溢價投資於一隻合成交易所買賣基金，投資者在交易所買賣基金終止營運時可能無法取回有關溢價。
利益衝突
客戶與本行及/或其聯營公司之間可能不時會出現有關交易的利益衝突，這些利益衝突包括但不限於：
•證券由客戶轉讓至本行時起，本行可於無須通知客戶或取得客戶同意情況下，將任何證券轉貸或轉讓給本行任何一間聯營公司或者第三方。此聯營公司或第三方亦可將此證券轉貸或轉讓給其任何一間聯營公司或者另一第三方。
•本行可通過轉貸或轉讓給其聯營公司或第三方來為其帳戶收取及保留某些借貸費用，此類聯營公司或第三方可不時通過轉貸或轉讓任何證券來為其帳戶收取及保留某些借貸費用；及
•本行可將某些行政、交易、運營及其他責任委托給其任何聯營公司或第三方，包括但不限於，後台運營和托管服務，亦可能是接收本行会轉貸或轉讓證券的一方。
客戶接收或持有的香港境外資產的風險
客戶的由香港境外持牌或注册人士接收或持有的資産受相關海外司法管轄區適用的法律法規（可能與當地法律法規不同）的約束，包括但不限於，《證券及期貨條例》（香港法例第571章）及其項下規則。最終，此類客戶資產可能不會享有與客戶香港境內接收或持有的資產相同的保障
证券借贷的风险披露
风险因素并非且不拟覆盖涉及证券借贷的所有风险及考虑因素。因此阁下应仔细阅读并理解证券借贷及风险披露声明，并于订立任何证券借出及借入安排前咨询阁下自己的法律、税务及财务顾问。
证券借贷风险
客户在某些情况下可能无法终止借贷以清算证券。如本行未能交付同等证券，客户可能受本行全部结算风险的影响。
无抵押品
客户将面临本行的信贷风险。根据证券借贷协议订立的所有借贷均不以任何本行资产为抵押。最坏的情况是，客户可能收不到任何同等证券及/或任何费用付款或者其他欠客户的款项。
本行无力偿债的风险
客户将面临本行无力偿债的风险。如果本行无力偿债，客户将成为本行的无抵押债权人，仅有一份对本行的无抵押合同索赔，要求交付同等证券及/或任何费用的支付或其他欠客户的款项。最坏的情况是，客户可能收不到任何同等证券及/或任何借贷费用付款或者其他欠客户的款项。
失去所有权之风险
一旦借出证券，客户将不再保留证券的所有权，它们将成为本行的绝对财产。这意味着：
•证券将不再是客户的资产，且客户将不再对其享有独有的所属权；
•客户面临上述列出的本行无力偿债风险；
•虽然客户可从本行收到款项，代表任何涉及证券的利息、股息或其他分派（称为“期内产生的等值股息”）等的价值，但客户不会收到任何实际股息。此类款项不一定在本行收到时同时支付给客户，这意味着客户在此期间面临本行无力偿债风险。
•客户可能不能参与证券所附的任何投票权，亦无权指示本行行使（或不行使）任何此类投票权；及
•客户可能有机会凭证券借贷协议之合约条款参与特定的企业行动。但除非客户就企业行动向本行发出充分的通知并同意向本行进行赔偿，否则本行可能不会行使这些权利，或者不会以客户的指示行使这些权利。
货币风险
如果证券并非以持有相关证券帐户的货币计价，客户可能面临汇率波动，这可能随时会对客户产生不利影响并造成损失。
人民币货币风险（适用于以人民币计价的证券）
证券可能以人民币计价。人民币(“RMB”) 是受限制的货币，且受外汇管制。尽管中国政府已经放宽限制，允许香港的银行进行特定形式的人民币业务，人民币目前仍不可自由兑换。客户可能无法在其首选的时间及/或按其首选的金额进行人民币兑换，因而导致投资损失。如其他货币一样，人民币的汇率可升可跌。如人民币兑港币贬值，则借出的证券的港币价值将下跌。人民币与其他货币（包括港币）间的兑换受人民币相关政策限制，亦最终受香港的相关监管要求的限制。此类限制可能对证券的流动性造成不利影响，且此类要求可能根据人民币相关政策限制的变动进行修订。
交付/结算风险
客户、本行及/或相关联营公司或从本行借入证券的第三方控制能力范围之外的干扰事件可能会影响证券的交付。
如果本行未能或延迟归还同等证券给客户，客户可能因此遭受相应的损失及/或利润损失。客户可能无法就此类相应的损失或利润损失（无论是直接或间接产生的）向本行、相关联营公司及/或相关第三方要求赔偿任何费用、开支、损失和损害或任何款项。
有限的潜在收益
任何贷款项下收益仅限于本行根据证券借贷协议应付的借贷费用。在某些情况下，借贷费用可能为零。
潜在的无限责任
订立证券借贷协议起，客户承诺在特定情况下对本行进行赔偿，包括但不限于，对任何因客户未能纳税而产生的相关责任进行赔偿。此类责任可能是无限的，例如，如果在指定时间限制内，未能向相关监管机构缴纳税款，则最多可缴纳十倍的税款。
合成交易所买卖基金相关的风险（适用于相关证券为交易所买卖基金证券）
•市场风险 – 客户面临合成交易所买卖基金相关指数的政治、经济、货币及其他相关风险。
•交易对手风险 – 如果合成交易所买卖基金投资于衍生工具以复制指数表现，投资组合将面对发行有关衍生工具的交易对手的信贷风险，以及与指数相关的风险。另外，上述衍生工具发行商附带潜在扩散和集中风险（例如衍生工具发行商以国际金融机构为主，因此，如果合成交易所买卖基金的一家衍生工具交易对手倒闭，可能为该合成交易所买卖基金的其他衍生工具交易对手带来“连锁”效应）。部分合成交易所买卖基金持有抵押品以降低交易对手风险，但可能面对当该交易所买卖基金尝试套现有关抵押品时，其市值已经大幅下跌的风险。
•流动性风险 – 如果合成交易所买卖基金投资于第二市场并不活跃的衍生工具，其附带的流动性风险将较高。较大的衍生工具的买卖差价亦会引致亏损。
•追踪误差 – 合成交易所买卖基金的表现与相关指数的表现可能并不一致，原因包括追踪策略失效、货币差异、费用和开支。
•以折让或溢价进行交易 – 如果合成交易所买卖基金追踪的指数/市场的进出受到限制，为维持合成交易所买卖基金价格与其资产净值一致而进行的单位增设或赎回效率或会受阻，导致合成交易所买卖基金以较资产净值存在溢价或折让的价格进行交易。如果委托投资组合以溢价投资于一只合成交易所买卖基金，投资者在交易所买卖基金终止营运时可能无法取回有关溢价。
利益冲突
客户与本行及/或其联营公司之间可能不时会出现有关交易的利益冲突，这些利益冲突包括但不限于：
•证券由客户转让至本行时起，本行可于无须通知客户或取得客户同意情况下，将任何证券转贷或转让给本行任何一间联营公司或者第三方。此联营公司或第三方亦可将此证券转贷或转让给其任何一间联营公司或者另一第三方。
•本行可通过转贷或转让给其联营公司或第三方来为其帐户收取及保留某些借贷费用，此类联营公司或第三方可不时通过转贷或转让任何证券来为其帐户收取及保留某些借贷费用；及
•本行可将某些行政、交易、运营及其他责任委托给其任何联营公司或第三方，包括但不限于，后台运营和托管服务，亦可能是接收本行会转贷或转让证券的一方。
客户接收或持有的香港境外资产的风险
客户的由香港境外持牌或注册人士接收或持有的资产受相关海外司法管辖区适用的法律法规（可能与当地法律法规不同）的约束，包括但不限于，《证券及期货条例》（香港法例第571章）及其项下规则。最终，此类客户资产可能不会享有与客户香港境内接收或持有的资产相同的保障
Please note that Chinese versions are for reference only and the English version shall prevail.
請注意，中文版本僅供參考，概亦英文為準。