BYD COMPANY LIMITED
| Exchange | Code | Listed | Last trade | Delisted | |
|---|---|---|---|---|---|
| HK Main | 01211 | 2002-07-31 |
CCASS holding changes from 2012-04-16 to 2012-04-17
Hit the "stake change" to see the holder's history.
Some data are hidden to fit your display. Rotate?
| Row | CCASS ID | Name | Holding | Change | Stake % |
Stake Δ % |
Last holding |
|---|---|---|---|---|---|---|---|
| 1 | C00019 | THE HONGKONG AND SHANGHAI BANKING | 134,898,668 | 1,744,874 | 17.01 | 0.22 | 2012-04-17 |
| 2 | C00093 | BNP PARIBAS | 3,630,032 | 276,000 | 0.46 | 0.03 | 2012-04-17 |
| 3 | B01491 | CREDIT SUISSE SECURITIES (HONG KONG) LTD | 2,896,377 | 111,000 | 0.37 | 0.01 | 2012-04-17 |
| 4 | B01778 | UNITED WORLD ONLINE LTD | 2,025,000 | 108,000 | 0.26 | 0.01 | 2012-04-17 |
| 5 | C00074 | DEUTSCHE BANK AG | 4,504,251 | 100,000 | 0.57 | 0.01 | 2012-04-17 |
| 6 | C00010 | CITIBANK N.A. | 85,276,222 | 94,737 | 10.75 | 0.01 | 2012-04-17 |
| 7 | B01161 | UBS SECURITIES HONG KONG LTD | 48,000 | 48,000 | 0.01 | 0.01 | 2012-04-17 |
| 8 | B01777 | DAIWA CAPITAL MARKETS HONG KONG LTD | 6,881,500 | 44,000 | 0.87 | 0.01 | 2012-04-17 |
| 9 | B01825 | GUOYUAN SECURITIES BROKERAGE (HONG KONG) | 1,019,000 | 43,000 | 0.13 | 0.01 | 2012-04-17 |
| 10 | B01224 | MERRILL LYNCH FAR EAST LTD | 8,464,401 | 41,458 | 1.07 | 0.01 | 2012-04-17 |
| 11 | B01490 | HSBC SECURITIES BROKERS (ASIA) LTD | 248,959 | 32,500 | 0.03 | 0.00 | 2012-04-17 |
| 12 | B01198 | PO KAY SECURITIES & SHARES CO LTD | 57,500 | 22,000 | 0.01 | 0.00 | 2012-04-17 |
| 13 | B01430 | CITIGROUP GLOBAL MARKETS ASIA LTD | 15,500 | 15,500 | 0.00 | 0.00 | 2012-04-17 |
| 14 | B01714 | HEAD & SHOULDERS SECURITIES LTD | 13,000 | 11,000 | 0.00 | 0.00 | 2012-04-17 |
| 15 | B01842 | BOCOM INTERNATIONAL SECURITIES LTD | 1,745,000 | 10,000 | 0.22 | 0.00 | 2012-04-17 |
| 16 | B01540 | UPBEST SECURITIES CO LTD | 25,500 | 10,000 | 0.00 | 0.00 | 2012-04-17 |
| 17 | B01905 | SDICS INTERNATIONAL SECURITIES (HONG | 146,000 | 9,000 | 0.02 | 0.00 | 2012-04-17 |
| 18 | B01353 | UOB KAY HIAN (HONG KONG) LTD | 5,788,000 | 9,000 | 0.73 | 0.00 | 2012-04-17 |
| 19 | B01700 | REALINK FINANCIAL TRADE LTD | 69,000 | 5,500 | 0.01 | 0.00 | 2012-04-17 |
| 20 | B01271 | HANG TAI SECURITIES LTD | 36,000 | 5,000 | 0.00 | 0.00 | 2012-04-17 |
| 21 | B01921 | GONG PING SECURITIES LTD | 65,000 | 4,500 | 0.01 | 0.00 | 2012-04-17 |
| 22 | B01695 | DAH SING SECURITIES LTD | 564,500 | 3,000 | 0.07 | 0.00 | 2012-04-17 |
| 23 | B01300 | OCBC SECURITIES (HONG KONG) LTD | 618,800 | 3,000 | 0.08 | 0.00 | 2012-04-17 |
| 24 | B01669 | FIRST SECURITIES (HK) LTD | 164,789 | 2,500 | 0.02 | 0.00 | 2012-04-17 |
| 25 | B01546 | WO FUNG SECURITIES CO LTD | 120,500 | 2,500 | 0.02 | 0.00 | 2012-04-17 |
| 26 | B01929 | CHINA GALAXY INTERNATIONAL SECURITIES | 8,500 | 2,000 | 0.00 | 0.00 | 2012-04-17 |
| 27 | B01089 | HSBC BROKING SECURITIES (HONG KONG) LTD | 6,749,020 | 2,000 | 0.85 | 0.00 | 2012-04-17 |
| 28 | B01376 | PUBLIC SECURITIES LTD | 9,500 | 1,500 | 0.00 | 0.00 | 2012-04-17 |
| 29 | B01649 | CINDA INTERNATIONAL SECURITIES LTD | 200,900 | 1,000 | 0.03 | 0.00 | 2012-04-17 |
| 30 | B01818 | I-ACCESS INVESTORS LTD | 158,494 | 1,000 | 0.02 | 0.00 | 2012-04-17 |
| 31 | B01497 | SINOPAC SECURITIES (ASIA) LTD | 161,300 | 1,000 | 0.02 | 0.00 | 2012-04-17 |
| 32 | B01686 | FIRST SHANGHAI SECURITIES LTD | 1,661,900 | 500 | 0.21 | 0.00 | 2012-04-17 |
| 33 | B01264 | MIB SECURITIES (HONG KONG) LTD | 627,000 | 500 | 0.08 | 0.00 | 2012-04-17 |
| 34 | B01217 | TAIPING SECURITIES (HK) CO LTD | 150,500 | 500 | 0.02 | 0.00 | 2012-04-17 |
| 35 | B01876 | WATERLAND SECURITIES (HK) CO LTD | 500 | 500 | 0.00 | 0.00 | 2012-04-17 |
| 36 | B01769 | ONE CHINA SECURITIES LTD | 13,353 | 233 | 0.00 | 0.00 | 2012-04-17 |
| 37 | B01601 | CSC SECURITIES (HK) LTD | 93,000 | -500 | 0.01 | -0.00 | 2012-04-17 |
| 38 | B01762 | DBS VICKERS (HONG KONG) LTD | 3,795,102 | -500 | 0.48 | -0.00 | 2012-04-17 |
| 39 | C00041 | OCBC BANK (HONG KONG) LTD | 2,551,700 | -500 | 0.32 | -0.00 | 2012-04-17 |
| 40 | B01862 | ORIENTAL WEALTH SECURITIES LTD | 138,500 | -500 | 0.02 | -0.00 | 2012-04-17 |
| 41 | B01240 | TSUN CHI YUEN SECURITIES CO LTD | 70,328 | -500 | 0.01 | -0.00 | 2012-04-17 |
| 42 | B01774 | CANTOR FITZGERALD (HONG KONG) CAPITAL | 4,345 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 43 | B01937 | CHANGJIANG SECURITIES BROKERAGE (HK) LTD | 6,000 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 44 | B01417 | CHEE TAK SECURITIES LTD | 17,500 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 45 | B01771 | CVP SECURITIES LTD (IN LIQUIDATION) | 53,500 | -1,000 | 0.01 | -0.00 | 2012-04-17 |
| 46 | B01606 | EWARTON SECURITIES LTD | 30,500 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 47 | B01272 | FB SECURITIES (HONG KONG) LTD | 369,500 | -1,000 | 0.05 | -0.00 | 2012-04-17 |
| 48 | B01891 | FUTURE GROWTH FINANCIAL SERVICES LTD | 9,000 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 49 | B01826 | GF SECURITIES (HONG KONG) BROKERAGE LTD | 726,000 | -1,000 | 0.09 | -0.00 | 2012-04-17 |
| 50 | B01362 | JOSPA INVESTMENT CO LTD | 5,000 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 51 | B01615 | KAM FAI SECURITIES CO LTD | 10,500 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 52 | B01625 | METRO CAPITAL SECURITIES LTD | 2,500 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 53 | B01709 | RPS INVESTMENT LTD | 33,000 | -1,000 | 0.00 | -0.00 | 2012-04-17 |
| 54 | B01676 | TAI SHING STOCK INVESTMENT CO LTD | 89,500 | -1,000 | 0.01 | -0.00 | 2012-04-17 |
| 55 | B01439 | TAI TAK SECURITIES (ASIA) LTD | 86,000 | -1,000 | 0.01 | -0.00 | 2012-04-17 |
| 56 | C00003 | THE BANK OF EAST ASIA LTD | 4,567,189 | -1,000 | 0.58 | -0.00 | 2012-04-17 |
| 57 | B01425 | WELLFULL SECURITIES CO LTD | 49,500 | -1,000 | 0.01 | -0.00 | 2012-04-17 |
| 58 | B01814 | WELL LINK SECURITIES LTD | 0 | -1,000 | -0.00 | 2012-04-17 | |
| 59 | B01566 | K.K.M. SECURITIES LTD | 48,500 | -1,500 | 0.01 | -0.00 | 2012-04-17 |
| 60 | B01564 | ABCI SECURITIES CO LTD | 164,500 | -2,000 | 0.02 | -0.00 | 2012-04-17 |
| 61 | B01329 | BLOOMYEARS LTD | 11,000 | -2,000 | 0.00 | -0.00 | 2012-04-17 |
| 62 | B01636 | BUSINESS SECURITIES LTD | 7,000 | -2,000 | 0.00 | -0.00 | 2012-04-17 |
| 63 | B01890 | GUOSEN SECURITIES (HK) BROKERAGE CO LTD | 240,000 | -2,000 | 0.03 | -0.00 | 2012-04-17 |
| 64 | B01438 | KINGSTON SECURITIES LTD | 59,500 | -2,000 | 0.01 | -0.00 | 2012-04-17 |
| 65 | B01585 | SINO GRADE SECURITIES LTD | 72,500 | -2,000 | 0.01 | -0.00 | 2012-04-17 |
| 66 | B01922 | SUN SECURITIES LTD | 3,000 | -2,000 | 0.00 | -0.00 | 2012-04-17 |
| 67 | B01144 | TAK FUNG SHARES INVESTMENT CO LTD | 42,000 | -2,000 | 0.01 | -0.00 | 2012-04-17 |
| 68 | B01712 | WAH SANG SECURITIES LTD | 24,200 | -2,000 | 0.00 | -0.00 | 2012-04-17 |
| 69 | B01220 | WING ON CHEONG SECURITIES CO LTD | 40,500 | -2,000 | 0.01 | -0.00 | 2012-04-17 |
| 70 | B01563 | XINKONG INTERNATIONAL SECURITIES LTD | 83,500 | -2,000 | 0.01 | -0.00 | 2012-04-17 |
| 71 | B01426 | YEE FAT SECURITIES CO LTD | 0 | -2,000 | -0.00 | 2012-04-17 | |
| 72 | B01599 | POLARIS SECURITIES (HONG KONG) LTD | 494,192 | -2,500 | 0.06 | -0.00 | 2012-04-17 |
| 73 | B01258 | CHINA POINT STOCK BROKERS LTD | 10,000 | -3,000 | 0.00 | -0.00 | 2012-04-17 |
| 74 | B01901 | CMB INTERNATIONAL SECURITIES LTD | 785,300 | -3,000 | 0.10 | -0.00 | 2012-04-17 |
| 75 | B01247 | KWAI HUNG SECURITIES CO LTD | 60,500 | -3,000 | 0.01 | -0.00 | 2012-04-17 |
| 76 | B01347 | CGS INTERNATIONAL SECURITIES HK LTD | 334,000 | -3,500 | 0.04 | -0.00 | 2012-04-17 |
| 77 | B01813 | CCB INTERNATIONAL SECURITIES LTD | 296,000 | -4,000 | 0.04 | -0.00 | 2012-04-17 |
| 78 | C00088 | CHINA MERCHANTS BANK CO LTD | 440,000 | -4,000 | 0.06 | -0.00 | 2012-04-17 |
| 79 | B01849 | CIS SECURITIES ASSET MANAGEMENT LTD | 54,500 | -4,000 | 0.01 | -0.00 | 2012-04-17 |
| 80 | B01748 | COL SECURITIES (HK) LTD | 7,000 | -4,000 | 0.00 | -0.00 | 2012-04-17 |
| 81 | B01458 | YICKO SECURITIES LTD | 27,500 | -4,000 | 0.00 | -0.00 | 2012-04-17 |
| 82 | B01355 | CHINA EVERBRIGHT SECURITIES (HK) LTD | 1,017,060 | -4,500 | 0.13 | -0.00 | 2012-04-17 |
| 83 | B01119 | CELESTIAL SECURITIES LTD | 382,000 | -5,000 | 0.05 | -0.00 | 2012-04-17 |
| 84 | B01809 | CHINA SYSTEM SECURITIES LTD | 34,000 | -5,000 | 0.00 | -0.00 | 2012-04-17 |
| 85 | B01338 | EMPEROR SECURITIES LTD | 257,000 | -5,000 | 0.03 | -0.00 | 2012-04-17 |
| 86 | B01570 | GOLDENWAY SECURITIES CO LTD | 26,500 | -5,000 | 0.00 | -0.00 | 2012-04-17 |
| 87 | B01761 | KO'S BROTHER SECURITIES CO LTD | 27,000 | -5,000 | 0.00 | -0.00 | 2012-04-17 |
| 88 | B01340 | LEHIN SECURITIES LTD | 21,805 | -5,000 | 0.00 | -0.00 | 2012-04-17 |
| 89 | B01275 | SANFULL SECURITIES LTD | 204,500 | -5,000 | 0.03 | -0.00 | 2012-04-17 |
| 90 | B01645 | SELINA & CO LTD | 8,500 | -5,000 | 0.00 | -0.00 | 2012-04-17 |
| 91 | B01715 | PRESIDENT SECURITIES (HONG KONG) LTD | 22,000 | -5,500 | 0.00 | -0.00 | 2012-04-17 |
| 92 | B01212 | HENYEP SECURITIES LTD | 39,500 | -6,000 | 0.00 | -0.00 | 2012-04-17 |
| 93 | B01280 | WING FAT SECURITIES LTD | 34,500 | -6,000 | 0.00 | -0.00 | 2012-04-17 |
| 94 | B01209 | MASON SECURITIES LTD | 597,500 | -7,000 | 0.08 | -0.00 | 2012-04-17 |
| 95 | B01423 | PRUDENTIAL BROKERAGE LTD | 337,000 | -7,000 | 0.04 | -0.00 | 2012-04-17 |
| 96 | B01137 | CHOW SANG SANG SECURITIES LTD | 177,500 | -7,500 | 0.02 | -0.00 | 2012-04-17 |
| 97 | B01413 | CORE PACIFIC - YAMAICHI INTERNATIONAL | 321,901 | -7,500 | 0.04 | -0.00 | 2012-04-17 |
| 98 | C00048 | CHIYU BANKING CORPORATION LTD | 1,715,100 | -9,000 | 0.22 | -0.00 | 2012-04-17 |
| 99 | B01565 | GUOTAI JUNAN SECURITIES (HONG KONG) LTD | 5,848,200 | -9,000 | 0.74 | -0.00 | 2012-04-17 |
| 100 | B01610 | KGI ASIA LTD | 1,444,700 | -9,000 | 0.18 | -0.00 | 2012-04-17 |
| 101 | B01433 | HING WAI ALLIED SECURITIES LTD | 102,000 | -9,500 | 0.01 | -0.00 | 2012-04-17 |
| 102 | B01470 | HUNG SING SECURITIES LTD | 19,500 | -10,000 | 0.00 | -0.00 | 2012-04-17 |
| 103 | B01543 | KWONG FAT HONG (SECURITIES) LTD | 52,000 | -10,000 | 0.01 | -0.00 | 2012-04-17 |
| 104 | B01386 | SBI CHINA CAPITAL FINANCIAL SERVICES LTD | 13,500 | -10,000 | 0.00 | -0.00 | 2012-04-17 |
| 105 | B01623 | TAI FUNG KUENTAI SECURITIES CO LTD | 1,508,500 | -10,000 | 0.19 | -0.00 | 2012-04-17 |
| 106 | B01843 | TELECOM KING SECURITIES LTD | 188,904 | -10,000 | 0.02 | -0.00 | 2012-04-17 |
| 107 | B01460 | BERICH BROKERAGE LTD | 32,000 | -12,000 | 0.00 | -0.00 | 2012-04-17 |
| 108 | B01298 | GET NICE SECURITIES LTD | 386,000 | -12,000 | 0.05 | -0.00 | 2012-04-17 |
| 109 | B01330 | NOMURA SECURITIES (HK) LTD | 6,275,503 | -12,000 | 0.79 | -0.00 | 2012-04-17 |
| 110 | C00015 | DBS BANK (HONG KONG) LTD | 912,500 | -13,500 | 0.12 | -0.00 | 2012-04-17 |
| 111 | B01740 | WIN SECURITIES LTD | 1,342,900 | -13,500 | 0.17 | -0.00 | 2012-04-17 |
| 112 | C00028 | NANYANG COMMERCIAL BANK LTD | 2,451,200 | -14,000 | 0.31 | -0.00 | 2012-04-17 |
| 113 | B01737 | DAIWA CAPITAL MARKETS TRADING HONG KONG | 7,111 | -15,000 | 0.00 | -0.00 | 2012-04-17 |
| 114 | B01416 | VC BROKERAGE LTD | 217,000 | -15,000 | 0.03 | -0.00 | 2012-04-17 |
| 115 | B01077 | MACQUARIE CAPITAL SECURITIES LTD | 61,770 | -16,000 | 0.01 | -0.00 | 2012-04-17 |
| 116 | B01148 | CHINA MERCHANTS SECURITIES (HK) CO LTD | 8,553,100 | -17,000 | 1.08 | -0.00 | 2012-04-17 |
| 117 | B01183 | CHONG HING SECURITIES LTD | 1,641,100 | -17,000 | 0.21 | -0.00 | 2012-04-17 |
| 118 | B01508 | SOUTHWEST SECURITIES (HK) BROKERAGE LTD | 103,500 | -17,000 | 0.01 | -0.00 | 2012-04-17 |
| 119 | B01274 | MORGAN STANLEY HONG KONG SECURITIES LTD | 6,083,496 | -17,500 | 0.77 | -0.00 | 2012-04-17 |
| 120 | B01590 | INTERACTIVE BROKERS HONG KONG LTD | 1,006,523 | -18,500 | 0.13 | -0.00 | 2012-04-17 |
| 121 | B01773 | TOYO SECURITIES ASIA LTD | 3,215,300 | -18,500 | 0.41 | -0.00 | 2012-04-17 |
| 122 | B01556 | LUK FOOK SECURITIES (HK) LTD | 17,000 | -19,000 | 0.00 | -0.00 | 2012-04-17 |
| 123 | B01727 | ICBC (ASIA) SECURITIES LTD | 1,667,000 | -19,500 | 0.21 | -0.00 | 2012-04-17 |
| 124 | B01659 | CHEER UNION SECURITIES LTD | 60,000 | -20,000 | 0.01 | -0.00 | 2012-04-17 |
| 125 | C00039 | STANDARD CHARTERED BANK (HONG KONG) LTD | 33,755,614 | -21,302 | 4.26 | -0.00 | 2012-04-17 |
| 126 | B01673 | FULBRIGHT SECURITIES LTD | 344,000 | -25,000 | 0.04 | -0.00 | 2012-04-17 |
| 127 | B01133 | RBC INVESTMENT SERVICES (ASIA) LTD | 195,594 | -25,000 | 0.02 | -0.00 | 2012-04-17 |
| 128 | C00002 | BANK OF COMMUNICATIONS TRUSTEE LTD | 3,133,200 | -26,000 | 0.40 | -0.00 | 2012-04-17 |
| 129 | C00036 | CHINA CONSTRUCTION BANK (ASIA) | 938,986 | -26,000 | 0.12 | -0.00 | 2012-04-17 |
| 130 | B01584 | CHIEF SECURITIES LTD | 1,004,740 | -28,500 | 0.13 | -0.00 | 2012-04-17 |
| 131 | B01228 | CITIC SECURITIES BROKERAGE (HK) LTD | 4,136,000 | -29,000 | 0.52 | -0.00 | 2012-04-17 |
| 132 | B01345 | PHILLIP SECURITIES (HONG KONG) LTD | 18,021,032 | -30,000 | 2.27 | -0.00 | 2012-04-17 |
| 133 | B01110 | J.P. MORGAN BROKING (HONG KONG) LTD | 0 | -38,500 | -0.00 | 2012-04-17 | |
| 134 | B01143 | HAITONG INTERNATIONAL SECURITIES CO LTD | 8,856,700 | -40,500 | 1.12 | -0.01 | 2012-04-17 |
| 135 | B01115 | SHENWAN HONGYUAN SECURITIES (H.K.) LTD | 3,825,100 | -40,500 | 0.48 | -0.01 | 2012-04-17 |
| 136 | B01545 | TUNG SHING SECURITIES (BROKERS) LTD | 681,500 | -42,000 | 0.09 | -0.01 | 2012-04-17 |
| 137 | B01184 | QUAM SECURITIES LTD | 122,500 | -50,500 | 0.02 | -0.01 | 2012-04-17 |
| 138 | B01265 | OCBC SECURITIES BROKERAGE (HK) LTD | 375,500 | -53,500 | 0.05 | -0.01 | 2012-04-17 |
| 139 | B01086 | EVERBRIGHT SECURITIES INVESTMENT | 1,784,970 | -58,000 | 0.23 | -0.01 | 2012-04-17 |
| 140 | B01156 | CMB INTERNATIONAL GLOBAL MARKETS LTD | 3,933,100 | -70,000 | 0.50 | -0.01 | 2012-04-17 |
| 141 | B01555 | ABN AMRO CLEARING HONG KONG LTD | 873,164 | -71,500 | 0.11 | -0.01 | 2012-04-17 |
| 142 | B01118 | EAST ASIA SECURITIES CO LTD | 2,764,296 | -72,500 | 0.35 | -0.01 | 2012-04-17 |
| 143 | B01668 | BRIGHT SMART SECURITIES INTERNATIONAL | 658,539 | -80,500 | 0.08 | -0.01 | 2012-04-17 |
| 144 | B01130 | BOCI SECURITIES LTD | 12,168,581 | -82,500 | 1.53 | -0.01 | 2012-04-17 |
| 145 | B01121 | SG SECURITIES (HK) LTD | 959,924 | -115,500 | 0.12 | -0.01 | 2012-04-17 |
| 146 | B01284 | HANG SENG SECURITIES LTD | 22,794,210 | -201,500 | 2.87 | -0.03 | 2012-04-17 |
| 147 | B01323 | DEUTSCHE SECURITIES ASIA LTD | 298,598 | -224,500 | 0.04 | -0.03 | 2012-04-17 |
| 148 | C00033 | BANK OF CHINA (HONG KONG) LTD | 26,951,584 | -312,500 | 3.40 | -0.04 | 2012-04-17 |
| 149 | B01451 | GOLDMAN SACHS (ASIA) SECURITIES LTD | 55,816,806 | -459,000 | 7.04 | -0.06 | 2012-04-17 |
| 149 | Total changed named holdings | 537,903,733 | -2,000 | 67.82 | -0.00 | ||
| 243 | Unchanged named holdings | 28,212,364 | 0 | 3.56 | 0.00 | ||
| 392 | Total named holdings | 566,116,097 | -2,000 | 71.38 | 0.00 | ||
| 85 | Unnamed Investor Participants | 680,005 | 2,000 | 0.09 | 0.00 | ||
| 477 | Total securities in CCASS | 566,796,102 | 0 | 71.47 | 0.00 | ||
| Securities not in CCASS | 226,303,898 | 0 | 28.53 | 0.00 | |||
| Issued securities | 793,100,000 | 0 | 100.00 | 0.00 | 2012-03-31 |
Trades that settled in this date range
These data are not adjusted for splits or bonus issues during the period.
| Trading date | 2012-04-13 |
| Volume | 4,718,233 |
| Turnover | 104,219,768 |
| Average price | 22.089 |
Sign up for our free newsletter
Copyright & disclaimer, Privacy policy