On Mar. 28, HK SFC issued proposal to address corporate misconduct.
HK SFC issued consultation paper on amendments to Securities and futures (stock market listing) rules, aiming to improve regulatory efficiency in Hong Kong's listing market and provide broader investor protection against imminent financial harm.
Proposed Enhancements
For IPO cases, HK SFC could require listing applicants to meet continuing disclosure obligations post-listing without objecting to listing by adding an express provision.
Namely, clarifying listing conditions can continue after listing; some listing applications may proceed more quickly under tailored disclosure approach, enhancing transparency.
For post-IPO matters, HK SFC proposes less disruptive alternative to suspension, allowing imposition of post-listing conditions requiring more transparent disclosures.
For trading suspensions, shorter suspension time likely from more efficient processing of resumption applications through simplified procedures; HK SFC proposes delegating the board's decision-making power to senior executives in uncontroversial cases.
For aggrieved issuers, right to seek full merits review by Securities and Futures Appeals Tribunal would provide independent safeguard ensuring fair decision-making.
Consultation Period
The consultation period is open until May 23, 2025.
