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CCB International Capital Limited fined $24 million for sponsor due diligence failures
CCB International Capital Limited has been reprimanded and fined $24m by the SFC for its failure to discharge its duties as a sole sponsor in the listing application of Fujian Dongya Aquatic Products Co., Ltd
New Hong Kong Stock Exchange Guidance for Listing Applicants in the Internet Technology Sector
The HKEx published a guidance letter in July 2018 setting out relaxations from the Listing Rules which it may allow for listing applicants in the internet technology sector or that have internet-based business models.
HKEx Consults on Tightened HKEx Listing Rules on Backdoor Listings and Shell Companies
HKEx published a Consultation Paper on Backdoor Listing, Continuing Listing Criteria and Other Rule Amendments containing proposals to tighten the Listing Rules on reverse takeovers and the criteria for continued listing
New Open-ended Fund Company Regime Effective 30 July 2018
The introduction of the open-ended fund company structure is aimed at encouraging more funds to domicile in Hong Kong and to boost Hong Kong’s position as a full service international asset management centre.
Investor Compensation Regime Enhancements Proposed by the SFC
The SFC published a Consultation on Proposed Enhancements to the Investor Compensation Regime and Related Legislative Amendments on 27 April 2018. The SFC is hoping to finalise the proposals by mid-2018.
Hong Kong Listing Rule Changes on Delisting effective 1 August
The Listing Rule changes address concerns about prolonged trading suspensions and as detailed in the Exchange’s Consultation Conclusions on Delisting and other Rule Amendments, adopt the majority of proposals
Virtual Bank Authorisation: HKMA Issues New Guideline
The HKMA published its revised Guideline on Authorization of Virtual Banks intended to encourage virtual banking in Hong Kong. It is one of seven initiatives to move Hong Kong to a “new era of smart banking”.
Hong Kong Stock Exchange Reports on Financial Statements Review 2017
The Hong Kong Stock Exchange released its Financial Statements Review Programme Report 2017 on 1 June 2018. The report sets out key findings on compliance with accounting standards and disclosure requirements.
HKMA Circular on Credit Risk Management for Personal Lending Business
On 9 May 2018, the HKMA issued a Circular on Credit Risk Management for Personal Lending Business, allowing AIs to adopt credit risk management techniques and practices enabled by technology
Securities and Futures Professional Investor Rules Amendments
The amendments allow an individual’s share of a portfolio held in an account jointly owned by the individual with non-associates to be aggregated for the purposes of meeting the professional investor threshold
Corporate misconduct: SFC outlines its regulatory approach
The Regulatory Bulletin gives details of the SFC’s exercise of its powers under the SMLR in order to fulfil its statutory obligation of investor protection in the nine months ended 31 Match 2018.
Listing Rules on Capital Raisings by Listed Issuers Tightened by HKEx
Amended Listing Rules disallow rights issues, open offers and specific mandate placings, individually or when aggregated within a rolling 12-month period, that result in a cumulative material value dilution