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Exchange Updates Guidance on IPO Listing Document Disclosure relating to Material Changes after Trading Record Period
The updates to both Guidance Letters relate to disclosure in IPO prospectuses of material changes in financial, operational and/or trading position after the trading record period. GL41 also includes a new…
Hong Kong Corporate Finance Regulation – 2014 Highlights and the Year Ahead
A year of firsts in many ways, 2014 saw Hong Kong markets continue to reap the benefits of their first-mover advantage created by Mainland China experimenting with policy changes in Hong Kong first before…
Hong Kong Stock Exchange Publishes Listing Decision on Controlling Shareholders’ Post-IPO Lock-up Restrictions
The Hong Kong Stock Exchange’s Listing Decision HKEx-LD85-20151 (the Listing Decision) required a shareholder to comply with the Listing Rules’ restrictions on controlling shareholders disposing of their…
Moody’s Appeals SFC’s Disciplinary Action: Latest Developments
Moody’s Investors Service Hong Kong Limited (Moody’s) has appealed the Securities and Futures Commission’s (SFC’s) November decision that the agency’s July 2011 publication of a report, “Red Flags For Emerging-Market…
SFC Consults on Greater Information Gathering Powers on Licensed Corporations to Assist Overseas Regulators
Hong Kong’s Securities and Future Commission (SFC) has begun a month-long consultation1 on proposed amendments to the Securities and Futures Ordinance (SFO) to allow the provision of greater supervisory assistance…
Hong Kong-China Mutual Recognition of Funds (MRF) Scheme Nears Implementation
A scheme providing for the mutual recognition of funds authorised in Hong Kong and the Mainland is in its final stages, according to a speech given by Alexa Lam, deputy chief executive officer of Hong Kong’s…
SFC Starts Market Misconduct Proceedings over Alleged False Research Report
The Securities and Futures Commission (SFC) has commenced proceedings against Mr. Andrew Left, a US citizen and head of Citron Research, for potential market misconduct involved in the publication of a…
Hong Kong Law Change Introduces Three Days Paternity Leave
On 18 December 2014, the Legislative Council passed the Employment (Amendment) Bill 2014, introducing statutory paternity leave for male employees in Hong Kong under new Part IIIA of the Hong Kong Employment…
Reporting and Record-keeping Obligations re OTC Derivative Transactions
In July 2014, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) published a consultation paper setting out the detailed proposals for the mandatory reporting and record…
Document Execution at Virtual Signings and Closings
A recent Hong Kong case acts as a reminder of the importance of following the correct formalities for the execution of documents, and raises important issues in relation to the effectiveness of virtual signing…
China Consults on 2014 Draft of Foreign Investment Catalogue
On 4th November 2014, China’s National Development and Reform Commission (NDRC) released a revised draft of the Catalogue for Guidance on Foreign Investment in Industries (Catalogue), in conjunction with the Ministry…
Shanghai-Hong Kong Stock Connect to Commence Monday
The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) announced on 10 November 2014 that Shanghai-Hong Kong Stock Connect, the pilot programme to allow mutual…