Share This: Top stories ESG and digitalisation: further progress in HK market (1) ESG: The HK Institute of Certified Public Accountants (HKICPA) published exposure drafts of local sustainability reporting standards, HKFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and HKFRS S2 (Climate-related Disclosures) for public consultation. Consultation closed after 27 Oct. HKICPA is proposing full convergence with ISSB […]
Share This: Top stories HKEX consultation on new phase of paperless reforms HKEX published a consultation paper on proposals to further expand its paperless listing regime and other rule amendments. The consultation period will close after 18 October. (Press release; full document). Our focus is on proposals regarding continuing obligations of issuers of listed equity securities: (Note: […]
Share This: Top stories “Uncertificated Securities Market” will be implemented in 2025 SFC released consultation conclusions on its proposed subsidiary legislation, code and guidelines for implementing an Uncertificated Securities Market regime (“USM”) in HK. (Press Release; Full Document). Subject to the legislative process, the regime will be implemented towards the end of 2025. SFC proposes […]
Share This: Top stories HKEX consults on Corporate Governance Code HKEX published a consultation paper on proposed enhancements to the Corporate Governance Code and related Listing Rules. The consultation period will close after 16 August. (Press release; full document). It is intended that the proposals will come into effect on 1 Jan 2025, and apply to corporate […]
Share This: Top stories HKEX focus areas HKEX published its latest (Apr) Enforcement Bulletin and (May) Listed Issuer Regulation Newsletter, addressing recent enforcement actions/learnings and updates on regulatory developments for continuing obligations compliance respectively. (A) HKEX’s latest Enforcement Bulletin Its key theme is rising misconduct related to loans and lending activities. Sometimes, the loans are […]
Share This: Top stories HKEX consultation conclusions on climate-related disclosures HKEX published conclusions on its consultation on the enhancement of climate-related disclosures under the ESG framework. The proposals were adopted as modified, with a “phased” approach. Implementation reliefs are also introduced for some new requirements, replacing the “interim provisions” approach as originally proposed. (Press release; […]
Share This: Top stories Directors’ duties (Loans, subsidiary, conflicts of interest) HKEX censures 3 directors (2 executive directors including chairman/CEO and his wife (non-executive director)) of Xinming China Holdings Limited, directs these directors to attend training on Listing Rule compliance. (Announcement; Statement of Disciplinary Action) It concerns an impairment loss in connection with loans obtained […]
Share This: Top stories HKEX review: annual reports disclosure HKEX published a report on its review of issuers’ annual reports for 2022 year-end. (Press release; report) HKEX followed a “thematic approach” as in the past, selecting a number of specific areas for review. These include financial reporting and controls, material asset impairments (including loan impairments), […]
Share This: Top stories HKEX review: corporate governance disclosure HKEX published a report on its analysis of issuers’ corporate governance practice disclosure for 2022 year-end (“HKEX CG review”) , and “A Snapshot of INEDs Roles and Responsibilities” (“HKEX INED Guide”). (Press release) (A) HKEX CG Review It focuses on new requirements under the updated […]
Share This: Top stories HKEX Guidance (A) HKEX published Guidance Letter (GL 116- 23) on Disclosure of the basis of consideration and business valuations in notifiable transactions. Valuation in transactions and directors’ duties is a recurring theme of regulators. It was addressed in HKEX’s recent Enforcement Bulletin. (See our May/June 23 update) (Background: in […]
