Share This: Top stories HKEX : latest review of issuer financial reports; enforcement action interprets “financial assistance” HKEX published its 2015 financial statements review report, monitoring issuer compliance with disclosure requirements of Listing Rules and accounting standards. What you should know: MD&A should be “balanced” and more “entity-specific” Some non-HK incorporated issuers overlooked amended […]
Share This: Top stories Hong Kong’s new winding-up regime; COSO consults on revised ERM framework Companies (Winding Up and Miscellaneous Provisions)(Amendment) Ordinance 2016 has been gazetted, which aims at improving and modernizing Hong Kong’s corporate winding up regime. What you should know: Main objectives: to increase protection of shareholders; streamline the winding up process; and enhance integrity of the process […]
Share This: Top stories Competition Commission: first actions and emerging focus What you should know: “Bid-rigging” — the Commission found patterns consistent with bid-rigging in residential building renovation and maintenance market after analyzing tender records of selected public projects Launched publicity campaign against “bid rigging” Trade associations — the Commission intervened in “recommended retail price” […]
Share This: Top stories Disclosure of inside information: third SFC action and related HKEX developments SFC brought action against a company and its officers for late disclosure What you should know/watch out for: the third SFC action for disclosure of inside information nature: delay in disclosure — material deterioration in second-half (hence full-year) performance monthly management accounts relevant: […]
Share This: Top stories SFC Corporate Regulation Newsletter on inside information disclosure What you should know/do: use HKEXnews website: corporate website or social media no substitutes examples of “untimely”, “incomplete”, or “misleading” disclosure, including inappropriate disclosure of sensitive information by individual executives in personal social media accounts (multi-jurisdictional listings) Hong Kong trading should resume after […]
Share This: Top stories Competition Commission published FAQs: what you should note for forthcoming board meeting What you should do: Compliance with competition law is a key focus of (i) “annual review of internal controls effectiveness” (i.e. compliance controls); (ii) disclosure in (new) “business review” of annual reports Note the potentially “anti-competitive” behaviours highlighted “Exchange […]
Share This: Top stories Hong Kong EX’s review of disclosure in annual reports for rule compliance: What you should do: Affects your preparation of 2015 annual reports – where better disclosure needed? – useful guidance on areas relating to the new “business review” Affects the forthcoming annual review of “continuing connected transactions” Improvement needed in: […]
Share This: Top stories There are some notable developments regarding the Stock Exchange of Hong Kong. Firstly, it published its Consultation Conclusions on Proposed Amendments to the Environmental, Social and Governance Reporting Guide (the “ESG Guide”). The proposed amendments will take effect in phases. Save for the proposed upgrade of KPIs relating to the “Environment” […]
Share This: Top stories There are some notable developments regarding the Stock Exchange of Hong Kong. Firstly, the Exchange updated a Listing Decision, in the context of an increasing number of attempted “takeovers” of listed issuers using “new” methods. It provided guidance where a disposal of assets by an issuer amounts to a “Very Substantial […]
Share This: Top stories There are some interesting enforcement actions by both the Stock Exchange and the Securities and Futures Commission (“SFC”). Directors’ duties is a recurring theme. In the Stock Exchange enforcement case, it is noteworthy that breaches of Listing Rules also have wider implications, evidencing the lack of an adequate and effective internal […]
