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 […]
Share This: Top stories Privacy Commission’s new Guidance on handling data breach The Privacy Commissioner on Personal Data published an article promoting the Commission’s new “Guidance on Data Breach Handling and Data Breach Notifications”. (Article, Press Release, Guidance Note) In light of the increase (by 20%) in data breach reported to it during 1H, […]
Share This: Top stories HKEX Listed Issuer Newsletter; new global ISSB sustainability standards (i) HKEX published its latest Listed Issuer Newsletter, with useful observations on disclosure of business valuations in transactions, and compliance with new Listing Rules on share schemes. It also addresses issues relating to change in auditors. Firstly, as regards disclosure of […]
