Share This: Top stories SFC obtained disqualification orders (s. 214, Securities and Futures Ordinance) in the Court of First Instance against the former CEO and executive director of Long Success International (Holdings) Limited. They were disqualified from being a director or taking part in the management of any corporation in Hong Kong, without leave […]
Share This: Top stories HKEX review: annual reports disclosure HKEX published a report on its review of issuers’ annual reports for financial year ended between Jan to Dec 2019. (Press release; full report) This covers: (i) rule compliance, corporate conduct, and disclosure of material developments; (ii) financial statements review. 13 areas were covered (full list: […]
Share This: Top stories (i) HKEX review: corporate governance disclosure HKEX published its latest review of issuers’ corporate governance reports for financial year ended between Jan to Dec 2019. (Press release; full report) It focuses on (i) re-election of independent non-executive directors (“INEDs”) who served more than nine years, (ii) election of overboarding INEDs (i.e. holding […]
Share This: Top stories New judgment on disclosure of inside information The Market Misconduct Tribunal (“MMT”) has found that CMBC Capital Holdings Limited and 6 former (executive and independent non-executive) directors failed to disclose inside information as soon as reasonably practicable, under the Securities and Futures Ordinance (“SFO”). (SFC press release) A 15-month disqualification […]
Share This: Top stories HKEX consultation on disciplinary regime HKEX published a consultation paper in relation to proposed changes in its disciplinary regime. (Press release; full document) HKEX aims to have a spectrum of graduated sanctions for different situations. Currently, these range from private reprimand, public censure, other statements of concern in respect of […]
Share This: Top stories SFC’s “green” focus SFC’s Annual Report 2019-20 sets out its priorities to ensure the integrity and overall soundness of Hong Kong’s securities and futures markets. (Press release; full report) For listed issuers, the report recaps SFC’s efforts including progress of its “front-loaded” approach. This helped in addressing misconduct and market […]
Share This: Top stories HKEX censures Kong Sun Holding Limited, named former executive directors, non-executive and independent directors. (Press release) The case involves loans and advances (around RMB 1.6b) made by the (not directors) COO and financial controller (“FC”), without the board’s knowledge. These were non-interest bearing, unsecured, with no fixed date of repayment. The […]
Share This: Top stories Covid-19 (i) HKEX’s latest Listed Issuer Regulation Newsletter provides observations on issuers’ recent announcements of business updates, and guidance on disclosure best practices. It contains useful and practical guidance, with examples. It also addresses the impact of Covid-19 on accounting standards (E.g. impairment, lease contract modifications, subsequent events, critical judgment, etc.) […]
Share This: Top stories (i) SFC and HKEX issued a joint statement on how the government’s recent COVID-19 restrictions on public gatherings might impact annual general meetings (“AGMs”), extraordinary/special general meetings (collectively as “EGMs”). Such prohibition is currently in force until (as extended) 23 April 2020. Exemptions include gatherings required to be held within a […]
Share This: Top stories (i) SFC and HKEX issued a joint statement, and a set of frequently asked questions (“FAQs”) to provide guidance to listed companies and their auditors on disclosure of financial information in view of travel and other restrictions given the COVID-19 virus. Further announcement (“Further Guidance”) was issued on 16 March. Where […]
