Share This: Top stories HKEX review: annual reports disclosure   HKEX published a report on its review of issuers’ annual reports for year 2017. This is the first “consolidated” review, combining previously separate programmes: (i) review of disclosure in annual reports to monitor rule compliance; (ii) financial statements review. It reviewed eight areas — two […]

Share This: Top stories Two cases on information to shareholders   (i)  Disclosure of inside information (“positive profit alert”) SFC commenced proceedings in the Market Misconduct Tribunal (“MMT”) against CMBC Capital Holdings Limited and 6 former (executive and independent non-executive) directors, for failing to disclose inside information as soon as reasonably practicable. (Click: press release; […]

Share This: Top stories HKEX reviewed 2017 annual reports + ESG reporting guidance   (i)  HKEX published “Analysis of Corporate Governance Practice Disclosure in June and Dec year-end 2017 and March year-end 2018 Annual Reports”, reviewing issuers’ compliance with the Corporate Governance Code (“CG Code”) and Corporate Governance Report.  (Click: full report, press release, letter […]

Share This: Top stories SFC enforcement updates   SFC’s Head of Enforcement gave a speech at a regulatory summit regarding its strategic approaches in enforcement.  (Click: speech). SFC is partnering with other enforcement agencies (ICAC, the police) in targeting “nefarious networks”. These groups of highly organized people (controlling listed companies, licensed dealers, money lenders, financial […]

Share This: Top stories Competition Commission’s third case vs “cartels”   The Competition Commission commenced proceedings in the Competition Tribunal against three construction companies and two individuals for “market sharing” (i.e. allocated customers) and “price fixing” activities around June-Nov 17, regarding renovation services at a public rental housing estate in San Po Kong. (i.e. “cartel […]

Share This: Top stories The Privacy Commissioner issued the revised Best Practice Guide on Privacy Management Programme, to assist organizations in constructing a comprehensive Privacy Management Programme (“PMP”). Given recent privacy leakage incidents and much heightened sensitivity surrounding privacy, the Guide is very useful in providing concrete examples, templates of various tools, and checklists for […]

Share This: Top stories Revised HKEX Corporate Governance Code   HKEX published its consultation conclusions on “Review of the Corporate Governance Code And Related Listing Rules”, and a “Guidance for Boards and Directors”.  (Click: full report, press release; Directors’ Guide). The “over-boarding” provisions have attracted most media attention.  However, it is only one aspect of […]

Share This: Top stories HKEX published its 2017 financial statements review report, monitoring issuer compliance with disclosure requirements of Listing Rules, accounting standards, and Companies Ordinance (“CO”). (Click: full report; press release) This year’s special review themes are (i) “general accounting” review theme — disclosure of impact of new / amended HKFRS in issue but […]

Share This: Top stories Another new case on “disclosure of inside information”   SFC proceedings against Magic Holdings for “disclosure of inside information” breaches (Click: press release; Market Misconduct Tribunal Notice) What you should know: Nature: delay in disclosure; founders sold equity stake to L’Oreal (“L”) leading to general offer Action against company, 3 founders/EDs, […]

Share This: Top stories New Case on “disclosure of inside information”   SFC proceedings against Fujikon for “disclosure of inside information” breaches (Click: press release) What you should know: Nature: delay in disclosure Action against company, chairman/CEO, CFO/company secretary/executive director “Inside information”: notified by top customer that a headphone manufactured for it would be discontinued; […]