Share This: Top stories The Market Misconduct Tribunal found that Health and Happiness (H&H) International Holdings Ltd and its chairman & executive director had failed to make timely disclosure of inside information, and fined them $1.6 million each. (Click: press release) Both defendants admitted to a four-week delay in the company’s disclosure of its financial […]
Share This: Top stories HKEX published consultation on “Review of ESG Reporting Guide and related Listing Rules”. It also updated ESG guidance materials, clarifying how different aspects of ESG relate to the Corporate Governance Code (“CG Code”). (Click: press release; updated FAQ Series 17 and 18; e-training) For IPOs, enhanced disclosure on gender diversity is […]
Share This: Top stories (i) Privacy Commissioner compliance check: shopping mall memberships + online promotions (Click: full report; press release) In 2018, the Commissioner visited 100 shopping malls (including at least 2 malls from each of HK’s 18 districts), and reviewed 300 webpages requesting personal data in exchange for benefits. Such online promotion activities are […]
Share This: Top stories The Privacy Commissioner highlighted improvement areas in its “2018 Study Report on Implementation of Privacy Management Programme by Data Users”. (Click: full report; press release) The Commissioner examined 26 organizations from different sectors (including insurance, finance, telecommunications, public utilities and transportation) to understand their implementation of “Privacy Management Programme” (Background on […]
Share This: Top stories Latest SFC Regulatory Bulletin: “front-loaded” approach (Click: press release; full report) Useful cases illustrate how the SFC intervenes at an early stage (“front-loaded” approach), where it has serious concerns about IPO applications or post-IPO corporate transactions. We focus on the post-IPO cases. SFC is devoting more resources to transactions which […]
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 […]
