Share This: Top stories Judgment for first disclosure of inside information case Regulators (i) Market Misconduct Tribunal delivered judgment for the AcrossAsia case (SFC press release; full MMT report), the first inside information disclosure case. What you should know: Nature: delay in disclosure Foreign (Indonesian) petition filed against the company (including appointment of administrator […]
Share This: Top stories SFC case: directors’ duties in approving transactions? SFC commenced legal proceedings in the Court of First Instance (click here for press release) to seek disqualification orders against 10 former and current directors of Freeman FinTech Corporation Limited, including managing director, a former nonexecutive director and named independent directors for breaching director […]
Share This: Top stories HKEX’s new internal controls/risk management disclosure: are you ready? HKEX published its latest review of listed issuers’ corporate governance practices, as disclosed in 2015 annual reports of June year-end companies. (click here for full report; press release) This is a continuing exercise, having completed review of 2014 December and 2015 March […]
Share This: Top stories Market Misconduct Tribunal : what constitutes “relevant information” for insider trading In the latest case, MMT found that the specific information would not have “affected share price materially”. (Click for SFC press release; MMT report) Alleged events were the listed company’s experiencing tightening of bank facilities; a series of loans […]
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 […]
