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Joint consultation paper on listing regulation by
SFC and HKEX

Written by: Ms. Cecilia Zhou - Risk Consultant

The Securities and Futures Commission (“SFC”) and The Stock Exchange of Hong Kong Limited (“Exchange”) jointly issued a consultation on proposed enhancements to the Exchange’s decision-making and governance structure for listing regulation on 17 June 2016. According to the consultation, the Exchange will continue to perform its listing function and to be the frontline regulator for listing matters. The Listing Committee and the Listing Department will continue to decide a large majority of IPO applications and post-IPO matters. However, two new Exchange committees, the Listing Policy Committee and the Listing Regulatory Committee, are proposed to be established, who will decide listing policy and policy-related listing matters with advice from the Listing Committee.

These two new Exchange committees are equally represented by the Exchange and the SFC, as they will consist of equal number of representatives from the Exchange and the SFC. The new Listing Policy Committee will be established by the Exchange to initiate, steer and decide listing policy, including new Listing Rules, Listing Rule amendments, market consultations and other matters that have policy implications or general effects. With the establishment of the new Listing Policy Committee, representatives from different regulatory bodies could have a platform to exchange views on listing-related matters. Another new committee, the Listing Regulatory Committee, will make listing decisions involving suitability concerns or broader policy implications to ensure that the important listing decisions are aligned with the overall direction of listing policy set by the Listing Policy Committee.

The proposal by SFC and the Exchange is intended to enhance their coordination and cooperation and improve the efficiency of the listing approval process. It is also set to establish clearer accountability for decision-making within the Exchange and enhance oversight of the administration of the Listing Rules.

Exchange and SFC now welcome interested parties to give comments on this consultation by 19 September 2016. Any final Listing Rules amendments and implementation details would be published with the consultation conclusions after considering the public’s view by the Exchange and the SFC.


Source:
JOINT CONSULTATION PAPER - PROPOSED ENHANCEMENTS TO THE STOCK EXCHANGE OF HONG KONG LIMITED’S DECISION-MAKING AND GOVERNANCE STRUCTURE FOR LISTING REGULATION (June 2016)

 

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