Hong Kong Exchanges and Clearing Limited (HKEx) published today (Friday) its Consultation Conclusions on the Listing of Debt Issues for Professional Investors Only.
HKEx received six responses from a group that comprised a professional association, market practitioners and individuals. The proposals in the Consultation Paper were well received by respondents.
HKEx has amended the Listing Rules to:
- Present the Rules in a more accessible language;
- Align the definition of professional investor in the Rules with that in the Securities and Futures Ordinance;
- Leave the existing issuer eligibility criteria broadly unchanged;
- Simplify application and approval procedures;
- Replace the current prescribed disclosures for listing documents with a requirement to include information that is customary for offers of debt securities to professionals; and
- Remove continuing obligations on issuers that are not appropriate for offers that are only available to professionals.
The Rule amendments will come into effect on 11 November 2011.
"These Rule changes remove requirements that are not appropriate for offers of debt securities to professional investors only," said Mark Dickens, HKEx’s Head of Listing. "They also will align us with other leading markets and enable us to offer processing times comparable with those markets."
The Consultation Conclusions can be downloaded from the "News & Consultations – Market Consultations – Consultation Conclusions" section of the HKEx website. The Rule amendments can be downloaded from the "Rules & Regulations – Rules and Guidance on Listing Matters – Amendments to Main Board Listing Rules"and the "Rules & Regulations – Rules and Guidance on Listing Matters – Amendments to GEM Listing Rules"sections of the HKEx website.
Ends