HKEx Welcomes the Enactment of the Securities and Futures (Amendment) Ordinance 2012

Hong Kong Exchanges and Clearing Limited (HKEx) welcomes the enactment of the Securities and Futures (Amendment) Ordinance 2012.  HKEx believes the new legislation is significant and a positive development for Hong Kong as an international financial centre.

"We believe the implementation of a statutory obligation to disclose price sensitive information (PSI) ensures the regulatory regime in Hong Kong remains on par with those in other jurisdictions," said HKEx Head of Listing Mark Dickens.  "It also marks a step forward in bolstering investor protection while ensuring Hong Kong remains a very attractive global listing venue."

In connection with the implementation of the statutory PSI disclosure regime, changes to the Listing Rules will be necessary to minimise duplication and overlap with the new law.  The main change will be to remove the existing continuing disclosure obligations which will become part of the statutory regime.  In addition, a range of amendments will be made consequential on the removal of these core provisions.  HKEx expects to launch a public consultation on the changes to the Listing Rules later this year. 

To get the listed corporations and their advisers better prepared for the implementation of the statutory disclosure regime, the Securities and Futures Commission and HKEx intend to liaise with relevant professional bodies to organise training for listed corporations and their advisers on compliance with the statutory regime.

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