For the year ended 31 December 2025
| (1) Enforcement Cases and Investigations |
|
Twelve months ended
31/12/2025 |
Twelve months ended
31/12/2024 |
Twelve months ended
31/12/2023 |
|
MB |
GEM |
Total |
MB |
GEM |
Total |
MB |
GEM |
Total |
| Cases |
91
(75)
|
13
(11)
|
104
(86)
|
85
(65)
|
15
(12)
|
100
(77)
|
101
(75)
|
22
(19)
|
123
(94)
|
| Investigations commenced |
41
(25)
|
4
(3)
|
45
(28)
|
28
(14)
|
5
(2)
|
33
(16)
|
34
(11)
|
5
(3)
|
39
(14)
|
| Investigations completed |
33
(10)
|
4
(4)
|
37
(14)
|
38
(23)
|
5
(3)
|
43
(26)
|
33
(15)
|
9
(2)
|
42
(17)
|
| |
| In carrying out the Exchange’s regulatory functions, during the year ended 31 December 2025, the Listing Division has made 100 referrals to other law enforcement agencies and regulators. |
| |
| Notes: |
| (1) |
The figures in brackets represent the figures for the six-month period ended 30 June of the relevant year. |
| (2) |
The cases figures represent cases handled by Enforcement during the reporting period, including those carried over to the relevant period and those not concluded at the end of the relevant period.
|
| (3) |
When commencing an investigation against a party (e.g. an issuer, director, senior management, etc), the Division issues a notice of investigation to inform that party of the investigation and to require the same to cooperate with the investigation. In the 45 investigations commenced in 2025, the Division issued 325 notices of investigation.
|
| (4) |
An investigation is completed when the regulatory action to be taken is decided. |
| |
|
|
| |
|
| (2) Enforcement Actions and Sanctions |
|
| |
|
|
Twelve months ended
31/12/2025 |
Twelve months ended
31/12/2024 |
Twelve months ended
31/12/2023 |
| Disciplinary actions commenced |
29
(8)
|
28
(13)
|
24
(16)
|
| Disciplinary actions concluded |
27
(17)
|
25
(9)
|
33
(20)
|
| Sanctions/Directions |
|
|
Issuers |
Individuals |
Issuers |
Individuals |
Issuers |
Individuals |
Director unsuitability statements
|
-- |
38
(26)
|
-- |
20
(5)
|
-- |
29
(17)
|
| Prejudice statements |
-- |
16
(7)
|
-- |
10
(7)
|
-- |
22
(14)
|
| Public censures |
11
(5)
|
28
(18)
|
4
(2)
|
29
(13)
|
17
(11)
|
42
(25)
|
| Public statements involving criticism |
2
(2)
|
9
(6)
|
6
(3)
|
22
(1)
|
1
(0)
|
22
(14)
|
| Private reprimands |
--
|
-- |
--
|
4
(4)
|
1
(1)
|
9
(6)
|
| Internal control reviews |
2
(2)
|
-- |
3
(2)
|
-- |
4
(2)
|
-- |
| Appointment of compliance adviser |
--
|
-- |
1
(0)
|
-- |
2
(1)
|
-- |
| Training directions |
-- |
36
(24)
|
-- |
52
(21)
|
-- |
78
(44)
|
| Regulatory letters issued by Enforcement |
5
(2)
|
60
(40)
|
12
(6)
|
71
(46)
|
16
(7)
|
89
(70)
|
| Notes: |
| (1) |
The figures in brackets represent the figures for the six-month period ended 30 June of the relevant year.
|
| (2) |
A disciplinary action is concluded when (i) the outcome of the disciplinary action is published; or (ii) where no public sanction is imposed, the Listing Committee’s decision letter is issued. |
| (3) |
“Director unsuitability statement” is a public statement made under Chapter 2A (GEM: Chapter 3), that a named director is unsuitable to occupy a position as director or within senior management of a named listed issuer or any of its subsidiaries.
|
| (4) |
“Prejudice statement” is a public statement made under Chapter 2A (GEM: Chapter 3) that the retention/ occupying of the position of director or senior management of a named listed issuer or any of its subsidiaries by a named individual is/may be prejudicial to the interests of investors. |
| (5) |
The public censures figures exclude those individuals subject to a director unsuitability statement or a prejudice statement. |
| |
|