| A new Chapter 38 has been introduced into the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (Exchange Listing Rules). The Chapter sets out the requirements that must be satisfied for the securities of Hong Kong Exchanges and Clearing Limited to be listed on the Exchange.
The rule changes come into immediate effect.
|
Hong Kong Exchanges and Clearing Limited (HKEx) has applied for listing on the Exchange. HKEx is the holding company of the Exchange and a recognised exchange controller within the meaning of the Exchanges and Clearing Houses (Merger) Ordinance (Cap.555) (the Merger Ordinance). The Exchange is a company of which HKEx is the controller within the meaning of the Merger Ordinance. In the context of the listing of HKEx, and as contemplated by section 13 of the Merger Ordinance, the Exchange has included a new Chapter 38 into the Exchange Listing Rules (Chapter 38) and HKEx and the Exchange have agreed to enter into a memorandum of understanding with the Securities and Futures Commission (the SFC). Chapter 38 sets out the requirements that must be satisfied for the securities of HKEx to be listed on the Exchange. The chapter contains, among other things, provisions which deal with the following:-
-
powers and functions of the SFC and the Exchange in relation to HKEx's application for listing and status as a listed issuer;
-
establishment of a framework by the SFC for exercising its listing related powers and functions with respect to HKEx and other applicants for listing and listed issuers in the event that an actual or potential conflict of interest makes it inappropriate for the Exchange to perform its regulatory functions;
-
rights and obligations of HKEx as an applicant for listing and listed issuer;
-
rights and obligations of the SFC in relation to HKEx as a listed issuer;
-
procedures regarding forms, information and documents under the Exchange Listing Rules; and
-
powers and functions of the SFC in relation to HKEx, the Exchange and other applicants for listing and listed issuers in the event of an actual or potential conflict of interest as described above.
The memorandum of understanding contains arrangements designed to ensure the integrity of the securities and futures markets and the compliance with obligations as a listed company which would fall on HKEx if it were to become listed. It also sets out procedures for dealing with conflicts of interest as described above. The memorandum of understanding will be available on the Exchange's and the SFC's websites. The rule changes come into immediate effect. Re-printed pages of the Exchange Listing Rules will be distributed in due course.