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Exchange Publishes Consultation Conclusions on Proposed Changes to Documentary Requirements and other Minor Rule Amendments

Regulatory
01 Feb 2019

The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) published conclusions related to its Consultation Paper on Proposed Changes to Documentary Requirements relating to Listed Issuers and Other Minor Rule Amendments (Consultation Paper).

The Exchange published the Consultation Paper in November 2017 to seek comments on its proposed amendments to the Listing Rules to simplify and streamline the administrative procedures involved in the submission and collection of documents to enhance procedural efficiency.  The Consultation Paper also sets out other proposed minor Rule amendments and a number of housekeeping Rule amendments that involve no change in policy direction. The consultation responses were broadly in favour of the consultation proposals.

Based on the responses received on the proposals in the consultation, the Exchange decided to implement most of the proposals in the Consultation Paper.

In summary, the main changes to the Listing Rules include:

  • revising the declaration and undertaking by directors and supervisors to include an undertaking to inform the Exchange of the director’s or supervisor’s contact information, to grant the Exchange with the power to gather information from supervisors and to align the Main Board Rules and the GEM Rules in relation to directors’ and supervisors’ obligations;
     
  • streamlining listed issuers’ filing requirements in respect of an issue of new securities;
     
  • removing the filing requirements for (i) documents that are submitted to the Exchange for record only; and (ii) documents whose contents are already disclosed to the public; and

  • other minor Rule amendments and housekeeping Rule amendments.

The amendments will come into effect on 1 March 2019. In respect of the streamlining of listed issuers’ filing requirements, the amended Rules will apply to issues of securities announced by listed issuers on or after 1 March 2019.

Existing directors and supervisors of listed issuers are also reminded to submit their contact details as required under the amended Rules to the Exchange as soon as possible and in any event no later than 31 March 2019.

The Consultation Conclusions and copies of respondents’ submissions can be downloaded from the “News – Market Consultation” section of the HKEX website.

Amendments to the Main Board Listing Rules can be downloaded from the “Listing – Rules and Guidance – Listing Rules – Amendments to Main Board Listing Rules” section of the HKEX website.

Amendments to the GEM Listing Rules can be downloaded from the “Listing – Rules and Guidance – Listing Rules – Amendments to GEM Listing Rules” section of the HKEX website.

The revised monthly return, revised next day disclosure return and contact details form can be downloaded from the “Listing – Rules and Guidance – Forms” section of the HKEX website (Main Board/ GEM).

 

Ends

Updated 01 Feb 2019

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