Exchange transfers regulatory oversight of RUSAL to SFC
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly owned company of Hong Kong Exchanges and Clearing Limited (HKEx), has transferred its regulatory powers and responsibilities over United Company RUSAL Plc (RUSAL) (stock code: 486) to the Securities and Futures Commission (SFC) as a consequence of RUSAL advising it was contemplating judicial review proceedings* against the London Metal Exchange (LME), also a wholly owned subsidiary of HKEx, in relation to LME’s decision to introduce changes to its warehousing policy.
The transfer of regulatory oversight of RUSAL will remain in place while the judicial review is underway.
The Exchange and the SFC have established procedures in place to deal with any potential conflicts of interest that may arise between the business interests of the Exchange and the proper performance of its regulatory functions. Details of these procedures are set out in the Memorandum for the Listing of HKEx on the Exchange dated 22 August 2001. They can be found here.
* RUSAL commenced the judicial review proceedings on 23 December 2013.