SFC Circular on Responsible Officers and Substantial Shareholders The Securities and Futures Commission (SFC) has issued a circular to licensed corporations on responsible officers and substantial shareholders (the Circular), reminding licensed corporations that it is not acceptable to hire responsible officers in name only, where the relevant persons do not in fact supervise the licensed […]
Changes to the GEM Rules and Main Board Rules Proposed by the HKEx Introduction The Stock Exchange of Hong Kong (the Exchange) published a Consultation Paper on the Review of the Growth Enterprise Market (GEM) and Changes to the GEM and Main Board Listing Rules (Consultation Paper) on 16 June 2017. The Exchange is proposing to […]
HKEx Consults on Proposed New Board for New Economy Companies On 16 June 2017, the Hong Kong Stock Exchange (the Exchange) published its New Board Concept Paper setting out proposals for the establishment of a New Board, separate from the Main Board and the GEM, to open Hong Kong’s capital markets to a broader range […]
SFC Issues Statement on Listing of Infrastructure Project Companies On 11 April 2017, the Securities and Futures Commission (SFC) issued a statement which sets out factors the SFC will take into account when reviewing the proposed listing of infrastructure project companies in Hong Kong. The objective is to maintain the overall quality of the market […]
Hong Kong gold exchange and CGSE advising on the establishment of new gold exchange The operators of the Hong Kong gold exchange the Chinese Gold & Silver Exchange Society (CGSE), are advising the Myanmar government on the prosed establishment of a new central gold exchange in Yangon (Myanmar Gold Exchange). The Myanmar Gold Exchange will […]
Mainland-Hong Kong Bond Market Connect to be Established On May 16, 2017, the People’s Bank of China and the Hong Kong Monetary Authority made a joint announcement approving the China Foreign Exchange Trade System & National Interbank Funding Centre, China Central Depository & Clearing Co., Ltd, Shanghai Clearing House, together with Hong Kong Exchanges and […]
SFC Elaborates on the Liabilities of Directors and Senior Executives In the May 2017 issue of its newsletter, Enforcement Reporter, the Securities and Futures Commission (SFC) discussed director and senior executive liabilities and senior management accountability in listed companies, particularly in relation to corporate fraud and misfeasance. The regulator also listed some of its enforcement […]
SFC Requirements for Authorising Leveraged and Inverse Products for Public Offering Introduction to Leveraged and Inverse Products Leveraged and inverse products structured as Exchange Traded Funds (ETFs) (Leveraged Products and Inverse Products respectively, and L&I Products collectively) are authorised by the Securities and Futures Commission (SFC) as Collective Investment Schemes (CIS). L&I Products are listed […]
Backdoor Licensing, Managers-In-Charge of Core Functions and the Legal Liabilities of Senior Management According to the Securities and Futures Commission (the SFC), purchasers who are willing to pay a premium for an existing licensed corporation as a “backdoor licence” may not be able to avoid the responsibilities and liabilities as anyone involved in the management […]
SFC Publishes Statement on Recent GEM Listing Applications and the Requirement for an Open Market Introduction On 13 March 2017, the Securities and Futures Commission (the SFC) issued a “Statement on recent GEM listing applicants” (the Statement). This follows the regulators’ elaboration on the requirements for IPOs on the Growth Enterprise Market (GEM) which are […]
FibreLink Myanmar seeking to raise US$25 million to fund first phase of telecom infrastructure development plan FibreLink Myanmar Co. Limited (“FiberLink”) has obtained approval from the Myanmar Investment Commission in respect to the development of telecom infrastructure throughout Myanmar. FibreLink is initially seeking to raise US$25 million as part of its US$860 million investment plan. […]
SFC Publishes Consultation on Amendments to the Professional Investor Rules Introduction The Securities and Futures Commission (SFC) published a Consultation Paper on the Proposed Amendments to the Securities and Futures (Professional Investor) Rules (Consultation Paper)1 on 1 March 2017. The SFC is proposing to amend the Securities and Futures (Professional Investor) Rules (Cap 571D) (the […]