First Myanmar Investment Limited discloses risks ahead of listing on the Yangon Stock Exchange First Myanmar Investment Limited (FMI) has issued a disclosure document (FMI Disclosure Document) setting out the risk factors associated with its forthcoming listing on the Yangon Stock Exchange (YSX). The FMI Disclosure Document lists a reliance on FMI’s chairman Serge Pun’s […]
Hong Kong SFC Publishes Circular on Requirements for Authorisation of Leveraged and Inverse Products Structured as ETFs The Securities and Futures Commission of Hong Kong (the SFC) has published a Circular on Leveraged and Inverse Products (the Circular) setting out the requirements for SFC authorisation of leveraged and inverse products which are structured as […]
SFC Concludes on Expanding Scope of Short Position Reporting Introduction On 24 February 2016, the Securities and Futures Commission (SFC) published its Consultation Conclusions on expanding the scope of short position reporting and the corresponding amendments to the Securities and Futures (Short Position Reporting) Rules (Consultation Conclusions). The Consultation Conclusions are a response to feedback […]
HKMA and SFC Publish Draft Rules Introducing Mandatory Clearing and Expanding Mandatory Reporting for OTC Derivatives Introduction In February 2016, the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) published conclusions to a joint consultation on introducing mandatory clearing and expanding mandatory reporting for the second stage of the over-the-counter (OTC) derivatives […]
The Hong Kong Budget 2016: Highlights for the Financial Services Industry The following are the highlights of the Hong Kong Budget 2016-17 (the 2016 Budget) presented by Financial Secretary, John Tsang, from the perspective of the Hong Kong financial services industry. The Securities Market The Hong Kong IPO market was the world’s largest in 2015, […]
The Contracts (Rights of Third Parties) Ordinance – the Impact on Hong Kong Contracts Introduction The Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the Ordinance) came into force on 1 January 2016. It amends the doctrine of privity of contract, according to which “only a person who is a party to a contract can […]
Hong Kong Stock Exchange Publishes Listing Document Simplification Guide The Stock Exchange of Hong Kong Limited (the Exchange) has published new guidance letter HKEx-GL86-16 on producing simplified listing documents for new applicants’ listings of equity securities (the Listing Document Simplification Guide). Given concerns that Hong Kong listing documents are excessively long and complex and difficult […]
On 21 January 2016, the Hong Kong Stock Exchange announced its Strategic Plan 2016-2018. The plan focuses on Hong Kong as the gateway connecting China with the rest of the world Introduction On 21 January 2016, the Hong Kong Stock Exchange (‘Stock Exchange’) announced its Strategic Plan 2016-2018. The plan focuses on Hong Kong as […]
Financial Services Development Council’s report sets out proposals for Hong Kong to become the leading fund distribution centre in the Asia Pacific Region in the medium term, and globally in the longer term Introduction On 24 December 2015 Myanmar’s parliament (the Pyidaungsu Hluttaw) passed Law No. 72 ‘An Act Amending the Myanmar Mining Law’ (2015 […]
Hong Kong And Russia Sign Double Taxation Agreement Introduction Hong Kong and Russia signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (‘Russia Hong Kong Double Tax Agreement’ or ‘Agreement’) on 18 January 2016. This is the 34th double taxation agreement signed by […]
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The Hong Kong Stock Exchange has strengthened listed companies’ environmental, social and governance reporting obligations under amendments to the ESG Reporting Guide and related Listing Rules Introduction The Stock Exchange of Hong Kong Limited (the Exchange) has strengthened listed companies’ environmental, social and governance reporting obligations under amendments to the Environmental, Social and Governance Reporting […]