Jurisdiction - Hong Kong
SFC Report on HKEx 2010 Performance.

15 February, 2012


In October 2011, the SFC published its annual review of the Exchange’s performance in regulating listing matters.
The main SFC recommendation in the report is for the Exchange to develop specific guidance for each accepted overseas jurisdiction to assist its staff to implement the listing rules requirements specified in the 2007 Joint Policy Statement when vetting subsequent applicants from the same jurisdiction.
The recommended guidance should specifically discuss changes required to be made by the listing applicant to address shortfalls in shareholder protection standards and the underlying rationale. If no changes are required, the guidance should explain the thought process behind each decision.
The SFC has pointed out that it may not be appropriate to apply the same reasoning for accepting the first applicant to subsequent applicants, as shareholder protection measures in a jurisdiction for listed companies may differ from those that apply to an unlisted company. 

For further information, please contact:
Venantius Tan, Partner, Morrison Foerster
John Moore, Partner, Morrison Foerster

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