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The Government welcomes the publication of the Securities and Futures Commission's (SFC) report on the annual review of the performance of the Stock Exchange of Hong Kong Limited (SEHK) in its regulation of listing matters in 2007.
The SFC's report looked at the SEHK's operational procedures and decision-making processes in its regulation of listing matters as a whole. It also reviewed sample cases in order to understand how the SEHK's policies work in practice and to verify whether the SEHK's practices follow its policies.
The report recommended improvement measures in respect of regulation of price sensitive information (PSI) and transparency of the SEHK's listing decisions and disciplinary actions.
A government spokesman said today (April 17), ˇ§The Administration supports continuous efforts to enhance the operation and transparency of the listing regime and the quality of the securities market in Hong Kong.
ˇ§To enhance the disclosure regime, we note that the SEHK is working with the SFC to consult, as early as possible, on proposed amendments to improve the current formulation of PSI disclosure requirements in the Listing Rules,ˇ¨ the spokesman said.
ˇ§We look forward to working closely with the SFC and SEHK to reach a consensus among market participants on the best way to codify the critical disclosure requirements in the statute to promote compliance with the obligation to disclose PSI.
ˇ§The conduct of the annual review represents concerted and continuous efforts by the SFC and SEHK to seek enhancement of the regulatory regime for the securities market in Hong Kong on an ongoing basis,ˇ¨ the spokesman added.
Ends/Friday, April 17, 2009
Issued at HKT 18:26
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