*******************************************************
The Government welcomes the Securities and Futures Commission (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 2010.
The SFC report reviewed certain operational procedures and decision-making processes adopted by the Listing Division of SEHK to assess whether they are adequate to enable SEHK to meet its statutory obligation under section 21 of the Securities and Futures Ordinance to ensure, so far as reasonably practicable, an orderly, informed and fair market.
The report recommended that SEHK should develop specific guidance for each accepted overseas jurisdiction to assist its staff to properly implement the Listing Rules requirements specified in SFC and SEHK's Joint Policy Statement when vetting subsequent listing applicants from the same jurisdiction; and to review how it could further improve the manner in which the information it discloses about its practices, procedures and decisions can be more readily accessible to both experienced market professionals and less frequent users of its many disclosures.
A Government spokesman today (October 14) said, "We welcome measures to ensure consistency and high standards in vetting listing applications from overseas companies, so as to promote Hong Kong's listing platform to overseas companies without compromising our listing standards and investor protection. We also look forward to further efforts by SEHK to promote the openness, fairness and transparency of our market.
"Conducting the annual review represents ongoing efforts by SFC and SEHK to enhance the regulatory regime for the securities market in Hong Kong," he added.
Ends/Friday, October 14, 2011
Issued at HKT 17:56
NNNN
