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The Government today (December 2) welcomed the Securities and Futures Commission (SFC)'s report on the annual review of the performance of the Stock Exchange of Hong Kong Limited (SEHK) in its regulation of listing matters in 2012.
The SFC report reviews operational procedures and decision-making processes adopted by the Listing Division of the SEHK to assess whether they are adequate to enable the SEHK to meet its statutory obligation under section 21 of the Securities and Futures Ordinance to ensure, as far as is reasonably practicable, an orderly, informed and fair market. In this regard, the SFC is of the view that the operational procedures and decision-making processes reviewed were generally appropriate during the review period.
The report recommends the SEHK to review the application and administration of the reverse takeover rules in order to ensure that the policy intention behind these rules is preserved. The SEHK is also recommended to review its policies in relation to the handling of complaints against listing applicants and listed issuers in order to improve transparency. In this regard, the SFC notes that the SEHK has recently started to review its complaints handling processes and procedures.
A Government spokesman said, "We welcome measures to ensure the effectiveness of the listing regime and enhance the transparency of SEHK's actions in monitoring listed companies' compliance with the Listing Rules. We look forward to continuous co-operation among the SFC, SEHK, issuers and other stakeholders to improve the quality of our market.
"The conduct of the annual review represents ongoing efforts by the SFC and SEHK to enhance the regulatory regime for the securities market in Hong Kong, thus further increasing our attractiveness as a capital formation centre," he added.
Ends/Monday, December 2, 2013
Issued at HKT 17:19
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