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Economic Information Daily, 12th - The Securities and Futures Commission (SFC) today published a consultation conclusion, stating that it will strengthen targeted tools under the Securities and Futures (Listing of Securities) Rules to address initial public offering cases and post-listing matters, thereby enhancing regulatory efficiency and investor protection in Hong Kong's listing market.
In view of broad market support during the consultation period for the proposed amendments to the Securities Market Listing Rules, the SFC will make certain clarifications and minor modifications according to respondents' feedback before implementation. Subject to the progress of the legislative process, the SFC currently expects the amended Securities Market Listing Rules and related amendments to the Securities and Futures Ordinance to take effect in the first quarter of 2027.
The amendments will allow the SFC to impose conditions on listing applicants that may remain applicable after listing, and to impose post-listing conditions on listed issuers as an alternative to immediate trading suspension, while simplifying the resumption of trading procedures.
In addition, the SFC will introduce a new mechanism for independent review by the Securities and Futures Appeals Tribunal of SFC decisions made under the Securities Market Listing Rules, including those related to the imposition of conditions, suspension, and resumption of trading, thereby enhancing procedural fairness and transparency.
Ms. Choi Fung-yi, Executive Director of the Corporate Finance Division of the SFC, said that widespread market support for the proposed optimization measures reflects a shared commitment to maintaining a high-quality and resilient listing market in Hong Kong, which is crucial for consolidating Hong Kong's status as a leading international financial center. Consistent with the SFC's balanced and forward-looking regulatory approach, the relevant optimization measures will provide the SFC with more targeted and proportionate tools to respond to emerging risks before they harm the local market, thereby safeguarding market integrity and stability, and supporting high-quality market development.
The SFC will arrange for the publication in the Gazette of the notice regarding the amendments to the Securities Market Listing Rules, together with the government's notice on the amendments to Schedule 8 of the Securities and Futures Ordinance. Both notices will be submitted to the Legislative Council shortly for the process of negative vetting.(bn)
In view of broad market support during the consultation period for the proposed amendments to the Securities Market Listing Rules, the SFC will make certain clarifications and minor modifications according to respondents' feedback before implementation. Subject to the progress of the legislative process, the SFC currently expects the amended Securities Market Listing Rules and related amendments to the Securities and Futures Ordinance to take effect in the first quarter of 2027.
The amendments will allow the SFC to impose conditions on listing applicants that may remain applicable after listing, and to impose post-listing conditions on listed issuers as an alternative to immediate trading suspension, while simplifying the resumption of trading procedures.
In addition, the SFC will introduce a new mechanism for independent review by the Securities and Futures Appeals Tribunal of SFC decisions made under the Securities Market Listing Rules, including those related to the imposition of conditions, suspension, and resumption of trading, thereby enhancing procedural fairness and transparency.
Ms. Choi Fung-yi, Executive Director of the Corporate Finance Division of the SFC, said that widespread market support for the proposed optimization measures reflects a shared commitment to maintaining a high-quality and resilient listing market in Hong Kong, which is crucial for consolidating Hong Kong's status as a leading international financial center. Consistent with the SFC's balanced and forward-looking regulatory approach, the relevant optimization measures will provide the SFC with more targeted and proportionate tools to respond to emerging risks before they harm the local market, thereby safeguarding market integrity and stability, and supporting high-quality market development.
The SFC will arrange for the publication in the Gazette of the notice regarding the amendments to the Securities Market Listing Rules, together with the government's notice on the amendments to Schedule 8 of the Securities and Futures Ordinance. Both notices will be submitted to the Legislative Council shortly for the process of negative vetting.(bn)
