Hong Kong to set up stock listing policy panel
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E-mail Xinhua, September 16, 2017
A stock listing policy panel will be set up to strengthen the existing governance structure for listing regulation in Hong Kong, regulators said on Friday.
The securities Listing Policy Panel will serve as an advisory, consultative and steering body outside the Hong Kong Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong Limited (Exchange) to initiate and centralize discussion of listing policies with broader regulatory or market implications.
The SFC and the Exchange, a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), published conclusions to their joint consultation on proposed enhancements to the Exchange's decision-making and governance structure for listing regulation.
The consultation started on June 17 last year and have received nearly 9,000 pieces of market feedback.
The conclusions clarify the role of the SFC as the statutory regulator which administers the Securities and Futures Ordinance and the Securities and Futures (Stock Market Listing) Rules, and which supervises, monitors and regulates the activities carried on by the Exchange, as well as the Exchange's role as the regulator administering the Listing Rules.
The role of the SFC as a statutory regulator has evolved to have a more direct presence in more serious areas of listing regulation.
"The way forward will ensure that policy development is more agile, coordinated and responsive to emerging risks and market development imperatives and that listing decisions are made in a transparent, efficient and accountable manner," said Carlson Tong, chairman of the SFC.
"As the financial market's pace of change continues to increase, we need to build on the existing structure and coordinate our regulatory efforts to address new market challenges," said HKEX Chairman Chow Chung-kong.
"Under the enhanced structure, the Exchange will remain listed issuers' primary frontline regulator and its Listing Committee will continue to make decisions under the Listing Rules, including decisions on suitability for listing," Chow said.
The role of the Listing Committee under the Listing Rules will remain unchanged.
Going forward, the Chief Executive of HKEX will attend Listing Committee meetings as a non-voting member representing the HKEX's board only where listing policy matters are discussed, and will not attend Listing Committee meetings on individual cases.
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