The debate over the proposed reforms on the structural framework for vetting and approving Hong Kong listings came to fruition last week, when the SFC and the Stock Exchange issued the conclusions to their June 2016 Joint Consultation Paper on Proposed Enhancements to the Exchange’s Decision-Making and Governance Structure for Listing Regulation.

The controversial Listing Regulatory Committee proposal has been dropped, but the SFC asserts emphatically its pre-existing powers to intervene in cases where there may be concerns under the Securities and Futures (Stock Market Listing) Rules. The proposed Listing Policy Committee will be replaced by a Listing Policy Panel which is not a committee under the SFC nor the Stock Exchange, but an organisation set up under a memorandum of understanding between the regulators.

If you have any questions regarding the matters covered in this publication, please reach out to any of the lawyers listed below or your usual Davis Polk contact.

This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.

Related materials

Read the full update
Copy link to share post