The Stock Exchange of Hong Kong Limited (the Exchange), a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), is launching two initiatives this month to promote transparency of its listing enforcement actions and facilitate the discharge of its statutory duty.
The Exchange is publishing the first instalment of a series of listing enforcement guidance letters on the HKEx website today as part of its ongoing efforts to provide more transparency in the decision making process relating to listing enforcement matters and the interpretation given to various provisions of the Listing Rules by the Listing Division. The letters are designed to be for the benefit, information and guidance of listed issuers.
To facilitate the Exchange in pursuing enquiries and enable the Exchange to better discharge its statutory duty to ensure, as far as reasonably practicable, an orderly, informed and fair market for the trading of securities, the Exchange is also posting Request for Assistance Announcements (RFA Announcements) on the HKEx website. An RFA Announcement will inform the market that the Exchange has an interest in contacting the named individuals in relation to facts or issues already publicly known but that attempts to do so have been frustrated for reasons which may include deliberate avoidance of the Exchange's enquiries or the director simply being unaware that his response is being sought by the Exchange.
"The publication of the guidance letters will assist listed issuers and their advisers in their understanding and application of the Listing Rules, particularly from the enforcement perspective, and support the improvement of corporate governance in Hong Kong," Richard Williams, HKEx's Head of Listing, said. "We also believe that the posting of RFA Announcements will assist to enhance transparency in the Listing Division's enquiry and investigation process."
More information about the publication of the listing enforcement guidance letters and RFA Announcements is available on the HKEx's website.