.jpg)
The Securities and Futures Commission (SFC) today published its Quarterly Report summarising key developments from April to June 2017.
Highlights of the report include the launch of a consultation on proposed guidelines on the design and operation of online platforms as well as a consultation on proposals to reduce and mitigate hacking risks associated with internet trading. Another consultation concerns the proposed Securities and Futures (Open-ended Fund Companies) Rules and the Code on Open-ended Fund Companies.
In an April statement, the SFC set out the factors it takes into account when reviewing the proposed listing of infrastructure project companies in Hong Kong, including those from “Belt and Road” countries, covering potential country and related risks. In May, the SFC issued a guidance note on directors' duties and a circular to financial advisers regarding valuations in corporate transactions together with a statement on the liability of valuers for disclosure of false or misleading information.
The first issue of the SFC Regulatory Bulletin: Listed Corporations provided guidance on how the SFC performs its listing regulatory functions under the Securities and Futures (Stock Market Listing) Rules and the Securities and Futures Ordinance.
In addition, an SFC circular clarified certain competence requirements for existing licensed persons seeking to be licensed for Type 9 regulated activity (asset management).
Key figures in the quarter:
- The total number of licensed corporations, individuals and registered institutions reached a record high of 43,204, while the number of licensed corporations grew 13% to a new high of 2,549.
- The SFC reviewed a record 86 new listing applications under the dual filing regime.
- Three licensed corporations and seven representatives were disciplined, resulting in total fines of $11 million.
The report is available on the SFC website.
