The Securities and Futures Commission (SFC) today publishes its report on the annual review of the performance of The Stock Exchange of Hong Kong Ltd (SEHK) in its regulation of listing matters during 2010 (Note 1).
The SFC is of the view that the operational procedures and decision-making processes reviewed were appropriate to enable SEHK to discharge its statutory obligation to maintain an orderly, informed and fair market during the review period.
“We are satisfied that SEHK has taken steps to address the recommendations we made in the prior review of 2009,” said Mr Brian Ho, the SFC's Executive Director of Corporate Finance.
In the review released today, the SFC also has identified certain areas for SEHK to continue to enhance its performance. Recommendations include developing guidance for accepted overseas jurisdictions to properly implement the Listing Rules requirements specified in the Joint Policy Statement (Note 2), and improving market accessibility to information on SEHK’s practices, procedures and decisions.
The SFC will continue to discharge its statutory responsibility to supervise, monitor and regulate the activities carried on by SEHK.
1. In March 2004, the Government published its Consultation Conclusions on Proposals to Enhance the Regulation of Listing. Among other matters, the Government recommended that the SFC prepare annual reports on its reviews regarding SEHK’s performance of its listing functions. This is the SFC’s seventh report following the Government’s recommendation. The report is available at the SFC office and on the SFC website.
2. In March 2007, the SFC and SEHK published a Joint Policy Statement to clarify Listing Rules requirements governing the listing of overseas companies in Hong Kong. The statement also provides a clear roadmap to assist foreign companies incorporated outside the Peoples Republic of China, Bermuda and Cayman Islands seeking to list in Hong Kong.