The Hong Kong Stock Exchange (the Exchange) recently published a consultation paper (Review Structure Consultation) seeking public feedback on proposed changes to the review structure of Listing Committee decisions. The deadline of the consultation is 12 October 2018.
- Revise the current two-level review structure for decisions of material significance made by the Listing Committee (LC) to only one level of review and discontinue the Listing Appeals Committee (LAC)
- Establish a new independent review committee (new Listing Review Committee) consisting entirely of external market participants with no current LC members or representatives from the Securities and Futures Commission (SFC) or Hong Kong Exchange and Clearing Limited (HKEX) to replace the Listing (Review) Committee (LRC) and the Listing (Disciplinary Review) Committee (LD(R)C)
- To enhance transparency and accountability, decisions by the new Listing Review Committee for non-disciplinary matters will be routinely published.
This Capital Markets Update provides a summary of key proposals from the consultation paper. Refer to the document for more details.