Entire Section

  • 2016

    Update Number Effective Date

    (DD/MM/YY)
    Topics
    Update No. 117 25/07/2016 Housekeeping amendments to Main Board Listing Rules
    Update No. 116 13/06/2016 New and revised headline categories
    Update No. 115 Accounting periods beginning on or after 01/01/2016 The Risk Management and Internal Control section of the Corporate Governance Code and Corporate Governance Report
    Financial years beginning on or after 01/01/2016 The Environmental, Social and Governance Reporting Guide and related Listing Rules
    01/01/2016 Terms of office of Listing Committee members

    • Update No. 117

      Note to subscribers for the amendments to the rules governing the listing of securities (the "Listing Rules")

      Update No. 117

      June 2016

      Dear Sirs,

      Housekeeping Amendments to the Main Board Listing Rules

      We enclose reprinted pages of the Listing Rules and the filing instructions. The reprinted pages incorporate housekeeping amendments to the Listing Rules.

      We have amended the Listing Rules to:

      •   change the commencement of the evening window for publication of issuers' documents on the Exchange's website from 4:15 p.m. to 4:30 p.m. on normal business days and from 12:00 noon to 12:30 p.m. on the eves of Christmas, New Year and Lunar New Year when there is no afternoon trading session, consequential to the implementation of the closing auction session;
      •   revise the headline categories for Debt and Structured Products;
      •   remove reference to "Open Gateway" in view of the retirement of this market access platform in June 2016;
      •   remove the transitional arrangement regarding submission of Application Proof which has al lapsed; and
      •   update certain terminologies, Rule references, and correct clerical errors.

      Coming into effect

      The amendments will come into effect on 25 July 2016.

      Please click HEREHERE to see the housekeeping amendments to the Listing Rules.

      Yours faithfully,

      For and on behalf of
      The Stock Exchange of Hong Kong Limited

      David Graham
      Chief Regulatory Officer and Head of Listing

    • Update No. 116

      Note to subscribers for the amendments to the rules governing the listing of securities (the "Listing Rules")

      Update No. 116

      June 2016

      Dear Sirs,

      Amendment to the Main Board Listing Rules to introduce a new headline category

      We enclose reprinted pages of the Listing Rules and the filing instructions. The reprinted pages incorporate amendment to introduce a new headline category "Trading Information of Leveraged and Inverse Products" under "Equity".

      In connection with the launch of Leveraged and Inverse Products in June 2016, we have amended the Listing Rules to introduce the new headline category to facilitate investors' access to information published by issuers of Leveraged and Inverse Products on the Exchange's website.

      Coming into effect

      The amendment will come into effect on 13 June 2016.

      Please click HEREHERE to see the amendment to the Listing Rules relating to the new headline category.

      Yours faithfully,

      For and on behalf of
      The Stock Exchange of Hong Kong Limited

      David Graham
      Chief Regulatory Officer and Head of Listing

    • Update No. 115

      • The Risk Management and Internal Control section of the Corporate Governance Code and Corporate Governance Report

        Note to subscribers for the amendments to
        the rules governing the listing of securities (the "Listing Rules")

        Update No. 115

        January 2016

        Dear Sirs,

        Amendments to the Listing Rules relating to
        the Corporate Governance Code and Corporate Governance Report,
        the Environmental, Social and Governance Reporting Guide,
        and minor Listing Rule amendments

        We enclose reprinted pages of the Listing Rules and the filing instructions. The reprinted pages incorporate amendments to implement proposals in: (i) the "Consultation Conclusions on Risk Management and Internal Control: Review of the Corporate Governance Code and Corporate Governance Report" published in December 2014; and (ii) the "Consultation Conclusions on Review of the Environmental, Social and Governance Reporting Guide" published in December 2015. The reprinted pages also incorporate minor amendments relating to the terms of office of Listing Committee members.

        We have amended the Listing Rules to:

        Amendments to the Corporate Governance Code and Corporate Governance Report ("Corporate Governance Code")

        •   incorporate risk management into the Corporate Governance Code where appropriate;
        •   define the roles and responsibilities of the board and management;
        •   clarify that the board has an ongoing responsibility to oversee the issuer's risk management and internal control systems;
        •   upgrade the provisions on the annual review of the effectiveness of the issuer's risk management and internal control systems, and related disclosures in the Corporate Governance Report, from Recommended Best Practices ("RBPs", i.e. voluntary) to Code Provisions ("CPs", i.e. subject to "comply or explain");
        •   revise and upgrade the provision on issuers' obligation to review the need for an internal audit function on an annual basis if they do not have one from an RBP to a CP;

        Amendments to the Environmental, Social and Governance Reporting Guide ("ESG Guide") and related Listing Rules

        •   require issuers to state in their annual reports or ESG reports whether they have complied with the "comply or explain" provisions set out in the ESG Guide for the relevant financial year; and if they have not, to give considered reasons in their ESG reports;
        •   revise the introductory section of the ESG Guide to provide more guidance on reporting and to bring it more in line with international standards;
        •   re-arrange the ESG Guide into two Subject Areas: A. Environmental and B. Social;
        •   upgrade the General Disclosures under each Aspect of the ESG Guide from recommended disclosures (i.e. voluntary) to "comply or explain" provisions;
        •   revise the wording of the General Disclosures (where relevant) to be consistent with the directors' report requirements under the Companies Ordinance (Cap. 622 of the Laws of Hong Kong), which have been incorporated in the Rules for financial years ending on or after 31 December 2015;
        •   upgrade the Key Performance Indicators ("KPIs") in the "Environmental" Subject Area of the ESG Guide from recommended disclosures to "comply or explain" provisions;
        •   revise the wording of the recommended disclosures of the ESG Guide to bring it more in line with international standards of ESG reporting by incorporating disclosure of gender diversity; and

        Minor amendments relating to the terms of office of Listing Committee members

        •   provide that Listing Committee members will be appointed for a term of approximately one year and vacate office at the end of their term, unless they are re-appointed.

        Coming into effect

        The amendments come into effect as follows:

        (a) the amendments to the Corporate Governance Code come into effect for accounting periods beginning on or after 1 January 2016;
        (b) the amendments to the ESG Guide and related Listing Rules will come into effect in two phases:
        (i) the Listing Rule amendments and the upgrade of the General Disclosures in the ESG Guide from recommended disclosures to "comply or explain" provisions, as well as the revised recommended disclosures, are effective for issuers' financial years commencing on or after 1 January 2016; and
        (ii) the upgrade of the KPIs in the "Environmental" Subject Area of the ESG Guide from recommended disclosures to "comply or explain" provisions will be effective for issuers' financial years commencing on or after 1 January 2017; and
        (c) the minor amendments relating to the terms of office of Listing Committee members will take effect on 1 January 2016.

        Please click HEREHERE to see the amendments to the Corporate Governance Code.

        Please click HEREHERE to see the amendments to the ESG Guide and related Listing Rules.

        Please click HEREHERE to see the minor amendments relating to the terms of office of Listing Committee members.

        Yours faithfully,
        For and on behalf of
        The Stock Exchange of Hong Kong Limited

        David Graham
        Chief Regulatory Officer and Head of Listing

      • The Environmental, Social and Governance Reporting Guide and related Listing Rules

        Note to subscribers for the amendments to
        the rules governing the listing of securities (the "Listing Rules")

        Update No. 115

        January 2016

        Dear Sirs,

        Amendments to the Listing Rules relating to
        the Corporate Governance Code and Corporate Governance Report,
        the Environmental, Social and Governance Reporting Guide,
        and minor Listing Rule amendments

        We enclose reprinted pages of the Listing Rules and the filing instructions. The reprinted pages incorporate amendments to implement proposals in: (i) the "Consultation Conclusions on Risk Management and Internal Control: Review of the Corporate Governance Code and Corporate Governance Report" published in December 2014; and (ii) the "Consultation Conclusions on Review of the Environmental, Social and Governance Reporting Guide" published in December 2015. The reprinted pages also incorporate minor amendments relating to the terms of office of Listing Committee members.

        We have amended the Listing Rules to:

        Amendments to the Corporate Governance Code and Corporate Governance Report ("Corporate Governance Code")

        •   incorporate risk management into the Corporate Governance Code where appropriate;
        •   define the roles and responsibilities of the board and management;
        •   clarify that the board has an ongoing responsibility to oversee the issuer's risk management and internal control systems;
        •   upgrade the provisions on the annual review of the effectiveness of the issuer's risk management and internal control systems, and related disclosures in the Corporate Governance Report, from Recommended Best Practices ("RBPs", i.e. voluntary) to Code Provisions ("CPs", i.e. subject to "comply or explain");
        •   revise and upgrade the provision on issuers' obligation to review the need for an internal audit function on an annual basis if they do not have one from an RBP to a CP;

        Amendments to the Environmental, Social and Governance Reporting Guide ("ESG Guide") and related Listing Rules

        •   require issuers to state in their annual reports or ESG reports whether they have complied with the "comply or explain" provisions set out in the ESG Guide for the relevant financial year; and if they have not, to give considered reasons in their ESG reports;
        •   revise the introductory section of the ESG Guide to provide more guidance on reporting and to bring it more in line with international standards;
        •   re-arrange the ESG Guide into two Subject Areas: A. Environmental and B. Social;
        •   upgrade the General Disclosures under each Aspect of the ESG Guide from recommended disclosures (i.e. voluntary) to "comply or explain" provisions;
        •   revise the wording of the General Disclosures (where relevant) to be consistent with the directors' report requirements under the Companies Ordinance (Cap. 622 of the Laws of Hong Kong), which have been incorporated in the Rules for financial years ending on or after 31 December 2015;
        •   upgrade the Key Performance Indicators ("KPIs") in the "Environmental" Subject Area of the ESG Guide from recommended disclosures to "comply or explain" provisions;
        •   revise the wording of the recommended disclosures of the ESG Guide to bring it more in line with international standards of ESG reporting by incorporating disclosure of gender diversity; and

        Minor amendments relating to the terms of office of Listing Committee members

        •   provide that Listing Committee members will be appointed for a term of approximately one year and vacate office at the end of their term, unless they are re-appointed.

        Coming into effect

        The amendments come into effect as follows:

        (a) the amendments to the Corporate Governance Code come into effect for accounting periods beginning on or after 1 January 2016;
        (b) the amendments to the ESG Guide and related Listing Rules will come into effect in two phases:
        (i) the Listing Rule amendments and the upgrade of the General Disclosures in the ESG Guide from recommended disclosures to "comply or explain" provisions, as well as the revised recommended disclosures, are effective for issuers' financial years commencing on or after 1 January 2016; and
        (ii) the upgrade of the KPIs in the "Environmental" Subject Area of the ESG Guide from recommended disclosures to "comply or explain" provisions will be effective for issuers' financial years commencing on or after 1 January 2017; and
        (c) the minor amendments relating to the terms of office of Listing Committee members will take effect on 1 January 2016.

        Please click HEREHERE to see the amendments to the Corporate Governance Code.

        Please click HEREHERE to see the amendments to the ESG Guide and related Listing Rules.

        Please click HEREHERE to see the minor amendments relating to the terms of office of Listing Committee members.

        Yours faithfully,
        For and on behalf of
        The Stock Exchange of Hong Kong Limited

        David Graham
        Chief Regulatory Officer and Head of Listing

      • Terms of office of Listing Committee members

        Note to subscribers for the amendments to
        the rules governing the listing of securities (the "Listing Rules")

        Update No. 115

        January 2016

        Dear Sirs,

        Amendments to the Listing Rules relating to
        the Corporate Governance Code and Corporate Governance Report,
        the Environmental, Social and Governance Reporting Guide,
        and minor Listing Rule amendments

        We enclose reprinted pages of the Listing Rules and the filing instructions. The reprinted pages incorporate amendments to implement proposals in: (i) the "Consultation Conclusions on Risk Management and Internal Control: Review of the Corporate Governance Code and Corporate Governance Report" published in December 2014; and (ii) the "Consultation Conclusions on Review of the Environmental, Social and Governance Reporting Guide" published in December 2015. The reprinted pages also incorporate minor amendments relating to the terms of office of Listing Committee members.

        We have amended the Listing Rules to:

        Amendments to the Corporate Governance Code and Corporate Governance Report ("Corporate Governance Code")

        •   incorporate risk management into the Corporate Governance Code where appropriate;
        •   define the roles and responsibilities of the board and management;
        •   clarify that the board has an ongoing responsibility to oversee the issuer's risk management and internal control systems;
        •   upgrade the provisions on the annual review of the effectiveness of the issuer's risk management and internal control systems, and related disclosures in the Corporate Governance Report, from Recommended Best Practices ("RBPs", i.e. voluntary) to Code Provisions ("CPs", i.e. subject to "comply or explain");
        •   revise and upgrade the provision on issuers' obligation to review the need for an internal audit function on an annual basis if they do not have one from an RBP to a CP;

        Amendments to the Environmental, Social and Governance Reporting Guide ("ESG Guide") and related Listing Rules

        •   require issuers to state in their annual reports or ESG reports whether they have complied with the "comply or explain" provisions set out in the ESG Guide for the relevant financial year; and if they have not, to give considered reasons in their ESG reports;
        •   revise the introductory section of the ESG Guide to provide more guidance on reporting and to bring it more in line with international standards;
        •   re-arrange the ESG Guide into two Subject Areas: A. Environmental and B. Social;
        •   upgrade the General Disclosures under each Aspect of the ESG Guide from recommended disclosures (i.e. voluntary) to "comply or explain" provisions;
        •   revise the wording of the General Disclosures (where relevant) to be consistent with the directors' report requirements under the Companies Ordinance (Cap. 622 of the Laws of Hong Kong), which have been incorporated in the Rules for financial years ending on or after 31 December 2015;
        •   upgrade the Key Performance Indicators ("KPIs") in the "Environmental" Subject Area of the ESG Guide from recommended disclosures to "comply or explain" provisions;
        •   revise the wording of the recommended disclosures of the ESG Guide to bring it more in line with international standards of ESG reporting by incorporating disclosure of gender diversity; and

        Minor amendments relating to the terms of office of Listing Committee members

        •   provide that Listing Committee members will be appointed for a term of approximately one year and vacate office at the end of their term, unless they are re-appointed.

        Coming into effect

        The amendments come into effect as follows:

        (a) the amendments to the Corporate Governance Code come into effect for accounting periods beginning on or after 1 January 2016;
        (b) the amendments to the ESG Guide and related Listing Rules will come into effect in two phases:
        (i) the Listing Rule amendments and the upgrade of the General Disclosures in the ESG Guide from recommended disclosures to "comply or explain" provisions, as well as the revised recommended disclosures, are effective for issuers' financial years commencing on or after 1 January 2016; and
        (ii) the upgrade of the KPIs in the "Environmental" Subject Area of the ESG Guide from recommended disclosures to "comply or explain" provisions will be effective for issuers' financial years commencing on or after 1 January 2017; and
        (c) the minor amendments relating to the terms of office of Listing Committee members will take effect on 1 January 2016.

        Please click HEREHERE to see the amendments to the Corporate Governance Code.

        Please click HEREHERE to see the amendments to the ESG Guide and related Listing Rules.

        Please click HEREHERE to see the minor amendments relating to the terms of office of Listing Committee members.

        Yours faithfully,
        For and on behalf of
        The Stock Exchange of Hong Kong Limited

        David Graham
        Chief Regulatory Officer and Head of Listing