The following transitional provisions apply to existing share option schemes of a listed issuer or a new applicant, which were approved by shareholders of the listed issuer or the new applicant and adopted before 1st September 2001:
(1) if the listed issuer or the new applicant wishes to continue to grant options under its existing schemes on or after 1st September 2001 (or in the case of the new applicant, after listing), it must comply with the requirements of this chapter 17. The disclosure requirements in the interim report and annual report under rules 17.07
of this chapter 17 will apply to the financial year/period ending on or after 1st October 2001; and
(2) if the listed issuer or the new applicant wishes to change the terms of any of its existing schemes or implement a new scheme in accordance with the requirements of this chapter 17 on or after 1st September 2001, it must first ensure that all its existing schemes comply with the requirements of this chapter 17. The listed issuer or new applicant cannot grant any further options under its existing schemes which do not comply with the requirements of this chapter 17.
Note: The Exchange may allow a listed issuer to grant options under the terms of its existing share option schemes on or after 1st September 2001 if the listed issuer is able to demonstrate to the satisfaction of the Exchange that such options are granted to a participant pursuant to a contractual commitment given by the listed issuer to such participant before 1st September 2001.