Rule 3.16 is modified to require that, if an issuer does not have a board of directors, all members of the issuer’s equivalent governing body must accept full responsibility, collectively and individually, for the listed issuer’s compliance with the Exchange Listing Rules. If the issuer’s board of directors or equivalent governing body is not empowered to take collective responsibility, this responsibility must be accepted by all the individuals empowered to do so.
Note:    The governing body of an overseas issuer, in accordance with the laws and regulations of its jurisdiction of incorporation, may have a form other than that of a board of directors. In these circumstances, this rule aims to ensure that individual and collective responsibility by relevant persons continues to be taken for compliance with the Exchange Listing Rules.