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19C.11A

The Exchange may exercise its power under rule 2.04 to waive, modify or not require compliance with the Exchange Listing Rules for an overseas issuer with, or seeking, a listing under this chapter, on a case by case basis, based on the underlying principle that:
 
(1)   the overseas issuer is primary listed on a Recognised Stock Exchange and so reliance can be placed upon: (a) the standards of shareholder protection of the regulatory regime to which overseas issuers listed on that exchange are subject; and (b) the enforcement of those standards by the regulatory authorities of that regime;
 
(2) regulatory co-operation arrangements are in place with the Commission as required by rule 8.02A;
 
(3) the majority of trading in the overseas issuer’s listed shares is not expected to migrate, or has not yet migrated, to the Exchange’s markets on a permanent basis; and
 
  Note:   See note 1 to rule 19C.13 for when the Exchange will regard the majority of trading in an overseas issuer’s listed shares as having migrated to the Exchange’s markets on a permanent basis.
 
(4) the overseas issuer can demonstrate that strict compliance with both the relevant Exchange Listing Rules and the overseas regulations would be unduly burdensome or unnecessary (including where requirements under the Exchange Listing Rules contradict the applicable overseas laws or regulations and strict compliance with the Exchange Listing Rules would result in a breach of applicable overseas laws or regulations) and that the granting of such waivers by the Exchange will not prejudice the interest of the investing public.