Following our article published in the July 2016 edition of the Governance & Securities Law Focus in connection with the joint consultation launched on 17 June 2016 by the Securities and Futures Commission ("SFC") and The Stock Exchange of Hong Kong Limited ("Stock Exchange") on proposed enhancements to the Stock Exchange's decision-making and governance structure for listing regulation (the "Proposals"), the SFC and the Stock Exchange issued the consultation conclusions ("Consultation Conclusions") on 15 September 2017.

Originally under the Proposals, two new committees, each with equal representation from the SFC and the Stock Exchange, would be formed, namely a Listing Policy Committee and a Listing Regulatory Committee. As the vast majority of the respondents opposed the Proposals, the Consultation Conclusions concluded that in place of the originally proposed Listing Policy Committee, a Listing Policy Panel ("LPP"), which will not be a committee under the SFC or the Stock Exchange, will be established as an advisory, consultative and steering body to initiate and centralise discussions on listing policy with broader regulatory or market implications. In addition, the proposed Listing Regulatory Committee will not be established.

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