Most Read Contributor in Hong Kong, September 2016
Keywords: IPO, new sponsor regime, SFC, code of
New IPO Sponsor Regulatory Regime
A material milestone of the Hong Kong IPO process – the
new IPO sponsor regulatory regime (the "New Sponsor
Regime") – will be implemented on 1 October 2013. The
new requirements under the New Sponsor Regime will apply to all
listing applications (the "applications", each an
"application" or "A1") submitted on or after 1
October 2013 (subject to certain exceptions). There are two major
limbs to the New Sponsor Regime:
Pursuant to the "Consultation Conclusions on the regulation of IPO
sponsors" published by the Securities and Futures
Commission (the "SFC") on 12 December 2012 to implement
the New Sponsor Regime, the key obligations of IPO sponsors will be
consolidated and centralised in a new paragraph 17 of the Code of
Conduct for Persons Licensed by or Registered with the SFC (the
"Code of Conduct").
To cope with the implementation of the New Sponsor Regime, The
Stock Exchange of Hong Kong Limited (the "HKEx") will
implement various measures including amending the Rules Governing
the Listing of Securities on the HKEx (the "Listing
Rules" or "LR"), streamlining the listing vetting
process, issuing/revising various guidance letters on logistics, disclosure and
other requirements and revising certain IPO sponsor' rules,
undertakings and declarations.
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This article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein. Please also read the JSM legal publications
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