The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), today (Friday) published consultation conclusions related to its Consultation Paper on Review of Listing Rules on Disclosure of Financial Information with Reference to the New Companies Ordinance (Cap 622) and Hong Kong Financial Reporting Standards and Proposed Minor/Housekeeping Rule Amendments.
The Exchange published the consultation paper in August 2014 to seek comments on its proposed amendments to the Listing Rules resulting from a review of the Rules with reference to the New Companies Ordinance and Hong Kong Financial Reporting Standards (HKFRS) (mainly Appendix 16 of the Main Board Listing Rules and Chapter 18 of the Growth Enterprise Market (GEM) Listing Rules) and other proposed minor Rule amendments. The consultation found there is strong support for the Exchange's proposals.
In summary, the main changes to the Listing Rules include:
Amendments relating to the disclosure of financial information
- to align the requirements for disclosure of financial information in Main Board Rules Appendix 16 and GEM Rules equivalent with reference to the disclosure provisions in the New Companies Ordinance (Cap 622 of the Laws of Hong Kong);
- to streamline the disclosure requirements and remove duplications with HKFRS;
- to introduce new requirements for issuers that revise their published financial reports or results announcements include prior period adjustments due to correction of material errors;
Amendments unrelated to the disclosure of financial information
- to make consequential changes due to the enactment of the New Companies Ordinance;
- to make minor Rule amendments; and
- to make housekeeping amendments which involve no change in policy direction.
The amendments relating to disclosure of financial information will apply to accounting periods ending on or after 31 December 2015. The amendments unrelated to disclosure of financial information will come into effect on 1 April 2015.
The consultation paper and consultation conclusions are available on the HKEx website along with copies of respondents' submissions.
The amendments to the Main Board Listing Rules (and GEM Listing Rules) can be downloaded from the "Rules & Regulations – Rules and Guidance on Listing Matters – The Rules and Procedures" section of the HKEx website.
Frequently Asked Questions can be downloaded from the "Rules & Regulations – Rules and Guidance on Listing Matters – Interpretation and Guidance" section of the HKEx website.
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