In its Quarterly Report published today, the Securities and Futures Commission (SFC) summarises key regulatory work in the reporting period from July to September 2013.
On regulatory reforms, the SFC:
- issued a joint policy statement with The Stock Exchange of Hong Kong Limited (SEHK) regarding the listing of overseas companies;
- approved amendments to the Listing Rules of SEHK concerning the requirements of the new initial public offering sponsors regime;
- jointly with the Hong Kong Monetary Authority published the supplemental consultation conclusions on the proposed over-the-counter derivatives regime; and
- released Guidelines on the Application of the CPSS-IOSCO Principles for Financial Market Infrastructures for recognised clearing houses (Note 1).
On enforcement, the SFC:
- successfully prosecuted three individuals and two corporations for market misconduct and disciplined 12 licensees, with fines totalling over $4.5 million;
- presented a petition to the court to wind up China Metal Recycling (Holdings) Limited under section 212 of the Securities and Futures Ordinance (Note 2);
- directly instituted proceedings in the Market Misconduct Tribunal against Tiger Asia Management LLC and three of its officers over their dealings in the securities of two listed companies; and
- commenced legal proceedings to disqualify three former senior executives of China Best Group Holding Limited over their alleged breach of duties as directors in handling a proposed acquisition.
The report is available under "Published resources> Corporate publications> Quarterly reports" of theSFC website.
Notes:
- CPSS refers to the Committee on Payment and Settlement Systems and IOSCO stands for the International Organization of Securities Commissions.
- Generally, section 212 of the Securities and Futures Ordinance permits the SFC to apply to the Court of First Instance under the Companies Ordinance for the winding up of a corporation on just and equitable ground if the SFC considers that it is in the public interest that the corporation be wound up.