Exchange Published Consultation Conclusions On Review Of Listing Rules On Disclosure Of Financial Information With Reference To The New Companies Ordinance And Hong Kong Financial Reporting Standards.

In February 2015, the Exchange published the 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” which was published in August 2014.

 

The Consultation Paper sought comments on the Exchange’s proposed amendments to the Listing Rules resulting from a review of the Rules with reference to (i) the new Companies Ordinance (Cap 622 of the Laws of Hong Kong) which came into effect in March 2014; and (ii) the Hong Kong Financial Reporting Standards (HKFRS) and other proposed minor Rule amendments.

 

The main changes to the Listing Rules are as follows:

 

(i) Amendments relating to the disclosure of financial information (applicable to accounting periods ending on or after 31 December 2015)

 

• to align the requirements for disclosure of financial information in Appendix 16 of the Main Board Rules and Chapter 18 of the GEM Rules with reference to the disclosure provisions in the new Companies Ordinance
• to streamline the disclosure requirements and remove duplications with the 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

 

(ii) Amendments unrelated to the disclosure of financial information (effective from 1 April 2015)

 

• to make consequential changes due to the enactment of the new Companies Ordinance
• to make minor Rule amendments
• to make housekeeping amendments which involve no change in policy direction

 

Please refer to the amendments to the Main Board Listing Rules and GEM Listing Rules and Frequently Asked Questions Series 31 (Questions relating to the Review of Listing Rules on Disclosure of Financial Information with reference to the New Companies Ordinance and Hong Kong Financial Reporting Standards and Proposed Minor/Housekeeping Rule Amendments) on the Exchange’s website.

 

 

For further information, please contact:

 

Hilda Chiu, Partner, Stephenson Harwood
hilda.chiu@shlegal.com