The Stock Exchange adopts most of its proposals to optimise IPO price discovery and open market requirements, with certain modifications based on market feedback. On 1 August 2025, The Stock Exchange of Hong Kong Limited...more
The Accounting and Corporate Regulatory Authority and Singapore Exchange Regulation have provided details of mandatory climate reporting for listed issuers and large non-listed companies. On 28 February 2024, the...more
The annual Hong Kong Stock Exchange (HKEX) review of Issuers’ Annual Reports (Review) for 2022 found that deficiencies in internal controls remained a common underlying reason for modification of audit opinion by auditors and...more
Following on from the consultation earlier this year, the FCA has published feedback and detailed proposals which will transform the current listing regime. The FCA is proposing to create a single listing category for UK...more
The Singapore Stock Exchange (“SGX”) has recently launched the SGX Sustainable Fixed Income Initiative (“SFI Initiative”). The SFI Initiative aims to accredit wholesale and fixed income securities listed on the SGX that meet...more
As many of our readers will have heard, the Canadian Securities Administrators (“CSA”) has announced the adoption of a new prospectus exemption for certain reporting issuers listed on a Canadian stock exchange (the...more
The State Duma, Russia’s parliament lower chamber, adopted draft law No. 116264-8 on June 29, 2022, containing rules allowing the conversion of depository receipts into the underlying Russian shares without a need to go...more
The delisting of Russian issuers’ depositary receipts could potentially lead to a disproportional increase in sales of underlying shares in the Russian stock market and contribute to its volatility. In response to this...more
A new federal law in Russia prohibits Russian issuers from having their shares traded outside Russia via depositary receipts and requires issuers with existing programs to take delisting measures unless they receive a...more
The expansion would include Shenzhen Stock Exchange and potentially European stock exchanges, and would permit overseas issuers to raise capital in China through CDR listings. On 17 December 2021, the China Securities...more
On 2 December 2021, the Financial Conduct Authority ("FCA") announced some material changes to the Listing Rules in its policy statement PS21/22; these are summarised below. The FCA has sought to strike a balance between...more
The UK Financial Conduct Authority (“FCA”) has published Policy Statement PS 21/22 (the “Policy Statement”) which follows up on its summer 2021 consultation paper CP 21/21 “Primary Markets Effectiveness Review” (“CP 21/21”)....more
On 22 June the FCA published two Consultation Papers setting out its proposals for climate-related disclosure obligations on the regulated sector. The first paper proposed extending the application of an existing Listing Rule...more
The FCA is consulting on extending its rules to standard listed issuers. On 22 June 2021, the FCA published a Consultation Paper (CP21/18) on extending the application of the existing climate-related disclosure...more
As part of the UK government’s roadmap towards mandatory climate-related disclosures across the entire UK economy by 2025, the FCA is proposing to extend the application of its new climate-related disclosure requirements to...more
On December 2, 2020, the U.S. House of Representatives (“House”) passed the Holding Foreign Companies Accountable Act, Senate Bill No. 945 (the “bill”)....more
The Hong Kong Stock Exchange continues to pursue and implement a number of rule changes aimed at making the listing process more efficient while strengthening and broadening its role overseeing listed companies and the tools...more
On August 26, 2020, pursuant to delegated authority by the Commission, the SEC’s Division of Trading and Markets approved changes to NYSE listing rules to allow companies to raise capital in connection with a direct listing...more
With effect from 27 April 2020, the Listing Rules were amended to require issuers with equity and debt securities admitted to the Official List to ensure that a document is publicly available in the National Storage Mechanism...more
This update provides an overview of key regulatory developments in the past three months relevant to companies listed, or planning to list, on The Stock Exchange of Hong Kong Limited (HKEx), and their advisers. In particular,...more
The Situation: While a trading suspension gives an issuer an opportunity to remedy the underlying issues that led to the suspension with a view towards trading resumption, the absence of a mechanism under Hong Kong's current...more
In a recently published Practical Law Capital Markets Global Guide 2018 article, “Debt Capital Markets in the United States: Regulatory Overview,” Counsel Brian Hirshberg and Partners Anna Pinedo and Remmelt Reigersman...more
The United Kingdom's Financial Conduct Authority ("FCA") published a policy statement on 26 October 2017 setting out certain amendments to the Listing Rules ("LRs") and related technical notes ("Policy Statement"). The FCA...more
The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more
India is now included as an “acceptable jurisdiction” by The Stock Exchange of Hong Kong Limited (the “HKEx”). The HKEx also published a new “Country Guide – India” (the “India Guide”) relating to India-incorporated issuers....more