Enforcement of Listing Rules and Disciplinary Proceedings

*Please note this course will be conducted in Cantonese*

The Stock Exchange takes compliance with the Listing Rules seriously and it will bring disciplinary actions for breaches of the Listing Rules and may refer the matter to the SFC and other enforcement agencies if the breaches involve contravention of the Securities & Futures Ordinance or other legislation.  This course will give valuable insight into the Listing Division’s general approach to bringing a disciplinary action as well as the defence perspective by an experienced practitioner in this field on how to deal with the regulator.

Speakers

Speaking Opportunities

Detailed Information

  • Types of breaches which are the most common: e.g. connected and notifiable transactions, disclosure of PSI, breach of Model Code, misstatement in prospectus, late filing of annual reports, etc.
  • Role of executive and non-executive directors and INEDs – any difference in standards of care?
  • Nature and extent of the “Director’s Undertaking” given to the Exchange – what does this mean?
  • Enforcement strategy of the Exchange
    • Types of sanctions to be imposed
    • Disciplinary action or settlement
    • Referrals to other regulatory/ enforcement agencies
  • How does the Exchange conduct investigations of potential breaches?
  • Tactics and strategies in dealing with the Exchange in the investigation stage – co-operation vs. contentious
  • Drafting submissions: pitfalls to avoid and practical tips
  • Disciplinary hearing procedures and process: conduct of hearing, right of counsel, right of audience of legal counsel
  • Appeal procedures & judicial review
  • Remedial Actions
  • Implications of Dual Filing Rules in enforcement actions
  • Practical “tips” on how to avoid breaches of Listing Rules
  • Case studies – examples of past disciplinary proceedings

Registration Conditions

To view our registration conditions click HERE.