Enhancing Governance and Decision-Making at the Hong Kong Stock Exchange: A Comparative Analysis
The project focuses on enhancing Hong Kong's position as a leading international financial center by proposing governance and decision-making improvements at the Stock Exchange of Hong Kong Limited. It compares the current system in Hong Kong with those in the US, Australia, and the UK, highlighting key differences and proposing changes to enhance regulatory effectiveness.
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Hong Kong Research Grants Council Theme-based Research Scheme Project: Enhancing Hong Kong s Future as a Leading International Financial Centre Proposed Enhancements to The Stock Exchange of Hong Kong Limited s Decision-Making and Governance Structure for Listing Regulation 31 October 2016 (Monday) APSA and AIIFL 3rdRoundtable Luncheon Discussion Professor S H Goo, HKU Deputy Head, Department of Law Founding Director (1999) and former Director (2011-2015), Asian Institute of International Financial Law
Current system in HK Listing applications considered by SEHK s Listing Committee SFC has veto over new listings SEHK responsible for LR amendment LR amendment subject to SFC s approval Dual filing system
Comparisons with US Like SEC in US, SFC does not set listing standards, but listing rules subject to its final approval Dual filing of statements at SEC and SFC US exchanges and SEHK self-regulatory Both US Exchanges and HKEX are listed companies: CONFLICT OF INTEREST. (NYSE is regulated by a separate independent body consisting of independent directors of NYSE Group Inc and other unaffiliated directors, funded by NYSE Regulation)
Comparison with Australia ASX and HKEX are listed on their own boards respectively ASIC supervises ASX s listing and compliance with its own listing rules; SFC supervises HKEX s compliance ASX and SEHK are front line regulators of markets and control admission to listing MAJOR difference: ASX listing rules are not merely contractual but enforceable by ASIC and aggrieved individuals, SEHK listing rules only contractual
UK system Listing standards are set by UKLA/FCA Listing applications made to UKLA FCA has investigatory and enforcement powers for breach of FCA s rules and FSMA 2000 LSE can set additional standards and enforce those standards
Proposed changes
