Proposed Changes to the Sponsor Regime for Hong Kong Listings | White & Case LLP International Law Firm, Global Law Practice
Proposed Changes to the Sponsor Regime for Hong Kong Listings

Proposed Changes to the Sponsor Regime for Hong Kong Listings

The Hong Kong Securities and Futures Commission published a consultation paper in May with various proposals relating to the role of sponsors in new listings of equity securities.

Last year the Commission issued a report describing a number of deficiencies in sponsor work that it had identified during a theme inspection. Earlier this year, it revoked a sponsor's license and fined it HKD 42 million, citing the sponsor's failure to fulfill its professional duties in relation to a listing application.

(1) The recent proposals have been the subject of some controversy in Hong Kong. They range over several areas:
(2) Prospectus liability for sponsors
(3) Publication of draft listing documents
(4) Sponsor obligations to ensure that issuers and directors fulfill their responsibilities and to notify regulators of non-compliance
(5) Issuers appointing more than one sponsor
(6) Sponsor due diligence responsibilities and the extent to which sponsors may rely on expert opinions
(7) Fee structures
(8) Sponsor qualifications

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