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HKMA’s Supervisory Policy Manual (SPM): CR-S-4 “New Share Subscription and Share Margin Financing”

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Authored by: Simon Deane and Sally Lau

On 17 November 2023, the HKMA issued a circular (“Circular”) in relation to the revised version of the Supervisory Policy Manual (“SPM”) module CR-S-4 “New Share Subscription and Share Margin Financing” (“Revised Module”). The Revised Module became effective on 22 November 2023.

The Revised Module is a statutory guideline under section 7(3) of the Banking Ordinance (Cap. 155). It incorporates changes necessitated by the initial public offering settlement reform by The Hong Kong Exchanges and Clearing Limited through the launch of the Fast Interface for New Issuance. By taking into account the latest incidents in the market, it also provides further guidance in respect of the risk management of share margin financing.

For more information on the Circular, please see here. To access a full copy of the Revised Module, please see here.

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Simon Deane

Consultant | Banking and Finance

Email or call +852 2825 9209

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