2017年2月28日
資訊洞見
On 7 August 2020, The Stock Exchange of Hong Kong Limited (Exchange) published a consultation paper on proposed changes in respect of the Exchange’s disciplinary regime.
The proposals have a particular emphasis on strengthening the Exchange’s powers to hold accountable, and impose appropriate sanctions on, individuals responsible for misconduct and breaches of the Listing Rules.
Key proposals are summarised below:
Proposed enhancements to existing disciplinary sanctions and introduction of a new sanction
| Current sanctions | Proposed changes |
| Reputational sanctions | |
| Private reprimand | Enhance by enabling publication of the substance (without disclosing the identity of the parties) |
| Public statement involving criticism |
Retain |
| Public censure | |
| Public statement that the retention of office by the director is prejudicial to the interests of investors (PII statement) | Enhance by:
Note: The Exchange proposes to define the term “senior management” for disciplinary purposes to include:
|
| Introduction of a new sanction:
Public statement that in the Exchange’s opinion a director is unsuitable to occupy a position as director or within senior management of a named listed issuer or any of its subsidiaries, in the case of serious or repeated failure by a director to discharge his responsibilities under the Listing Rules (Director Unsuitability Statement) |
|
| Remedial sanctions | |
| Suspension or cancellation of listing as follow-on action if individual subject to PII Statement remains in office of the specific issuer | Enhance by including denial of facilities of the market as follow-on action
It is also proposed that, after a PII Statement with follow-on actions has been made against an individual, the listed issuer identified in the statement must include a reference to the PII Statement in all of its announcements and corporate communications, unless and until that individual is no longer a director or senior management member of the relevant listed issuer. The other listed issuers of which the individual is a director are required to announce the PII Statement as soon as practicable. Any other listed issuers which appoint the individual as a director are required to disclose in the appointment announcement that the director is subject to a PII Statement. The above will also apply in respect of a Director Unsuitability Statement, but only against the listed issuer named in the statement. |
| Denial of facilities of the market | Enhance by:
|
| Suspension or cancellation of listing |
Retain |
| Rectification or remedial sanctions | |
| Ancillary or operational sanctions | |
| Ban on professional advisers | Enhance by extending the ban to cover representation of any or a specified party |
| Report the offender’s conduct to another regulatory authority |
Retain |
| Take such other action asappropriate |
Relevant parties who may be subject to disciplinary actions
Proposed new parties
The Exchange proposes to expand the disciplinary regime to new parties, including:
Express obligations on professional advisers
The Exchange proposes to include the following express obligations on professional advisers when acting in connection with Listing Rule matters:
Additional circumstances where disciplinary sanctions can be imposed
Secondary liability for Listing Rule breaches
The Exchange proposes to introduce secondary liability for Listing Rule breaches in circumstances where the Exchange determines the person “has caused by action or omission or knowingly participated in a contravention of the Listing Rules”. These persons may include, among others, CFO, COO, company secretary, substantial shareholders and financial advisers.
Failure to comply with requirements imposed by the Listing Division, the Listing Committee or the Listing Review Committee
The Exchange proposes to include an explicit provision permitting the imposition of a sanction in circumstances where there has been a failure to comply with a requirement imposed by the Listing Division, the Listing Committee or the Listing Review Committee of the Exchange, and that sanctions may be imposed on all relevant parties through secondary liability where a party has failed to comply with a requirement imposed by the Listing Division, the Listing Committee or the Listing Review Committee.
Duty to provide accurate, complete and up-to-date information when responding to the Exchange’s enquiries or investigations
The Exchange proposes to explicitly provide in the Listing Rules the obligation to provide complete, accurate and up-to-date information when interacting with the Exchange in respect of its enquiries or investigations.
Consultation will end on 9 October 2020.
2020年8月7日，香港联合交易所有限公司（联交所）就建议修订联交所的纪律机制刊发谘询文件。
有关建议着重加强联交所对个别人士的失当及违反《上市规则》的行为的追究权力，以及施加适当的制裁。
主要建议简要概述如下：
加强现有纪律制裁及新增纪律制裁之建议
| 现行制裁 | 建议修订 |
| 声誉性制裁 | |
| 私下指责 | 加强：容许刊发个案的实质内容（不披露涉事人的身份） |
| 载有批评的公开声明 | 保留 |
| 公开谴责 | |
| 相关董事继续留任将会损害投资者的权益的公开声明（损害投资者利益声明） | 加强措施如下: 将现行发出声明的门坎（「故意或持续不履行职责」）降低 – 包括只要相关人士继续留任可能会损害投资者权益，便能作出损害投资者权益声明； 适用于所述上市发行人及其附属公司的前任及现任董事及高级管理阶层（见下述附注）成员 附注： 联交所建议就纪律处分事宜界定「高级管理阶层」的定义应包括以下各项： 担任行政总裁、监事、公司秘书、营运总监或财务总监的任何人士(不论以任何职称担任) 在董事直接权限下执行管理职能的任何人士 任何于联交所网站或上市发行人的网站登载的公司通讯或其他数据中被指为高级管理阶层成员 |
| 新增一项纪律制裁: 若董事严重违反或重复不履行其根据《上市规则》应尽的责任，联交所认为相关董事不适合担任所述上市发行人或其任何附属公司的董事或高级管理阶层成员的公开声明（董事不适合性声明） | |
| 补救性制裁 | |
| 作为跟进行动，损害投资者权益声明所指人士若仍在涉事发行人留任，将有关发行人停牌或取消其上市地位 | 加强：增加禁止发行人使用市场设施作为跟进行动 联交所也建议，在联交所针对个别人士作出附带跟进行动的损害投资者权益声明后，声明中所述的上市发行人的所有公告和公司通讯中均必须提及损害投资者权益声明，除非及直至该人士不再是该相关上市发行人的董事或高级管理阶层成员为止。 如有关人士还担任其他上市发行人的董事，则该等上市发行人必须在切实可行的范围内，尽快公布损害投资者权益声明。任何其他委任该人士为董事的上市发行人，均须在委任公告中披露该董事被联交所发出损害投资者权益声明。 该等跟进行动及公布规定亦同样适用于董事不适合性声明，但只适用于声明中所述上市发行人。 |
| 禁止使用市场设施 | 加强措施如下： 降低现行门坎，取消「故意或持续不履行」的要求 扩大制裁范围，要求上市发行人必须符合指定条件（例如对违规作出补救），而不是纯粹等待指定期间结束 |
| 停牌或取消上市地位 | 保留 |
| 修正或补救性制裁 | |
| 附带或操作性制裁 | |
| 专业顾问的禁令 | 加强：将禁令扩大至包括禁止担任任何或指定人士的代表 |
| 向另一监管机构申报违规者的行为 | 保留 |
| 按情况采取其他适当行动 |
有机会要受纪律制裁的相关人士
建议加入的人士
联交所建议将纪律机制的复盖范围扩大，将以下人士也包括在内：
明文列出专业顾问的责任
联交所建议《上市规则》应明文列出专业顾问就按指示就《上市规则》事宜行事并提供意见时的责任：
可施加纪律制裁的其他情况
就违反《上市规则》承担间接责任
联交所建议若出现联交所认为有关人士「因其作为或不作为导致违反《上市规则》，又或在知情的情况下参与违反《上市规则》」的情况，所有相关人士均须就违反《上市规则》承担间接责任。该等人士可包括财务总监、营运总监、董事会秘书、主要股东及财务顾问等。
不符合上市科、上市委员会或上市复核委员会所施加规定的明确制裁
联交所建议加入明确条文，允许就未有遵守由联交所上市科、上市委员会或上市复核委员会施加的规定的情况下施加制裁，另外若有人未有遵守由上市科、上市委员会或上市复核委员会施加的规定，亦可透过间接责任向所有有关的相关人士施加制裁。
回应联交所查询或调查时未有提供准确、完整及最新的数据
联交所建议在《上市规则》中明确规定任何人士回应联交所的查询或调查时，均有责任提供完整、准确及最新的数据。
谘询期于2020年10月9日结束。