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加強紀律機制 – 強調個人(包括高級管理階層)須對違反《上市規則》承擔責任

[ 本內容只備有英文及簡體中文版 ]

On 20 May 2021, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation on review of the Rules Governing the Listing of Securities on the Exchange (Listing Rules) relating to disciplinary powers and sanctions

The Exchange decided to implement all the proposals in the consultation paper (see our previous client alert “Hong Kong Stock Exchange proposes to enhance disciplinary regime to deter misconduct” published in August 2020), with minor modifications.

Overall, the amended Listing Rules, which will be implemented with effect from 3 July 2021, will enhance the Exchange’s powers to hold accountable, and impose appropriate sanctions on, individuals (including members of the senior management, e.g. company secretary, chief operating officer, chief financial officer) responsible for Listing Rule breaches. 

See below a list of questions and answers summarising the key amendments:

Question 1: What are the major changes affecting directors of listed issuers?

Answer:

(1)One of the existing reputational sanctions – “in the case of wilful or persistent failure by a director of a listed issuer to discharge his responsibilities under the Listing Rules, state publicly that in the Exchange’s opinion the retention of office by the director is prejudicial to the interests of investors” will be amended as follows: “state publicly that in the Exchange’s opinion the occupying of the position of director or senior management of a named listed issuer or any of its subsidiaries by an individual may cause prejudice to the interests of investors” (PII Statement), enabling the Exchange to make such a statement where the occupying of the position of director or senior management of the issuer or any of its subsidiaries by the individual may cause prejudice to the interests of investors, even if the failure may not be wilful or persistent.
(2)A new reputational sanction will be introduced, namely that the Exchange may “in the case of serious or repeated failure by a director to discharge his responsibilities under the Listing Rules, state publicly that in the Exchange’s opinion the director is unsuitable to occupy a position as director or within senior management of a named listed issuer or any of its subsidiaries” (Director Unsuitability Statement).

Question 2: What are the major implications for members of senior management?

Answer:

(1)Under the existing Listing Rules, members of senior management are among the parties who may be subject to disciplinary actions (Relevant Parties). The term “senior management” is, however, not defined in this context. Under the amended Listing Rules, the term “senior management” will be defined for disciplinary purposes to include: “any person occupying the position of chief executive, supervisor, company secretary, chief operating officer or chief financial officer, by whatever name called; any person who performs managerial functions under the directors’ immediate authority; or any person referred to as senior management in the listed issuer’s corporate communication or any other publications on the Exchange’s website or on the listed issuer’s website”.
(2)The disciplinary sanctions which may be made against members of senior management include: private reprimand; public statement involving criticism / public censure; PII Statement; rectification or other remedial order; and reporting the person’s conduct to another regulatory authority.
(3)Members of senior management will be subject to secondary liability for Listing Rule breaches as discussed in Question 5 below.

Question 3: What are the major implications for professional advisers (e.g. lawyers, financial advisers)?

Answer:

(1) The amended Listing Rules will impose the following express obligations on professional advisers when acting in connection with Listing Rule matters: to use all reasonable efforts to ensure that their clients understand and are advised as to the scope of and their obligations under the Listing Rules; and not to knowingly provide information to the Exchange which is false or misleading in a material particular.
(2)Professional advisers will be subject to secondary liability for Listing Rule breaches as discussed in Question 5 below.
(3)One of the disciplinary sanctions under the existing Listing Rules is to ban a professional adviser or its employees from representing a specified party in relation to a stipulated matter or matters coming before the Listing Division or the Listing Committee for a stated period. This sanction will be extended to cover banning of representation of any or a specified party.

Question 4: Are there any changes to the scope of Relevant Parties?

Answer:

Other than defining the term “senior management”, the disciplinary regime will be expanded to include the following new parties:

  • employees of professional advisers of listed issuers and their subsidiaries;
  • guarantors of structured products;
  • guarantors for issue of debt securities; and
  • parties who give an undertaking to, or enter into an agreement with, the Exchange.


Question 5(a): Secondary liability on Relevant Parties for Listing Rule breaches will be introduced under the amended Listing Rules. In what circumstances will such a liability be imposed?

Answer:

Secondary liability will be imposed on Relevant Parties who have “caused by action or omission or knowingly participated in a contravention of the Listing Rules”.

The Exchange explained in the conclusions paper that in making an assessment in relation to such a threshold, the Exchange will take into consideration the facts and circumstances of the matter, including the roles and responsibilities of the Relevant Party in question in respect of the subject matter of the breach and also the listed issuer’s Listing Rule compliance.

As to the liability for an omission, the Exchange noted that this can only arise if the relevant individual was under a duty to act, but failed to do so. However, it should be noted that ignorance of the Listing Rules would not form a liability exclusion or a basis for a defence.

See also a few case scenarios set out in paragraph 93 of the consultation paper showing how secondary liability would work in practice.

Question 5(b): Will a senior management member or professional adviser be liable if despite having given the correct advice on a matter, the individual were to be overruled by the board, and as a result a breach was committed?

Answer:

The Exchange explained in the conclusions paper that in those circumstances, it is clear that the Listing Rule breach was not caused by the action of the senior management member / professional adviser and therefore he would not be subject to secondary liability.

Question 6: What are the major implications for listed issuers?

Answer:

Under the amended Listing Rules, in cases involving more serious misconduct, if a PII Statement or a Director Unsuitability Statement is made against an individual, the Listing Committee may impose follow-on actions which include (in addition to suspension or cancellation) the denial of facilities of the market to the relevant listed issuer for a specified period. The follow-on actions apply, and will be triggered, where an individual subject to a PII Statement or a Director Unsuitability Statement continues to be a director or senior management member of the specified listed issuer after a specified date.

After a PII Statement with follow-on actions or a Director Unsuitability Statement has been made against an individual, the named listed issuer must include a reference to the statement in all its announcements and corporate communications unless and until that individual is no longer its director or senior management member.

Question 7: What are the other additional circumstances introduced by the amended Listing Rules where disciplinary sanctions can be imposed?

Answer:

(1)The amended Listing Rules will 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. Such 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. 
(2)The amended Listing Rules will also explicitly provide for an obligation of a party subject to enquiries or investigations by the Exchange or the Securities and Futures Commission to provide accurate, complete and up-to-date information or explanation.

[ 簡體版 ]

2021年5月20日,香港联合交易所有限公司(联交所)刊发有关检讨《香港联合交易所有限公司证券上市规则》(《上市规则》)有关纪律处分权力及制裁的条文的谘询总结

联交所决定采纳谘询文件载列的各项建议(可参考我们早前于2020年8月刊发的客户通报《香港联交所建议加强纪律机制以对失当行为起阻吓作用》),而其中一项须稍加修改。

整体而言,将于202173实施及生效经修订的《上市规则》条文将加强联交所对个别人士(包括高级管理阶层成员,例如公司秘书、营运总监、财务总监等)违反《上市规则》的行为作出追究并施加适当制裁的权力。

下文以问答形式对主要修订作出简要概述:

问题1:经修订的《上市规则》条文中有哪些为影响上市发行人董事的主要变动?

回答:

(1)现行的声誉性制裁之一 –「如上市发行人的董事故意或持续不履行其根据交易上市规则应尽的责任,则本交易所可公开声明本交易所认为该董事继续留任将会损害投资者的权益」将会修订如下:「公开声明,本交易所认为某人士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可能会损害投资者的权益」(损害投资者权益声明),即只要相关人士担任有关发行人或其任何附属公司的董事或高级管理阶层成员可能会损害投资者权益,即使该人士未必是故意或持续不履行其责任,联交所仍能作出该声明。
(2)新修订的《上市规则》条文将加入一项新的声誉性制裁,即联交所可「(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)公开声明,本交易所认为该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」(董事不适合性声明)。

问题2:经修订的《上市规则》条文对高级管理阶层成员有哪些主要影响?

回答:

(1)根据现行《上市规则》,联交所可向其采取纪律行动的人士(相关人士)包括高级管理阶层成员。然而「高级管理阶层」一词在此方面未有定义。新修订的《上市规则》条文将就纪律处分事宜界定「高级管理阶层」的定义包括以下各项:「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;或任何于本交易所网站或上市发行人的网站登载的公司通讯或任何其他刊物中被指为高级管理阶层成员的任何人士」。
(2)联交所可对高级管理阶层成员施加的纪律制裁包括:私下指责;载有批评的公开声明 / 公开谴责;损害投资者权益声明;修正或补救性的指令;及向另一监管机构申报违规者的行为。
(3)高级管理阶层成员将须就违反《上市规则》承担下述问题5所说明的间接责任。

问题3:经修订的《上市规则》条文对专业顾问(如律师、财务顾问)有哪些主要影响?

回答:

(1) 新修订的《上市规则》条文将明文列出专业顾问就《上市规则》事宜行事并提供意见时的责任:尽一切合理努力确保其客户明白《上市规则》的范畴及客户在《上市规则》下的责任,并向其提供此方面的意见;及不得在知情的情况下向联交所提供任何在要项上属虚假或具误导性的资料。
(2)专业顾问将须就违反《上市规则》承担下述问题5所说明的间接责任。
(3)现行《上市规则》下其中一项纪律制裁为禁止专业顾问或其雇员在指定期间就上市科或上市委员会规定的事宜代表某指定一方。该项禁令范围将扩大,以致联交所可以禁止有关专业顾问代表任何或特定人士。

问题4:经修订的《上市规则》条文对相关人士的涵盖范围是否有作出修订?

回答:

除了对「高级管理阶层」一词作出定义外,纪律机制的复盖范围将扩大,相关人士将包括下述人士:

  • 上市发行人或其任何附属公司的专业顾问的雇员;
  • 结构性产品的担保人;
  • 债务证券的担保人;及
  • 向联交所作出承诺或与联交所订立协议的有关方。


问题
5(a):经修订的《上市规则》条文新增对相关人士施加就违反《上市规则》的间接责任。在什么情况下相关人士须承担该间接责任?

回答:

若相关人士「因其作为或不作为导致,又或在知情的情况下参与违反,《上市规则》」,联交所可对其施加间接责任。

联交所在谘询总结文件中说明,在评估间接责任的门坎时,联交所会考虑有关事宜的事实及情况,包括所涉相关人士在违规事宜及上市发行人遵守《上市规则》的角色及责任。

至于就不作为须承担的责任,联交所说明该项责任仅会在相关个别人士有责任作为但未有作为的情况下产生。但须注意,对《上市规则》无知并不是构成免责或辩护的根据。

另外,就实际应用间接责任的个案情况,可参考谘询文件第 93 段提供的一些例子。

问题5(b):尽管高级管理阶层成员或专业顾问就有关事宜提供了正确意见,但被董事会否决因而导致违规,他们是否须承担该间接责任?

回答:

联交所在谘询总结文件中说明,在该等情况下,很明显有关违规并非由高级管理阶层成员/专业顾问引致,因此其无须承担间接责任。

问题6经修订的《上市规则》条文对上市发行人有哪些主要影响?

回答:

根据新修订的《上市规则》条文,当个案涉及较严重行为,联交所在对个别人士发出损害投资者权益声明或董事不适合性声明时,上市委员会可采取若干跟进行动,包括(除停牌或取消上市地位外)禁止有关上市发行人于指定期间使用市场设施。若然被发出损害投资者权益声明或董事不适合性声明的人士于指定日期后仍继续出任为该指明上市发行人的董事或高级管理阶层成员,联交所即可采取及将引发该等跟进行动。

在联交所对个别人士作出附带跟进行动的损害投资者权益声明或董事不适合性声明后,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该声明,除非及直至该人士已不再是相关上市发行人的董事或高级管理阶层成员为止。

问题7新修订的《上市规则》条文新增哪些可施加纪律制裁的其他情况?

回答:

(1)新修订的《上市规则》条文将加入明确条文,允许联交所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。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,联交所亦可透过间接责任向所有有关的相关人士施加制裁。
(2)新修订的《上市规则》条文亦将明确规定任何人士回应联交所或证监会的查询或调查时,均有责任提供准确、完整及最新的资料或解释。

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