The Securities and Futures (Amendment) Ordinance containing proposals to replace the current Main Board Listing Rule 13.09 with a statutory regime for disclosure of price-sensitive information (to be redefined as “relevant information” in alignment with the existing insider dealing regime) was passed by the Legislative Council in April 2012 and will be effective on 1 January, 2013.

In aid of interpretation and compliance, detailed guidelines have been issued by the Securities and Futures Commission, setting out the commission’s own policies on various aspects of the interpretation and enforcement of the new law. Closely following these developments, HKEx consulted the market on consequential Listing Rule amendments.  

Starting from 1 January 2013, the previous HKEx guidelines on the subject of price sensitive information (including among other things the 2002 Guide on Disclosure of PSI) will be repealed and Hong Konglisted companies will face a new regime with stepped-up disclosure requirements, more clearly defined safe harbours, and increased sanctions for breach of the disclosure obligation.