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FROM THE COUNCIL TABLE 理 事 會 議 題 Consultation on Changes to Documentary Requirements Relating to Listed Issuers In November 2017, the Stock Exchange of Hong Kong Limited ('SEHK') issued a consultation paper on "Proposed Changes to Documentary Requirements Relating to Listed Issuers and Other Minor Rule Amendments". The major amendments proposed include the removal of the use of declaration and undertaking with regard to directors and supervisors ('DU form') , which is currently required to be filled in by every new director (and supervisor in the case of a PRC issuer) of a listed issuer. Also, under the proposed amendments, listed issuers will no longer be required to submit solicitors' certification and sponsors' certification as stated in Part 3 of the DU form. Instead, new directors and supervisors of a listed issuer will only need to submit their personal information to SEHK by using a new personal details form. SEHK further proposes that listed issuers will not be required to submit (i) a declaration (Form F in Appendix 5 to the Listing Rules); and (ii) a certified copy of its board resolutions to SEHK each time the listed issuer issues new securities. Instead, the issuer would need to include, in the relevant next day disclosure return and/or monthly return, a confirmation that the issue of securities has been duly authorised by the board of directors of the issuer and all pre-conditions for the issue of new securities have been fulfilled. Other amendments proposed by SEHK include a suggestion to codify the practices that listed issuers should announce (instead of only informing SEHK) certain matters, which include information relating to appointment of a liquidator, presentation of a winding-up petition, insufficient public floating, or listing of securities on any other stock exchanges. The above proposed amendments aim to simplify the administrative procedures, reduce listed issuers' compliance burden and facilitate timely submission of information to the SEHK. The consultation was considered by Council with the assistance of the Company Law Committee of the Law Society. The Law Society considers that the proposed reduction of documentation can streamline the process and, at the same time, valuable information will be provided for investors under the relevant proposals. The proposed amendments to the Listing Rules are supported. A copy of the submissions can be found on the Law Society's website: http://www.hklawsoc.org.hk/pub_e/news/submissions/20171206a.pdf 有關建議修訂上市發行人提交文件的規 定的諮詢文件 香港聯合交易所有限公司(「聯交所」)於2017年11 月發表了有關《建議修訂上市發行人提交文件的規 定及《上市規則》其他非主要修訂》的諮詢文件。 建議的主要修訂包括廢除現時要求上市發行人的每 名新任董事(及中國發行人的監事)需提交一份聲明 及承諾書(「聲明及承諾表格」)的規定。並且,根 據建議的修訂,上市發行人再無須提交律師證明及 保薦人證明(現載於董事聲明及承諾表格第三部分) 。新任董事及監事只須向聯交所提交個人資料表 格。此外,聯交所亦建議廢除上市發行人每次發行 新證券都要向聯交所提交聲明及董事會決議案經簽 署核證副本的規定,改為要求發行人須在相關的翌 日披露報表及/或月報表確認該證券發行經董事會 授權批准,並已達成所有有關證券發行的先決條件 及規定。 聯交所亦建議,將上市發行人須公布某等事宜(而非 只是通知聯交所)的做法編納成規,該事宜包括與委 任清盤人或提出清盤呈請有關的資料、公眾持股量 不足又或證券在其他證券交易所上市等。 以上建議的修訂旨在簡化行政程序,以減輕上市發 行人的合規成本及便利他們適時向聯交所資料。 理事會在律師會公司法委員會的協助下審視了諮詢文 件。律師會認為,減少須提交的文件可簡化程序, 同時有關建議亦為投資者提供有價值的資訊。律師 會支持對《上市規則》的建議修訂。律師會意見書的 全文可瀏覽:http://www.hklawsoc.org.hk/pub_e/ news/submissions/20171206a.pdf 12 www.hk-lawyer.org •  February 2018

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