26 八月 2020
Derivatives - Financial Regulation
Chapter 37 Consultation Conclusions & Disclosure Guidance: What You Need To Know – Background, Key Takeaways and Analysis
On 21 August 2020, The Stock Exchange of Hong Kong Limited (the “Exchange”) published its “Consultation Conclusions on Review of Chapter 37 – Debt Issues to Professional Investors Only and Guidance on Disclosures in Listing Documents and Continuing Obligations under Chapter 37 – Debt Issues to Professional Investors Only” (the “Chapter 37 Consultation Conclusions & Guidance”), which consists of:
- the Exchange’s consultation conclusions to the proposals set out in its original consultation paper published on 6 December 2019
- additional guidance published by the Exchange, setting out recommendations on expected standards of disclosure and continuing obligations for debt securities listed under Chapter 37
The key changes are:
- NAV requirement increased to HK$1bn
- Disclosure of intended investor market
- Publication of offering circulars
- Recommended disclosure guidance
The effective date of the amendments and guidance set out in the Chapter 37 Consultation Conclusions & Guidance is 1 November 2020.
In this alert, we provide the background, key takeaways and our analysis of the proposals which will be implemented under the Chapter 37 Consultation Conclusions & Guidance.
