New statutory inside information disclosure regime and amendments to the Listing Rules come into effect on 1 January 2013 – Are you ready?

In our May 2012 e-bulletin, we summarised the new statutory disclosure regime for inside information under a Part XIVA of the Securities and Futures Ordinance (“SFO”) which will come into effect on 1 January 2013. As this date is fast approaching, this bulletin serves as a reminder to listed companies to ensure that you are ready to comply with the new regime from next year and provides a suggested checklist for compliance with the statutory disclosure regime.

In November, the Stock Exchange published its consultation conclusions on consequential changes to the Listing Rules as a result of the new statutory regime. The Listing Rules will be amended from 1 January 2013 to remove from the Listing Rules the obligation to disclose price sensitive information and to clarify the respective roles and responsibilities of the Securities and Futures Commission (“SFC“) and the Stock Exchange. We briefly consider these changes below. Continue reading