Submissions and Reports

The Chamber has called on the SFC to carry out a comprehensive evaluation before implementing its proposals to amend the codes on takeovers and mergers and share buybacks.

The Chamber welcomes and supports the proposal to broaden capital market access in Hong Kong and to enhance the competitiveness of its listing regime by allowing the listing of companies with weighted voting rights. In addition to ensuring that the new listing conditions serve their intended purpose of attracting quality issuers from the emerging and innovative sectors, the Chamber also advocates fairness, investor protection and education.

In its response to the Company Registry on the consultation on the Guideline on the Keeping of Significant Controllers Register by Companies, the Chamber supports for the publication of the Guideline to provide clarity and certainty to businesses in complying with the relevant legal requirements but has cautioned against giving statutory backing to the Guideline.

The Chamber supports the Government’s efforts to comply with the Financial Action Task Force’s recommendations on countering money laundering and terrorist financing activities but also reiterates the need to ensure that such undertakings do not affect our ability to compete.

In its response to the Hong Kong Stock Exchange’s consultations on the New Board and Review of the Growth Enterprise Market and Main Board Listing Rules, the Chamber has extended qualified support to the proposals for attracting more companies to list in Hong Kong.

The Chamber has submitted its views to a government consultation on proposals to reinforce legislation and regulate certain non-financial businesses and occupations for combating money laundering and terrorist financing in Hong Kong. In its submission of 3 March, the Chamber agrees in principle with the spirit to promote business compliance but points to questions regarding the practicality, reasonableness and proportionality of the Government’s approach to achieving such goals.

The Chamber generally supports the FDRC’s proposals to enhance the service features of the current Financial Dispute Resolution Scheme. The Chamber has also flagged a number of issues that the FDCR should pay attention to if and when its proposals are implemented.

The Chamber believes that public discussion should focus on the potential merits and demerits of implementing the Convention rather than the Convention’s provisions, which is the approach adopted in the consultation paper. The Government should also take stock of existing measures for enforcing foreign judgments before consideration is given to Convention accession.

The Chamber does not support the proposals as set out in the consultation paper mainly because there is insufficient evidence to show that there will be net gains from doing so.

The Chamber’s response to the Government’s proposed amendments to the Companies Ordinance and its subsidiary legislations is as given in the attached paper.