Update No. 114

Note to subscribers for the amendments to

the rules governing the listing of securities (the "Listing Rules")

Update No. 114

April 2015

Dear Sirs,

Amendments to the Listing Rules relating to disclosure of financial information with reference to the New Companies Ordinance and Hong Kong Financial Reporting Standards and minor/housekeeping Rule amendments 

We enclose reprinted pages of the Listing Rules and the filing instructions. The reprinted pages incorporate amendments to implement proposals in the consultation conclusions on “Review of Listing Rules on Disclosure of Financial Information with Reference to New Companies Ordinance and Hong Kong Financial Reporting Standards and Proposed Minor/Housekeeping Rule Amendments” published in February this year.
We have amended the Listing Rules to:
Amendments relating to the disclosure of financial information
	align the requirements for disclosure of financial information in Appendix 16 with reference to the disclosure provisions in the new Companies Ordinance (Cap. 622 of the Laws of Hong Kong);
	streamline the disclosure requirements and remove duplications under Hong Kong Financial Reporting Standards;
	introduce new requirements for issuers that revise their published financial reports or their result announcements include prior period adjustments due to correction of material errors;
Amendments unrelated to the disclosure of financial information
	make consequential changes due to the enactment of the new Companies Ordinance;
	make minor Rule amendments; and
	make housekeeping amendments which involve no change in policy direction.
Coming into effect
The amendments come into effect as follows:-
(a)	the revised Appendix 16 in relation to disclosure of financial information in preliminary announcements of results, interim reports and annual reports will be applicable for accounting periods ending on or after 31 December 2015;
(b)	the revised Chapter 4 in relation to disclosure of financial information in the accountants’ report applicable to listing applications, reverse takeovers, major transactions and very substantial acquisitions will be applicable for accountants’ reports where the latest period reported on in the accountants’ report ends on or after 31 December 2015; and
(c)	the amendments other than those mentioned in paragraphs (a) and (b) above will take effect on 1 April 2015.
Early adoption is permitted in relation to the amendments mentioned in paragraphs (a) and (b) above. However, issuers should not adopt those amendments prior to the effective date of Part 9 “Accounts and Audit” of the new Companies Ordinance, the provisions of which are applicable for the first financial reporting year beginning on or after 3 March 2014, the commencement date of the new Companies Ordinance.
Please click HERE to see the amendments to the Listing Rules mentioned in paragraphs (a) to (c) above.

Yours faithfully,

For and on behalf of
The Stock Exchange of Hong Kong Limited

David Graham
Chief Regulatory Officer and Head of Listing