SFC and Exchange sign addendum to MOU Governing Listing Matters

9 Mar 2018

The Securities and Futures Commission (SFC) and The Stock Exchange of Hong Kong Limited (Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), have signed an addendum (Addendum) to the Memorandum of Understanding (MOU) Governing Listing Matters (Notes 1 & 2).

Pursuant to arrangements under the Addendum, a new Listing Policy Panel (LPP) has been established as an advisory, consultative and steering body to initiate and centralise discussions on listing policy with broader regulatory or market implications.  The LPP was set up based on the Joint Consultation Conclusions on Proposed Enhancements to The Stock Exchange of Hong Kong Limited’s Decision-making and Governance Structure for Listing Regulation (Joint Consultation Conclusions) (Note 3).

The LPP consists of 12 members comprising senior representatives of the SFC, the Listing Committee, HKEX and the Takeovers and Mergers Panel.  The LPP is not a committee under the SFC, HKEX or the Exchange (Note 4).

The role of the SFC as a statutory regulator has evolved to have a more direct presence in more serious listing matters.  The Joint Consultation Conclusions clarified the role of the SFC as the statutory regulator in (i) administering the Securities and Futures Ordinance and the Securities and Futures (Stock Market Listing) Rules (SMLR), and (ii) supervising, monitoring and regulating the activities of the Exchange, including the Exchange’s role as the regulator in administering the Listing Rules.  The Exchange is the primary front-line regulator and remains the contact point for all listing applications, save in respect of concerns raised by the SFC under the SMLR.  The SFC is the direct contact point on issues raised under the SMLR.  The Addendum reflects the amendments to the MOU based on these clarifications.



    1. Memorandum of Understanding Governing Listing Matters signed between the SFC and the Exchange on 28 January 2003.
    2. The Addendum is supplemental to and forms part of the MOU, and shall be read in conjunction with the MOU.  A copy of the Addendum is available on the websites of the SFC and HKEX.
    3. The Joint Consultation Conclusions was published on 15 September 2017.
    4. LPP Members as at 9 March 2018:

TONG Carlson, SBS, JP
Chairman, SFC

ALDER Ashley Ian, JP
Chief Executive Officer, SFC

CHENG Wai Sun Edward, SBS, JP
Non-Executive Director, SFC

CLARK Stephen Edward
Chairman, Takeovers and Mergers Panel

HO Yin Tung Brian
Executive Director, Corporate Finance Division, SFC

TANG Siau Feng Megan
Senior Director, Corporate Finance Division, SFC


CHOW Chung Kong, GBS, JP
Chairman, HKEX

LI Xiaojia Charles
Chief Executive, HKEX

CHEAH Cheng Hye
Independent Non-Executive Director, HKEX

WEIR Andrew Walter Bougourd Ross
Chairman, Listing Committee

HO Chi On, John
Deputy Chairman, Listing Committee

BRIEN Peter Wilhelm Hubert
Deputy Chairman, Listing Committee

The Secretary to the LPP is GRAHAM David, Head of Listing of HKEX.

Page last updated : 9 Mar 2018