HKEx Announces Move to T+2 IPO Settlement Under FINI Plan
HKEx has announced that it will proceed moving IPOs to a “T+2” settlement timetable under its “Fast Interface for New Issuance” (FINI) plan. This shift is a slight change to the original T+1 settlement plans proposed in the HKEx concept paper published in November 2020, but nevertheless a significant improvement on the current process, which generally results in IPOs in Hong Kong settling on a T+5 basis.
The plan will require IPOs to follow the new T+2 timetable unless a company obtains a waiver from HKEx. The new timetable requires that:
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Both “interesting and sophisticated” (from “So Hard Done By” by The Tragically Hip), the Proposed Amendments are intended to reduce regulatory burden by fostering streamlined reporting and increasing reporting efficiency for reporting issuers (other than investment funds), while increasing the quality and usability of the disclosure provided to investors without compromising investor protection or the efficiency of the capital markets. In particular, the Proposed Amendments would streamline management s discussion and analysis (MD&A) and annual information form (AIF) requirements by combining them into one reporting document, together with an issuer’s financial statements.
BACKGROUND
Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (see our May 2017
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[co-author: Karam Putros, Articling Student]
In June 2019, the federal government adopted the
Canada Business Corporations Act (CBCA). Among these were amendments (Amendments) that will require certain CBCA corporations to provide disclosure on compensation clawback mechanisms and the well-being of employees, retirees and pensioners, and hold annual advisory “say-on-pay” votes (see our April 2019
The coming into force of the Amendments is tied to the implementation of associated regulations identifying the corporations to be subject to the Amendments, prescribing the time, manner and content of new disclosure obligations and defining certain key terms. As set out below, Corporations Canada, through Innovation, Science and Economic Development (ISED), has published a consultation setting out its regulatory proposals and is seeking feedback from stakeholders in relation to those proposals.