Hong Kong securities watchdog urges stock exchange to tighten listing, compliance rules
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Hong Kong's Securities and Futures Commission (SFC) urged the Hong Kong stock exchange on Wednesday to tighten its listing and compliance rules to better protect investors. This recommendation followed the SFC's review of 2024 compliance and enforcement cases, which included vetting listed companies' internal controls, handling of late auditor resignations, and the stock exchange's listing processes. While acknowledging previous improvements, the SFC's report identified areas needing further enhancement. Specifically, the SFC recommended the exchange ensure companies address internal control deficiencies when financial statements are delayed due to irregularities. The SFC also suggested improvements to the vetting of firms' internal control reviews and updated market guidance to reduce late auditor resignations, which impede timely financial reporting.
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