CCASS provides matching of trade and settlement details between participants on a batch basis. CCASS Settlement Process Flowchart (pdf). CCASS Settlement Process Flowchart Physical: Note applicable. Exchange trades and trades between brokers/custodian banks and custodian banks are all . If clearing and settlement of GEM securities is done through CCASS, under the existing CCASS Rules and. Operational Procedures, Hongkong Clearing has the .
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This heightened risk of preferential treatment warrants a higher level of scrutiny on whether the connected clients will receive any actual or perceived preferential treatment.
Listing Rules and Guidance – Guidance Letters
Added in June Where an applicant is capable of mitigating the risk, do not include a risk factor just because the applicant may not carry out the mitigation adequately. Based on the empirical data, it is observed that Target Companies have one or more of following characteristics: The financial statements mainly disclose the financial effects of past events and do not provide non-financial measures of performance or a discussion of future prospects and plans.
Under the Original Pre-Trade Checking model, when placing orders, investors must ensure they have sufficient shares in their accounts opened with EP who acts as the selling broker. All requests for non-disclosure of confidential information are considered on a case-by-case basis.
If there settllement any conflict or inconsistency between these specimen sections, standard articles of association or bye-laws and the requirements of the Listing Rules, the Listing Rules shall prevail. In the event a sponsor’s controlling shareholder is a partnership, questions arise as to how the requirements under Main Board Rule 3A.
Investors who want to read the actual provisions of the Listing Rules, legislation or other regulations can look them up directly. Issuers and sponsors should make a reasonable estimate of the number of printed prospectuses required to satisfy requests by members of the public.
As an indicative benchmark the following investment amount will generally be considered as a “meaningful investment”: Securities are held on behalf of independent third parties. Debt issues and certificates of deposit clear through the CMU. Examples of disclosure we do not consider meaningful include: Updated in October Settlement and Guidance Frequently Asked Questions.
Source and reliability of information. Hong Kong listing documents are often overly long and complex. The text in this section should be a high level overview drafted specifically for this purpose. Physical securities deposited with CCASS are credited immediately and can be registered within approximately 10 business days.
For example, if the controlling shareholder of the issuer remains the controlling shareholder post-listing, then it implies it has no intention to further sell down its interests in the near future.
Listing Decisions relating to specific material non-compliance incidents and Guidance Letter on suitability Updated in May In complying with this requirement, an applicant must not, among other things, omit material facts of an unfavourable nature or fail to accord them with appropriate significance. Instructions for banks with insufficient credit balances or securities for intraday repo to execute outgoing payments are queued in the system.
Listing Rules and Guidance: Avoid statements that are included solely for “marketing” purposes. For the avoidance of doubt, if such information is available, it has to be disclosed when the AP-Vetting is submitted.
Failed trades are allowed in Bond Connect. In cases such as non-compliant bill financing arrangements, the Exchange will expect the applicant to have demonstrated for a reasonable period normally 12 months that a it would be financially sound and could operate without reliance on the non-compliant bill financing arrangements; and b it has effective internal control to avoid future non-compliance of a similar nature.
Settlement process – Hong Kong
Click the “Confirm” button to submit document s or click the “Previous” button to return to the previous page for amendment if necessary. Exclude outdated risk factors. If this information is not available, this should be stated. The Rules provide a framework for the conduct of continuing connecting transactions, recognizing the practical difficulty flowcnart issuers have to comply with the connected transaction Rules each time a transaction is proposed.
C to be a controlling shareholder of the listing applicant as Mr. If the Exchange decides that this information is not substantially complete, the Exchange flowchaft not continue to review any documents relating to the listing application.
Identify risks individually, but avoid repetition and overlapping.