| Date
| Context
| Summary of development
| Action
|
|---|
| 25.7.02
| PRESS
| The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), published a Consultation Paper on Proposed Amendments to the Listing Rules relating to Initial Listing and Continuing Listing Eligibility and Cancellation of Listing Procedures (the Consultation Paper). [Press release] [Executive summary of the Consultation Paper]
|
|
| 26.7.02
| PRESS
| HKEx clarified proposals on penny stocks. [Press release]
|
|
| 26.7.02
| PRESS
| The Securities and Futures Commission (SFC) made statements on the delisting mechanism proposed by HKEx on 25.7.02. [Press release]
|
|
| 27.7.02
| PRESS
| HKEx extended the consultation period on proposed amendments to the Stock Exchange Main Board Listing Rules relating to listing eligibility and publish a supplementary paper on the delisting proposal. [Press release]
|
|
| 28.7.02
| PRESS
| The Chairman of HKEx made a statement on market consultation relating to listing eligibility. [Press release]
|
|
| 28.7.02
| PRESS
| The Secretary for Financial Services and the Treasury (SFST) made some remarks on the delisting mechanism proposed by HKEx on 25.7.02. http://www.info.gov.hk/gia/general/200207/28/0728224.htm
|
|
| 31.7.02
| FA
| The Panel met with the representatives of the Administration, SFC, HKEx and the four industry bodies of the securities brokerage industry to discuss issues arising from the proposed amendments to the listing rules relating to the delisting mechanism announced by HKEx on 25.7.02 and the unusual market movement of penny stocks on 26 July 2002 (the Incident). [Extract of article on "Quality of Market and the Case for More Effective Delisting Mechanism" issued by SFC on 25.7.02] [A joint statement in the press made by 72 listed companies and addressed to the Chief Executive, HKEx, dated 29.7.02 (Chinese version only, no softcopy)] [Letter addressed to SFST from Hon Emily LAU dated 29.7.02 on "proposals relating to the delisting mechanism announced by Hong Kong Exchanges and Clearing Limited" (Chinese version only, no softcopy)] [Information note prepared by the Secretariat] [Letter from Hon Henry WU to the Chief Executive on request for setting up a commission of inquiry] [Reply from CE to Hon Henry WU] [Letter dated 31.7.02 from FS on HKEx's proposals relating to delisting mechanisms]
Hon Emily LAU moved a motion that the Panel should request CE to set up a commission of inquiry under the Commission of Inquiry Ordinance to investigate into the Incident. The motion was carried. [Minutes "page 21"]
|
|
| 31.7.02
| PRESS
| The Administration appointed an independent panel of inquiry to look into the circumstances leading to the Incident and the arrangements for preparation and release of a consultation paper relating to delisting mechanism made public by HKEx on 25.7.02. The panel was required to submit a report before 10.9.02. [Press release]
|
|
| 10.9.02
| PRESS
| The Panel on Inquiry on Penny Stocks Incident submitted its report to the Financial Secretary (FS). [Press release] [Report] [CE's transcript] [FS's statement] [SFST's remarks] [SFST's transcript]
|
|
| 11.9.02
| -
| SFST openly accepted the criticism made in the Report on Inquiry on Penny Stock Incidents on him over the role he played in the Incident and apologized to the public.
|
|
| 16.9.02
| FA
| The Panel discussed with the Administration on the report of the Panel of Inquiry on Penny Stock Incident and other related matters. [Paper]
|
|
| 20.9.02
| FA
| The Panel met with SFC, HKEx and industry associations which had submitted representations to the Panel of Inquiry on Penny Stocks Incident.
|
|
| 26.9.02
| PRESS
| The Administration announced the appointment of the Expert Group to Review the Operation of the Securities and Futures Market Regulatory Structure (Expert Group). [Press release]
|
|
| 8.10.02
| FA
| The Panel discussed whether and how the Panel should follow-up the various issues arising from the Incident. [Major issues raised at the Panel meetings on 31.7.02, 16.9.02 and 20.9.02]
The Administration provided the following papers after the meeting -
| "Comments on the responsibilities of HKEx in the Penny Stocks Incident quoted by the media" provided by the Chief Executive of HKEx [Paper (Chinese version only, no softcopy)]
| | Letter dated 7.10.02 from SFST providing information on the remuneration of the Panel of Inquiry on the Penny Stocks Incident and the Expert Group [ Paper (English version only)]
| | Letter dated 7.10.02 from the Clerk to Panel to SFST on the terms of reference of the Panel of Inquiry on the Penny Stocks Incident and the Expert Group [Paper (English version only)]
| | Letter dated 7.10.02 from SFTS on the terms of reference of the Panel of Inquiry on the Penny Stocks Incident and the Expert Group [Paper (English version only)]
|
|
|
| 23.10.02
| CQ
| Hon CHEUNG Man-kwong referred to the Incident and enquired whether SFST complied with the Code for Principal Officials under the Accountability System. [Hansard "page 28"]
|
|
| 11.11.02
| FA
| The Panel met with the trade to receive their views on the report of the Panel of Inquiry on Penny Stock Incident. Relevant paper were as follows -
| Letter from the Panel Clerk dated 16.10.02 to the Administration on the Penny Stocks Incident [Paper]
| | Reply letter dated 25.10.02 from the Permanent Secretary for Financial Services and the Treasury [Paper]
| | Letter from the Panel Clerk dated 15.10.02 to the Chairman of SFC on the Penny Stocks Incident [Paper]
| | Reply dated 24.10.02 from the Chairman of SFC [Paper]
|
The Administration provided the Panel with an information paper on the implementation of the recommendations in the Report of the Panel of Inquiry on the Penny Stock Incident after the meeting. [Follow-up paper]
|
|
| 21.3.03
| PRESS
| The Expert Group delivered its Report to FS. [Press release] [FS's response to the Report] [FS's transcript]
|
|
| 13.6.03
| FA
| The Panel discussed with the Administration on its plan on how to take forward the recommendations of the Expert Group and the timetable for the public consultation to follow up the recommendations of the Expert Group. [Report] [Personal view of Mr Peter Clarke, member of the Expert Group (English version only)] [Paper]
|
|
| 3.10.03
| PRESS
| The Administration published a Consultation Paper on Proposals to Enhance the Regulation of Listing. [Press release] [Consultation paper]
|
|
| 26.3.04
| PRESS
| The Administration released the Consultation Conclusions on Proposals to Enhance the Regulation of Listing which set out measures to improve the regulation of listings to enhance market quality. [Press release]
|
|
| 2.4.04
| FA
| The Panel discussed with the Administration on the Consultation Conclusions. [Paper]
|
|
