chinese wall sfcshinedown attention attention

through training, disciplinary action against staff in breach of policies, management example, etc;Corporate finance information may sometimes be legitimately disclosed by persons within a firm's corporate finance business unit to staff on the non-private side of a Chinese Wall and sometimes even to other clients, for example, to conduct "market soundings" in a placing ("Wall-crossing" or bringing someone "Over-the-wall").

This is because it “may give an impression that the listing department is assisting the HKEX business side to win business or to service issuers and applicants”.The commission found HKEX chief executive Charles Li Xiaojia and the then listing head David Graham joined some of the meetings in 2018, which the SFC said is inadvisable.Graham retired at the end of last year while Li said The commission also told the HKEX to review its internal procedures “to ensure that HKEX business executives do not and are not seen to pressure the listing department to respond more swiftly to particular applicants.”The SFC gives detailed instruction on this point, citing the business promotional staff should avoid “repeatedly referring to the desirability of those applicants or by copying the chief executive to whom the head of listing reports on an email”.HKEX's listing approval process came under the spotlight in March after the Independent Commission Against Corruption “We look forward to continuing to work closely with the SFC to refine and further raise the competitiveness of our listing regime,” a spokesman of the HKEX said.Misinformation and politics are fueling fears of a Chinese debt trap in NigeriaHong Kong police raid pro-democracy newspaper, arrest ownerStocks unfazed by latest spike in US-China tensionsFamily of Chinese man cleared of murder exhausted by media glare and accusationsRubio, sanctioned by China, blasts HK security law arrestsTakiyuddin claims minutes show Dr M, Guan Eng ‘interfered’ in 1MDB-linked tycoon’s caseThousands Without Power After High Winds Rip Through OmahaEyes on Saddiq's next move after absence at Dr M's new party launchHK actress Cecilia Cheung’s mother works as Uber driver to make ends meetLangkawi Bersatu crippled after 22 divisional committee members quit party in support of Dr Mahathir
Chinese wall is a business term describing an information barrier within an organization that was erected to prevent exchanges or communication that could lead to conflicts of interest. lawyer-client relationship between Charltons and the user or browser.

because the recipients' views on a transaction are needed) and the recipients must be subject to a duty of confidentiality such that they cannot use or disclose the information for their own or others benefit until the information becomes public or otherwise ceases to be price-sensitive. Where a CFA carries on different businesses, physical separation helps reduce the risk of accidental leakage and disclosure by confining information to a limited number of persons within a limited physical area.Although physical separation is a necessary element in an effective system, it is not of itself enough to constitute effective Chinese Walls. The Securities and Futures Commission has ordered Hong Kong Exchanges and Clearing, which operates the third-largest stock market in Asia by market capitalisation, to do more to prevent internal conflicts of interests over new listings.The exchange, which was the largest IPO market worldwide seven times in the past 11 years, both approves new listings and earns money from listing fees paid by companies floating on the stock exchange.Removing potential conflicts of interest is a crucial step towards strengthening investors’ confidence, which will help HKEX compete with other exchanges such as the Nasdaq in the US as well as the Star Market in Shanghai.“It’s the right way forwards as it will upgrade the quality of new listings … and strengthen Hong Kong’s status as an international financial market in the longer term,” said Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers.The SFC, which regulates the exchange concluded that the The review covers IPOs in 2018, the same year that the HKEX carried out its largest “The listing department’s Chinese wall protocol contains numerous ambiguities, does not fully address key aspects of the Chinese wall and may be difficult for department staff to interpret and follow,” the SFC report said.The SFC urged the listing department staff who vet the listing candidates, not to attend introductory meetings with prospective listing applicants alongside HKEX’s business executives. In particular, this must be done on a "need to know" basis (e.g. how to promote a compliance culture that values protection of client information e.g.
Whereas a failure to However, such disclosures must be subject to proper controls, and must not be made if such staff or client has expressly or impliedly refused to be "brought across the wall".

at: Charltons - Hong Kong Law Newsletter - Issue 189 - 26 April 2013

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