Global Trustee and Fiduciary Services Bite-Sized Issue 9 2024

7 QUICK LINKS AI DORA FUND LIQUIDITY MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG TOKENISATION AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2024 SFC Consults on Proposals to Abolish Mixed Media Offers On 16 August 2024, the Securities and Futures Commission (SFC) published a two-month consultation on proposals to abolish mixed media offers (MMOs) to facilitate a fully electronic process for public offerings and enhance the efficiency of the regulatory process in Hong Kong. To this end, the SFC says it has proposed amendments to the Companies (Exemption of Companies and Prospectuses from Compliance with Provisions) Notice to remove the exemption permitting MMOs. The SFC states that the proposed changes would remove the option for an issuer of equity or debt securities listed or to be listed on The Stock Exchange of Hong Kong Limited (SEHK) to issue printed application forms accompanied by electronic prospectuses under the Companies (Winding Up and Miscellaneous Provisions) Ordinance as the SEHK is gearing up to further expand the paperless listing regime. In addition, the SFC intends to cease granting waivers for the use of MMOs in public offerings of SFC-authorised collective investment schemes listed or to be listed on the SEHK. The deadline for comments is 18 October 2024. Link to Consultation here HKEX Publishes Consultation Paper on a New Phase of Paperless Listing Reforms On 16 August 2024, the Stock Exchange of Hong Kong Limited (the Exchange), published a consultation paper seeking public feedback on proposals to further expand its paperless listing regime and other rule amendments. Key proposals in the Consultation Paper include: • Electronic securities holders’ instructions : to provide securities holders with the option to send Requested Communications2 to issuers electronically. • Real-time electronic payment of Corporate Action Proceeds : to provide securities holders with the option to receive Corporate Action Proceeds (including dividends) electronically via CHATS. • Electronic subscription monies : to provide securities holders with the option to pay subscription monies for offers electronically. • Hybrid general meetings & E-voting : to help ensure online participation at general meetings is possible and securities holders can vote by electronic means. • Web accessibility of issuers’ corporate communications : to seek market feedback on the incorporation of web accessibility guidelines into listing requirements. The public comment period ends on 18 October 2024. Link to Consultation Paper here