Following a market consultation, on 1 August 2025 The Stock Exchange of Hong Kong Limited (the HKEx) finalised a series of amendments to its Listing Rules (the Amendments), aiming at enhancing IPO price discovery and strengthening open market standards. They introduce changes that can be broadly categorised into:
The Amendments are designed to enhance price discovery, improve allocation transparency, and promote a more active and accessible post-listing market. This article provides an overview of the key amendments and their practical implications for listing applicants and listed issuers of the Main Board of HKEx. The Amendments took effect on 4 August 2025.
Publication
The Federal Court of Appeal (FCA) in Canada v Vefghi Holding Corp recently released a highly anticipated decision regarding the timing for determining when two corporations interposed by a trust, hereinafter referred to as the Paying Corporation and the Corporate Beneficiary, must be “connected” for purposes of applying Part IV tax.
Publication
The Dubai Financial Services Authority (DFSA) has published a thematic review examining self-custody arrangements by fund managers (FMs) operating in the Dubai International Financial Centre (DIFC). The review follows a ‘burgeoning’ increase in the number of domestic funds and a growing trend of FMs opting to retain custody of fund property, raising concerns around operational resilience, governance, and investor protection.
Publication
On September 9. 2025, the Financial Services Regulatory Authority (FSRA), the financial services regulator in the Abu Dhabi Global Market (the ADGM), published Consultation Paper No. 9 of 2025 (CP9), outlining a comprehensive proposed regulatory framework for Regulated Activities involving Fiat-Referenced Tokens (FRTs).
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