Hong Kong Exchanges & Clearing Ltd. · HKEX:388
Hong Kong Exchanges & Clearing — HKAB Webinar (December 2022)
30 slides from Hong Kong Exchanges & Clearing's conference presentation, December 2022
Slide 1: Project FINI Updates and User Registration
Project FINI Updates and User Registration HKAB Webinar FINI Project Team December 2022
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to subscribe for or buy or sell any securities or other products or to provide any investment advice or service of any kin
Slide 3: Agenda
Agenda From mid-2023, all new listings on SEHK 01 Timeline to Launch will begin using the new FINI platform. 02 How to Get Ready User Registration for FINI has started on 03 SWIFT Implementation 8 Nov 2022. 04 User Guide This webinar is for Designated Banks who 05 Contacts & Support are involved in
Slide 4: Timeline to Launch
Re 01 | Timeline to Launch it . ==.
Slide 5: Timeline to launch
01 Timeline to launch HKEX plans to launch FINI around June 2023 (TBC) , subject to market readiness and regulatory approval TODAY 2020 2021 2022 ~ June 2023* FINI Concept Paper Conclusions Paper + FAQs Technical User & Testing Guides Registration Go-live * The actual launch date will be announced 2
Slide 6: Key Activities from Now to Launch
01 Key Activities from Now to Launch Registration Testing Setup User Testing 8 November 2022 – 25 November 2022 – Q1 – Q2 2023 17 February 2023 31 March 2023 Register online for FINI access Register for external testing Complete interface testing on SWIFT Required for all FINI Banks Set up
Slide 7: How to Get Ready
02 How to Get Ready • FINI Registration Guide • Testing & Familiarisation • Legal & Regulatory 7
Slide 8: FINI Registration Guide
02a FINI Registration Guide A FINI Registration Guide is available on the FINI webpage Contains step-by-step walk-through and FAQs Group entities (e.g. ABC Bank / ABC Securities Ltd.) should register each company for FINI separately* Your company will receive an email during the registration
Slide 9: User Management (Con'd)
02a User Management (Con'd) Following successful registration, access to HKEX’s production environment will be enabled for your company’s Delegated Administrators (DAs) in January 2023. Delegated Business Administrators Users Created / managed by HKEX Administrators Your company’s DAs Functional acc
Slide 10: Testing Setup
02b Testing Setup A Virtual Private Network (VPN) connection is required to access FINI’s test environment to access UI functions HKEX will support both Client-to-Site VPN and Site-to- Site VPN connectivity, at your company’s election A VPN Connectivity Guide and Testing Registration form has
Slide 11: Familiarisation
02b Familiarisation Market participants must be familiar with the T+2 settlement timetable, FINI workflows & user interfaces The FINI Information Pack continues to be updated with FAQs on all aspects of the FINI workflow for all users HKEX has published the following User Guides on 25 November
Slide 12: Legal and Regulatory (1/2)
02c Legal and Regulatory (1/2) FINI will be the platform for processing of all future Hong Kong IPOs Mandatory nature of Use of FINI will be mandatory FINI Avoid confusion for investors and issuers, and duplication of costs Shortened “T+2” IPO settlement enabled due to streamlined workflows
Slide 13: Legal and Regulatory (2/2)
02c Legal and Regulatory (2/2) FINI Terms & Conditions : Bank User Supplement (Highlights) Setup Nominee Account(s) for EIPO pre-funding lock-up, and send out DB Nominee confirmation on pre-funding status to FINI before cut-off time Account Enter into appropriate arrangement with its Designating
Slide 14: SWIFT Implementation
03 SWIFT Implementation • Testing Preparation & Scope • Data Specifications - SWIFT 14
Slide 15: Testing Preparation
03a Testing Preparation What should we do to prepare for the interface testing in Jan - Mar 2023? Setup nominee account(s) for testing purpose (HKD / USD / CNY) Provide respective SWIFT BIC, Branch Code and Account Number to HKSCC Nominee Account during testing registration Complete RMA setup
Slide 16: Testing Scope
03a Testing Scope The objectives of the testing is to ensure the SWIFT connectivity is successfully established between FINI and DBs (via SWIFT SAA server), and allows DBs to examine their internal operational processes and implementation progresses, where applicable, in order to: 1) receive the FIN
Slide 17: Data Field Specifications - SWIFT (MT900)
03b Data Field Specifications - SWIFT (MT900) All fields are mandatory to provide including fields which HKEX will not validate 17
Slide 18: Data Field Specifications - SWIFT (MT195)
03b Data Field Specifications - SWIFT (MT195) All fields are mandatory to provide including fields which HKEX does not validate 18
Slide 19: Bank User Guide
04 Bank User Guide • EIPO Funding Model (recap) • FINI Functions 19
Slide 20: EIPO funding model (recap from previous webinar)
04a EIPO funding model (recap from previous webinar) Use of Nominee Account Structure Legal title DB, or its nominee company Interest-bearing DB’s discretion Beneficial owner No restriction from HKEX, subject to CPs Money recycling (account) HKMA guidelines Ultimate beneficial owner One per DB and C
Slide 21: FINI Functions: EIPO Funding (1/3)
04b FINI Functions : EIPO Funding (1/3) A After Public Offer close: DB to transfer pre-funding from CP's account to nominee account, then provide a confirmation to HKSCC in EIPO Funding section A 21
Slide 22: FINI Functions: EIPO Money Settlement (2/3)
04b FINI Functions : EIPO Money Settlement (2/3) B After pricing / ballot: • DB to transfer from DB’s nominee account: (i) allotment money to Issuer’s account; (ii) release surplus to CPs' account; • The settlement details and confirmation status of underlying CP will be displayed in EIPO Money Sett
Slide 23: FINI Functions: EIPO Refund (3/3)
04b FINI Functions : EIPO Refund (3/3) C IPO cancellation after settlement (extreme case): • RB to refund allotment money from Issuer’s account to CPs' account • The refund status of each CP will be displayed in EIPO Refund section C FINI also triggers refund if the IPO is cancelled during/after the
Slide 24: How to Get Ready (recap)
05 | How to Get Ready (recap) 24
Slide 25: Key Dates to Remember
05 Key Dates to Remember Registration will commence… To be completed by… On-boarding 8 November 2022 17 February 2023 (Tue) (Thu) Testing Setup 25 November 2022 31 March 2023 (Fri) (Fri) To be announced around… Expected to be… Interface Testing December 2022 Q1 2023 GUI Testing January / February 20
Slide 26: Contacts & Support
Re 06 | Contacts & Support it . ==. 26
Slide 27: Resources
06 Resources Available at https://www.hkex.com.hk/fini FINI Recap Concept Paper Updated FINI Concept Paper Conclusions Information Pack Timeline to Launch Online FINI FINI How to Get Ready FINI Terms & Registration Registration FINI API Guide Conditions Form Guide • Registration • Familiarisation &
Slide 28: HKEX Contacts for FINI
06 HKEX Contacts for FINI Operating Hours: 09:00 to 18:00, Mondays to Fridays (excluding Public Holidays) HKEX welcomes enquiries from the market +852 2211 5888 [email protected] 28
Slide 29: FINI Q&A
Go to www.menti.com and use the code 4257 6573 FINI Q&A Goto www.menti.com Enter the code 4257 6573
Slide 30: Questions?
Questions? For further information on HKEX, please go to hkexgroup.com and hkexnews.hk For further information on FINI, please go to hkex.com.hk/fini
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