Overview of Dual-Listed Company Requirements

Companies with dual listings face unique challenges in maintaining compliance across multiple jurisdictions. Corporate websites serve as critical touchpoints for regulatory disclosure, requiring careful attention to both US and international requirements.

Key Compliance Consideration

Dual-listed companies must ensure their website disclosures meet the most stringent requirements of all jurisdictions where they are listed, not just the minimum standards of their primary market.

Essential Disclosure Elements

Financial Information

Annual and quarterly reports, earnings releases, and financial statements must be prominently displayed and easily accessible. Consider multilingual versions for international investors.

Corporate Governance

Board composition, committee charters, corporate governance guidelines, and executive compensation information should be clearly presented and regularly updated.

Regulatory Filings

SEC filings, proxy statements, and equivalent regulatory documents from all listing jurisdictions must be readily available to investors and stakeholders.

Material Events

Press releases, material change notifications, and other significant corporate events must be disclosed promptly and maintained in an organized archive.

US-Specific Requirements

SEC Compliance Standards

US-listed companies must ensure their websites comply with SEC guidance on electronic disclosure. This includes providing equal access to information, maintaining historical records, and ensuring compatibility across different technologies and devices.

  • Form 10-K and 10-Q filings must be accessible within four business days of filing
  • Proxy statements should be available at least 40 days before annual meetings
  • Current reports (Form 8-K) must be posted promptly following material events
  • Interactive data requirements for financial statements (XBRL format)

Fair Disclosure Considerations

Regulation FD requires that material information disclosed to analysts or institutional investors be simultaneously made available to the general public through accessible channels, including corporate websites.

International Market Considerations

European Market Requirements

Companies listed on European exchanges must comply with the Market Abuse Regulation (MAR) and Transparency Directive requirements. This includes specific timing and format requirements for disclosure.

Multi-Jurisdictional Best Practice

Implement a centralized disclosure system that can simultaneously publish information to all required markets while maintaining local language and formatting requirements.

Asian Market Compliance

Different Asian markets have varying requirements for corporate disclosure. Companies should work with local counsel to ensure compliance with specific market requirements in jurisdictions such as Hong Kong, Singapore, or Tokyo.

Technical Implementation Guidelines

Website Architecture

Corporate websites should be structured to facilitate easy navigation to compliance information. Consider implementing dedicated investor relations sections with clear categorization of different types of disclosures.

Accessibility and Format Standards

Ensure all disclosure documents are available in formats that are accessible to users with disabilities and compatible with assistive technologies. This includes proper HTML structure, alternative text for images, and machine-readable formats where required.

Archive and Retention Policies

Establish clear policies for how long different types of information will be maintained on the website and ensure compliance with the longest retention requirement among all listing jurisdictions.

Best Practices for Ongoing Compliance

  • Establish clear governance procedures for website content approval and publication
  • Implement automated systems where possible to reduce timing delays
  • Regularly audit website compliance across all applicable jurisdictions
  • Maintain relationships with local counsel in all listing markets
  • Train internal teams on disclosure timing and format requirements
  • Establish backup systems and procedures for system failures

Continuous Monitoring

Regulatory requirements evolve constantly. Establish a system for monitoring changes in disclosure requirements across all relevant jurisdictions and updating website practices accordingly.

Conclusion

Maintaining compliance with corporate website disclosure requirements across multiple jurisdictions requires careful planning, robust systems, and ongoing attention to regulatory developments. Companies that proactively address these requirements not only ensure compliance but also enhance transparency and investor confidence.

Working with experienced legal and compliance professionals familiar with multi-jurisdictional requirements is essential for developing and maintaining an effective corporate disclosure strategy.