(14)A recognised exchange company's statutory duty under the section 21 of the SFO is to ensure an orderly, informed and fair market. Listing rules are requirements set out in the exchange rulebook in compliance with the SFO where the market operator establishes its internal rules to ensure the provision of a fair, orderly and efficient market for the trading of securities and require that the issue of securities is conducted in a fair and orderly manner, and that all holders of issued securities are treated fairly and equally. The listing rules contain the basic qualification requirements for listing of securities. These rules also comprise requirements which have to be met before securities may be listed and also continuing obligations with which an issuer must comply once listing has been approved. According to Section 24 of the SFO, the SFC must approve those listing rules. An applicant for listing must be duly incorporated, must satisfy certain capital requirements, disclosure requirements and have sufficient management presence in Hong Kong. Both the applicant and its business must, in the opinion of the market operator, be suitable for listing. A recognised exchange company retains an absolute discretion to accept or reject applications for listing. Any waiver from the listing rules can only be granted on a case-by-case basis having regard to the circumstances of a particular case. Where such waiver is intended to have a general effect, it may only be granted with the prior consent of the SFC. A recognised exchange company must certify to the SFC that the security has been approved for listing and quotation. The securities must be freely transferable and meetcertain criteria regarding the distribution of securities to the public. Finally, to secure orderly trading of securities, the SFC can suspend trading in a financial product or class of financial products traded on a recognised exchange company.