The Stock Exchange listing committee has proposed extending the blackout period applicable to the publication of an issuer's annual financial results from one month to 60 days.

Blackout periods for half-year and other interim periods will be 30 days, in line with the current requirement of one month.

To help the Stock Exchange monitor the revised blackout arrangements issuers will be required to give prior notification to the Listing Division of the imminent start of any blackout period relating to the publication of financial results.

The move is proposed to come into effect April 1.

At today's meeting the committee said the current rule on the blackout period, providing for a one month restricted period, is insufficient to bolster investor confidence by reducing suspicions of abuse by company insiders of information they might have or might be thought to have leading up to a results announcement.

To ensure a regular flow of timely information concerning issuers' financial performance and position, the committee believes the Listing Rules should be enhanced to require issuers to report to the market on a quarterly basis.

The Stock Exchange will explore alternative approaches and undertake further consultation with stakeholders on alternatives to quarterly financial reporting.