On 19 May 2023, the Securities and Futures Commission (SFC) published itsconsultation paperon its proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs (Takeovers Code) (Consultation Paper). The amendments we...
The SFC notes that the Code’s existing timing requirements create confusion as to which day should count as Day 1. For example, Rule 8.2 uses “within 21 days of the date of the announcement”, while Rule 20.1 uses “within 7 business daysfollowingthe later of…”. The SFC p...
SFC Applies Takeovers Code to Hong Kong Listed REITs and Enhances Market Conduct Regulation for Listed Collective Investment SchemesMilton W. M. ChengJason See Wei Ng
9. Each of the Rule 3.7 Announcement, the Refresher Announcements and the Rule 3.5 Announcement contained a clear reminder to associates of Denway (as defined under the Takeovers Code) that they should disclose their dealings in Denway in accordance with Rule 22 of the Takeovers Code.Dec...
Class (5) would be replaced with a class including exempt principal traders and exempt fund managers which the SFC considers should continue to be subject to the disclosure obligation and other obligations applicable to associates. Class (6) (5%+ shareholders etc.) ...
The SFC's proposed amendments could try to tackle fictitious problems with impractical regulationUnlock this content. The content you are trying to view is exclusive to our subscribers. To unlock this content: Take a Free Trial or Login ...
Division, SFC (ED(CF)/SFC) supplemented that the CodeonTakeovers and Mergerswasalready applying strict requirements on listed [...] legco.gov.hk legco.gov.hk 證監會企業 融資部執行董事補充,《公司收購及合併守則》已對上市法團及專業人員施加嚴格的資料保密規 定。
若股息的支付须扣除预扣税,要约人只可根据股东收取或应收的总股息来调低要约价。 以上对于咨询文件提出的主要修订建议仅供参考,有关咨询文件的详情及原文请参照https://sc.sfc.hk/TuniS/apps.sfc.hk/edistributionWeb/api/consultation/openFile?lang=TC&refNo=23CP5。
The article reports on the move by the Securities and Futures Commission (SFC) of Hong Kong, China, to reprimand Goldman Sachs for violating the Code on Takeovers and Mergers while working as a financial adviser to Wing Hang Bank.Breen
was appointed to the SFC’s Takeovers and Mergers Panel and a member of the Takeovers Appeal Committee Panel in October 2005 and continues to serve on these panels. This experience gives us crucial insights into the complexities of Hong Kong public bids and the Takeovers Code framework, as well...