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24 August 2011
SFC proposes takeovers-related rule amendments
The Securities and Futures Commission (SFC) has today
begun a one-month consultationto solicit public comments on proposed amendments to the Codes on Takeovers and Mergers and Share Repurchases.
Formulated in consultation with the Takeovers Panel, the proposals aim at amending the areas as follows:
Property valuation: Amend the property valuation requirement so that it will only be applicable to related-party transactions or offers which involve special deals that require shareholder approval. The proposed amendments recognise that in some circumstances, the continued full application of the valuation requirement may be unduly burdensome both in cost and time, especially in cases when the need for the valuation arises from the action of an unrelated party.
Confirmations of independence of placees: Clarify that it is the responsibility of financial advisers, placing agents and acquirers of the voting rights to confirm the independence of placees.
Timing of payment for acceptances: Change from 10 days to seven business days the prescribed period for payment of acceptances in response to a request by the Federation of Share Registrars Limited to allow share registrars and receiving agents a more manageable timeframe to process payments without compromising the interests of accepting shareholders.
http://www.sfc.hk/sfcPressRelease/EN/sfcOpenDocServlet?docno=11PR99
2011/8/25
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"We believe that the proposals could facilitate market operations and result in the disclosure of more focused and relevant information,? said Mrs Alexa Lam, the SFC?s Acting Chief Executive Officer. ?We also believe it is important to clarify the responsibilities of market practitioners."
Interested parties are invited to submit their comments to the SFC by 26 September 2011. Comments may be submitted online via the SFC website (www.sfc.hk), by e- mail to cfdconsult@sfc.hk, by post or by fax to 2810 5385.EndPage last updated: 24 August 2011
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http://www.sfc.hk/sfcPressRelease/EN/sfcOpenDocServlet?docno=11PR99
2011/8/25