Monday March 3 2014

News Source: Global Disclosures

Focus: Takeover and Acquisition

Type: General

Country: Hong Kong




The Hong Kong Securities and Futures Commission (SFC) has announced that it has made a number of revisions to the Hong Kong Takeovers Code, with immediate effect.

The majority of changes are as a result of the entry into effect of the new Companies Ordinance, and are largely terminology-related rather than substantive:

  • The term share “repurchases” has been revised to share “buy-backs”
  • The Code has been renamed the Code on Takeovers and Mergers and Share Buy-backs
  • References to the Telecommunications Authority have been changed to the Communications Authority to reflect changes to the Telecommunications Ordinance
  • The number of copies of a document that must be filed with the Takeovers Executive under Rule 12.1 of the Takeovers Code has been reduced from 6 to 2 to promote environmentally friendly practices
  • Rule 26.6 and Note to Rule 26.6 of the Takeovers Code have been deleted as they are no longer applicable.

Click on the above link for the press release.