Webinar | SFC Consultation on Proposed Takeovers Codes Amendments & Share Buy-Backs | 2 August 2023

The Hong Kong Securities and Futures Commission (SFC) published its Consultation Paper on the proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs in May of this year. The consultation proposed a number of changes, including the codification of various existing practices of the Takeovers Executive, housekeeping amendments and green initiatives aimed at cutting the number of paper documents published under the Codes.

This webinar covers the SFC’s proposed revisions to the Codes in detail, including those to:
-the definitions of “close relatives”, “voting rights”, “derivatives” and “on market share buy-backs”;
- the provisions on “irrevocable commitments”;
- give the Executive express power to issue “Put Up” or “Shut Up” orders;
- align the timing for the return of share certificates with the timing of payment of offer consideration;
- prohibit offer price disclosure in Talks Announcements;
- require special deal disclosures in firm intention announcements;
- introduce a number of green initiatives.

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