The Securities and Futures Commission (SFC) today released guidance to reflect the Mainland’s new regulations for overseas listings which will take effect on 31 March 2023 (Note 1).
The SFC issued a Frequently Asked Question (FAQ) relating to the “Disclosure of interests in PRC issuers” under Part XV of the Securities and Futures Ordinance, while the Takeovers Executive (Note 2) published Practice Note 25 to guide market practitioners on the application of the Codes on Takeovers and Mergers and Share Buy-backs under the new rules.
The new FAQ can be found on the SFC website under “Published resources – FAQs – Part XV - Disclosure of interests” and Practice Note 25 is available under “Regulatory functions – Corporates – Takeovers and mergers – Practice Notes”.
End
Notes:
The new regulations were announced on 17 February 2023 in the Decision of the State Council to Repeal Certain Administrative Regulations and Documents (《國務院關於廢止部分行政法規和文件的決定》) issued by the State Council of the PRC and the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (《境內企業境外發行證券和上市管理試行辦法》) and related guidelines issued by the China Securities Regulatory Commission. On 24 February 2023, the Stock Exchange of Hong Kong Limited published a consultation paperon proposed amendments to the Listing Rules which would apply to Mainland issuers after the new rules are implemented.
The Executive Director of the SFC’s Corporate Finance Division or his delegate.
Comments