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Screenshot of a breaking news alert e-mail from Q2 2017
The Securities and Futures Commission (SFC) informed that it has today launched a three-month consultation on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs (Codes).
Key proposals enhance investor protection by increasing the voting approval threshold for whitewash waivers to 75% of independent shareholders and empowering the Takeovers Panel to require compensation to be paid to shareholders who have suffered as a result of a breach of the Codes.
Other proposed amendments clarify the obligations of persons dealing with the Takeovers Executive, the Takeovers Panel and the Takeovers Appeal Committee in all Codes transactions, requiring their prompt cooperation and assistance and the provision of true, accurate and complete information.
The proposed changes are aimed at affording fair treatment for shareholders and protecting the interests of those who participate in Hong Kong’s securities markets,” said Mr Ashley Alder, the SFC’s Chief Executive Officer.
In addition, the consultation sets out proposed amendments to the term “associate” as well as the approval of delistings by independent shareholders in jurisdictions which do not afford compulsory acquisition rights.
The complete announcement can be seen here.