HONG KONG: Arrangements for Electronic Filing of Disclosure of Interests Notifications

On 5th May 2017, the Securities and Futures Commission of Hong Kong (SFC) published new prescribed forms for disclosure of interest notifications (DI notices) for use when mandatory electronic filing takes effect on 3rd July 2017.

The SFC has issued a reminder to substantial shareholders (holding 5% or more of any class of voting shares in a listed company), REIT managers, their directors and chief executives, as well as any person who is interested in 5% or more of the units in an SFC-authorised REIT, that they are required to electronically submit DI notices with respect to their interests in securities of listed corporations from 3rd July 2017.

However, to ensure a smooth transition and minimise potential issues with using the DION System, the SFC and HKEX have agreed a three-month period from 3 July 2017, whereby filers may alternatively use the old forms and submit them by fax, hand, post or email to SEHK and to the listed corporation concerned.

DION System

For events triggering disclosure requirements which occur on or after 3 July 2017, filers should use the new prescribed forms and submit them through a new Disclosure of Interests Online System (DION System) to be introduced by Hong Kong Exchanges and Clearing Limited (HKEX). DI notices relating to events that occur before 3 July 2017 may be submitted using the old forms and methods.

Forms

The new prescribed forms for DI notices, available in both PDF and Microsoft Excel formats, must be completed and submitted electronically. They include enhanced versions of the existing six DI notices for substantial shareholders, directors and chief executives.

To improve the accuracy of the information provided, more precise event codes have been introduced. In addition, a new form will be introduced for listed corporations to report the results of their investigations of share ownership under section 329 of the SFO.

For the SFC announcement, please click the link at the top of the page.