HONG KONG: SFC to launch online reporting for Hong Kong takeovers dealing disclosures

Friday May 30 2014

The Securities and Futures Commission has launched a new online platform to streamline the submission process for Hong Kong takeovers disclosures of dealings under Rule 22 of the Code on Takeovers and Mergers. Starting 1 July 2014, all Rule 22 dealing disclosures must be submitted using the online system.

Simultaneously, the SFC has introduced more user-friendly electronic versions of the public and private disclosure forms for use with the new system. A system user guide is also available online. These changes aim to enhance efficiency and transparency through more timely dissemination of material information during an offer period.

In accordance with Rule 22 of the Takeovers Code, parties to an offer and their respective associates (including 5% shareholders) are reminded to report their dealings in the offeree company (or the offeror company as well in the case of a securities exchange offer), made by themselves or for discretionary clients, during an offer period.

Click on the above link for the new online reporting portal.