Hong Kong – SFC Amends Codes on Mergers, Takeovers

On 13 July 2018, HK SFC, gazetted amendments to codes on mergers, takeovers.

  • Released consultation conclusions and respondents were generally supportive of
    proposals, majority of which were adopted with some modifications from feedback.
  • The amended codes which were gazetted on 13 July, will be effective immediately.

 

Key Proposals from Original Consultation:

  • Increase voting approval threshold for whitewash waivers to 75% of shareholders.
  • Panel to require compensation be paid to shareholders who suffered from breach.
  • Clarify the obligations of persons dealing with the Takeovers Executive, Takeovers
    Panel and the Takeovers Appeal Committee in all Codes transactions, cooperation.
  • Also sets out proposed amendments to the term “associate” as well as approval
    of delistings in jurisdictions which do not afford the compulsory acquisition rights.

RRS Adds Coverage for Jamaica

Solutions Atlantic has released coverage for Jamaica, following the addition of this jurisdiction to aosphere’s Rulefinder. This brings the total jurisdiction coverage to 97 in the RRS Rules Library. Investors in Jamaica will find themselves subject to major shareholding disclosure obligations as well as short selling and issuer limits.