New statutory inside information disclosure regime and amendments to the Listing Rules come into effect on 1 January 2013 – Are you ready?

In our May 2012 e-bulletin, we summarised the new statutory disclosure regime for inside information under a Part XIVA of the Securities and Futures Ordinance (“SFO”) which will come into effect on 1 January 2013. As this date is fast approaching, this bulletin serves as a reminder to listed companies to ensure that you are … Read more

Amendments to the self-reporting requirement under the Code of Conduct to come into effect in December 2012

The Securities and Futures Commission (SFC)’s two-month consultation on the amendments to the Code of Conduct to facilitate the establishment of the Financial Dispute Resolution Centre Ltd (FDRC) and to enhance the regulatory framework (Consultation) ended in January 2012. The SFC recently published its consultation conclusions (Consultation Conclusions). The Consultation Conclusions confirm, amongst other things, … Read more

SFC imposed first revocation of IPO sponsor’s licence to advise on corporate finance for due diligence failings

On 22 April 2012, the Securities and Futures Commission (“SFC”) announced that it revoked Mega Capital (Asia) Company Limited’s (“Mega Capital”) licence to advise on corporate finance and fined it HK$42 million for failing to discharge its duties as a sponsor in the listing of Hontex International Holdings Company Limited (“Hontex”). This is the first … Read more

Court of Appeal rules partial waiver of privilege recognised in Hong Kong

In Citic Pacific Limited v Secretary for Justice  (unrep, CACV 60/2011), the Court of Appeal considered the legal principles relating to the nature and extent of legal professional privilege, and held that the concept of partial waiver of privilege is recognised under Hong Kong law. In the regulatory context, this important decision is a reminder … Read more

Court of Appeal upheld SFC’s appeal in Tiger Asia, confirming CFI’s power to make final orders based on own finding of alleged market misconduct

The Securities and Futures Commission (“SFC”) secured a victory in the Court of Appeal last week in its ongoing battle against the New York-based hedge fund Tiger Asia Management LLC and several of its officers. In its judgment last week, the Court of Appeal upheld the SFC’s appeal in which the regulator successfully argued for … Read more