SFC amends Codes on Takeovers and Mergers and Share Repurchases to align with new Companies Ordinance

The Securities and Futures Commission (SFC) has with immediate effect amended the Codes on Takeovers and Mergers and Share Repurchases (the Codes) to bring them in line with the new Companies Ordinance which comes into force today. 

The amendments change the terminology used in the Codes from share “repurchases” to share “buy-backs.” As a result, the Codes have been renamed the Codes on Takeovers and Mergers and Share Buy-backs.

The Takeovers Executive (Note 1) has also made the following housekeeping amendments to the Codes:

• Changing references to the Telecommunications Authority to the Communications Authority to reflect changes to the Telecommunications Ordinance;
• Reducing the number of copies of a document that must be filed with the Takeovers Executive under Rule 12.1 of the Takeovers Code from six to two to promote environmentally friendly practices; and
• Deleting Rule 26.6 and Note to Rule 26.6 of the Takeovers Code as they are no longer applicable.

The amendments to the Codes were gazetted on 28 February 2014. 

End

Note:

1. The Takeovers Executive refers to the Executive Director of the Corporate Finance Division of the SFC or any delegates of the Executive Director.