HONG KONG: SFC Updates Guidance on Announcements and Documents under the Codes on Takeovers

Wednesday October 3 2018

On 28 September 2018, the Securities and Futures Commission of Hong-Kong (SFC) published a revised version of Practice Note 20 (PN20) “Guidance note on announcements and documents under the Codes on Takeovers and Mergers and Share Buy-Backs (Codes)”.

The revised guidance makes several changes to the March 2017 Version, including the addition of a new section 11 “Appointment of Financial Advisers”, which requires the potential offeror, the offeror or the offeree company to as soon as possible and in any event within three business days after the publication of the announcement commencing the offer period, to provide the Executive with a list of their financial advisers who are advising them in relation to the transaction which involve the issue of an offer document, offeree board circular, whitewash document, share buy-back offer document or off-market share buy-back circular under the Codes.

Click the link above for more information.