HK to relax pre-vetting requirement on takeover announcements

Hong Kong Securities and Futures Commission (SFC) announced on Friday that, with immediate effect, certain routine takeovers-related announcements will no longer be required to be submitted to the Executive for comment prior to publication.

The changes came following a four-week public consultation on proposals to relax the current pre-vetting requirement of certain routine announcements issued under the Codes on Takeovers and Mergers and Share Repurchases (Codes) and to make miscellaneous amendments to the Codes.

"Respondents generally agreed with the proposed amendments, expressing the opinion that they represent a positive development that would reduce compliance burden potentially," said the SFC's Chief Executive Officer Martin Wheatley.

Source:Xinhua