Schedule 1 22


Download 118.39 Kb.
NameSchedule 1 22
page1/7
A typeSchedule
manual-guide.com > manual > Schedule
  1   2   3   4   5   6   7
____________________________________________________________________
Disclosure of Interests under

the Securities and Futures Ordinance
_________________________________________________________________________________





Hong Kong

Shanghai

Beijing

Yangon



www.charltonslaw.com

Table of Contents



A. Disclosure by Substantial Shareholders 1

1. SUBSTANTIAL SHAREHOLDING THRESHOLD 1

2. WHEN IS NOTIFICATION REQUIRED? 1

3. DISCLOSURE OF INTERESTS IN EQUITY DERIVATIVES 2

4. DISCLOSURE OF SHORT POSITIONS 3

5. HOW MANY SHARES IS A PERSON TAKEN TO BE INTERESTED IN IN THE CASE OF EQUITY DERIVATIVES? 4

6. CALCULATION OF A PERSON'S INTEREST 4

7. NOTIFICATION OF CHANGES IN THE NATURE OF INTERESTS 5

8. WHAT CONSTITUTES AN INTEREST IN SHARES? 5

9. DEEMED INTERESTS 6

10. DISCLOSURE OBLIGATIONS RESULTING FROM SHARE REPURCHASES AND PLACEMENTS 7

11. CESSATION OF INTERESTS (SECTION 322(10)) 8

12. EXEMPTIONS 8

13. INFORMATION TO BE DISCLOSED (SECTION 326) 14

14. TIMING OF NOTICE 14

15. FORMS TO BE USED 14

16. PENALTIES FOR FAILURE TO DISCLOSE (SECTION 328) 15

B. Directors and Chief Executives 15

1. DISCLOSEABLE INTERESTS 15

2. WHEN IS NOTIFICATION REQUIRED? 16

3. INTERESTS IN SHARES UNDER EQUITY DERIVATIVES 16

4. SHORT POSITIONS 17

5. CALCULATION OF PERCENTAGE FIGURE OF DIRECTORS' INTERESTS 17

6. CHANGES IN THE NATURE OF INTERESTS 17

7. DEEMED INTERESTS (SECTION 344) 18

8. EXEMPTIONS 18

9. INFORMATION TO BE DISCLOSED (SECTION 349) 18

10. PENALTIES FOR FAILURE TO DISCLOSE 18

C. Registration of the Interests and Short Positions of Substantial Shareholders, Chief Executives and Directors 19

D. INVESTIGATIONS OF SHAREHOLDERS BY A LISTED COMPANY 20

SCHEDULE 1 22

EXAMPLES OF WHAT CONSTITUTES AN “INTEREST” IN SHARES 22


Please note that this memorandum is for general information purposes only. Specific legal advice should be sought in relation to any particular situation.

INTRODUCTION
Hong Kong’s disclosure of interests regime is set out in Part XV of the Securities and Futures Ordinance (Cap. 571) (SFO) and requires directors, chief executives and substantial shareholders of companies listed in Hong Kong to disclose their interests in the shares and debentures of such companies. Failure to make a disclosure required under Part XV is a criminal offence. Part XV also entitles listed companies to investigate ownership of their shares.
The regime is extremely complex. However, the conclusions reached following a 2005 SFC consultation1 on revisions to the regime were never implemented. Most recently, the Financial Services Development Council has recommended simplifying the regime in a paper published in December 2014.2
The following is a summary of the current regime as it affects substantial shareholders, and directors and chief executives of companies listed in Hong Kong. The SFC’s outline of Part XV (the SFC Outline), gives detailed examples of its application and is available on the SFC’s website.3

A. Disclosure by Substantial Shareholders



The SFO requires disclosure when a person acquires or ceases to have a notifiable interest and when there is a change in the percentage level (i.e. the figure rounded down to the next whole number) of his interest.

  1   2   3   4   5   6   7

Share in:

Related:

Schedule 1 22 iconSchedule Although the schedule for the semester is tight in terms...

Schedule 1 22 iconSchedule: Schedule accessories by room; identify room name/number,...

Schedule 1 22 iconSchedule 1 I-XI

Schedule 1 22 iconSchedule’s a to F

Schedule 1 22 iconSchedule 1 to the

Schedule 1 22 iconSchedule ca p. U. C. No. 11-T

Schedule 1 22 icon4. Schedule

Schedule 1 22 iconSchedule IV

Schedule 1 22 iconSchedule pg. 9

Schedule 1 22 iconA Schedule h 36

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 13D

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 14A

Schedule 1 22 iconSchedule 14A




manual


When copying material provide a link © 2017
contacts
manual-guide.com
search