Clifford Chance
Directors, FAs & valuers beware: SFC issues guidance on listed companies' corporate transactions
15 June 2017
The Hong Kong Securities and Futures Commission (SFC) has published a new set of guidance letters in relation to listed companies' corporate transactions and the use of valuations. Although the guidance letters do not have the force of law, the SFC will use them as yardsticks in assessing any potential breach of duties or non-compliance with the Securities and Futures Ordinance (SFO). By issuing the letters (made up of a guidance note to directors, a circular to FAs and a statement on the liability of valuers), the SFC has given a strong signal to the market that it will take appropriate enforcement action against those listed companies, directors, financial advisers or valuers who have failed to comply with the requirements of the SFO.
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Directors, FAs & valuers beware: SFC issues guidance on listed companies' corporate transactions
