The Hong Kong Securities and Futures Commission has released a Consultation Paper launching the final phase of a three-part review and reform exercise designed to modernise the regime governing the public offering of shares and debentures set out in the Companies Ordinance (CO).
The Consultation Paper invites public discussion and feedback on a series of possible reform initiatives presented as 21 proposals. The subjects covered are diverse and, if reforms are implemented in due course, would have a significant effect across the current CO prospectus regime. The consultation period ends on November 30, 2005.
The overriding purpose of the three-part review of the CO prospectus regime is to encourage capital raising and issuance of securities in Hong Kong by adjusting and refining the legal framework to facilitate offers while ensuring satisfactory standards of investor protection.
Commenting on the reforms, Mr Peter Au-Yang, SFC’s Executive Director of Corporate Finance, noted that: "The goal of the reform exercise is to create a legal framework that accommodates the Hong Kong financial market’s needs in the 21st century, caters for issuers and investors alike and supports Hong Kong’s continuing role as an international financial centre."
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