The uncertain conclusions

Author: | Published: 26 May 2010

The Securities and Futures Commission (SFC) published the first round of conclusions on its investor protection consultations on April 23. These consultation conclusions deal with the SFC's proposals to reform the prospectus regime in the Companies Ordinance and the offers of investments regime in the Securities and Futures Ordinance (SFO). More conclusions are expected at the end of May on the SFC's consultation on its Proposals to Enhance Protection for the Investing Public in Structured Products.

This first round of conclusions demonstrates that the SFC has considered concerns from the market about its initial proposals and has adjusted them where it feels appropriate. However, the regulator has stuck to its guns on the key points of its proposals, in the face of determined lobbying from the industry.

Prospectus safe harbours not available The SFC is carrying through its proposal that safe harbours which are currently available under the Companies Ordinance for...