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