On August 16, 2024, the Securities and Futures Commission ("SFC") launched a two-month consultation on proposals to abolish mixed media offers ("MMOs") to facilitate a fully electronic process for public offerings and enhance the efficiency of the regulatory process in Hong Kong.
The SFC proposed amendments to remove the exemption permitting MMOs, which allow issuers to distribute printed application forms accompanied by electronic prospectuses. The SEHK is expanding the paperless listing regime, prompting the SFC’s changes.
Additionally, the SFC plans to cease granting waivers for MMOs in public offerings of SFC-authorized collective investment schemes listed on the SEHK.
Julia Leung, the SFC’s Chief Executive Officer, stated that the proposal supports ongoing initiatives to digitalize the listing process. The public can submit comments by 18 October 2024 through the SFC website or by email, post, or fax.
This article was generated using SAMS, a proprietary artificial intelligence technology under development by Timothy Loh LLP and its affiliates. This article does not constitute legal advice and should not be relied upon by any person. Only the original text, which is hyperlinked to this article, should be regarded as definitive.
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