New regulatory measures take effect under Securities and Futures (Amendment) Ordinance

3 May 2012



The Securities and Futures Commission (SFC) welcomes the enactment of the Securities and Futures (Amendment) Ordinance 2012 (Amendment Ordinance).

Under the Amendment Ordinance, which will be gazetted tomorrow, the SFC is empowered to implement the following new regulatory initiatives:


Provisions relating to the SFC directly instituting proceedings before the MMT and the establishment of the IEC will come into operation on 4 May 2012.

The PSI disclosure regime will take effect on 1 January 2013 to give listed companies sufficient time to prepare themselves to comply with the new requirements and to set up the necessary internal control systems.

End

Notes:

1. The six types of market misconduct under the SFO are insider dealing, false trading, price rigging, disclosure of information about prohibited transactions, disclosure of false or misleading information inducing transaction, and stock market manipulation.
2. The Investor Education Centre, a wholly-owned subsidiary of the SFC, is targeted to be launched in the fourth quarter of 2012.




Page last updated : 1 Aug 2012