Securities & Futures Commission of Hong Kong

Waiver

Application for waivers

An application for a waiver from compliance with the requirement to disclose inside information must be made in writing to the SFC.  The application will be considered by an SFC executive committee.

The application should:

  1. contain a clear explanation of why the waiver is requested;
  2. contain all relevant facts and information that the SFC would require to consider the application, including without limitation:
    • details of any relevant law or restriction under which the applicant is restricted from disclosing the inside information;

    where applicable,

    • an appropriate legal opinion which sets out all relevant issues, analyses and arguments; and
    • a valid confirmation from the relevant overseas regulatory or government authority;
  3. include copies of all documents relevant to the application.

Each submission should be signed by the applicant and should close with a statement certifying the truth, accuracy and completeness of statements contained in the submission.  When the submission is filed by an adviser, the statement should confirm that the applicant has authorised the filing of the submission by the adviser.  Such statement does not relieve the adviser of its obligation to use all reasonable efforts to ensure that the submission is true, accurate and complete.

A crossed cheque of HK$24,000 payable to the SFC pursuant to the Securities and Futures (Fees) Rules should be enclosed with the application.

The application should be sent to:

Corporate Disclosure Team
Corporate Finance Division
Securities and Futures Commission
35/F, Cheung Kong Center
2 Queen’s Road Central
Hong Kong

 

Review of waiver decisions

If the SFC executive committee rejects a waiver application, the applicant may request the decision to be reviewed by the Inside Information Waiver Review Committee (Review Committee).  A request for such a review must be made in writing within 2 business days after the waiver has been rejected.

The request for a review must contain the grounds and all relevant information on which the review is requested. 

Each submission should be signed by the applicant and should close with a statement certifying the truth, accuracy and completeness of statements contained in the submission.  When the submission is filed by an adviser, the statement should confirm that the applicant has authorised the filing of the submission by the adviser.  Such statement does not relieve the adviser of its obligation to use all reasonable efforts to ensure that the submission is true, accurate and complete.

The decision of the Review Committee shall be final and binding on the applicant. If requested by the applicant, the Review Committee will give reasons in writing for its decision on review.

3.3064 s