Consultations and conclusions

Our public consultation exercises help market participants understand the objectives of our proposals and allow us to consider comments from the industry when formulating regulations and standards. They also help ensure that our proposals meet the needs of the market and take the interests of the investing public into consideration.

We consistently exceed statutory requirements for consulting the public on rules we propose to make under the Securities and Futures Ordinance by consulting both on proposed non-statutory codes and guidelines and on amendments to them. To know more about how we conduct public consultations, please view our Public Consultation Procedures.

Printed copies of recent consultation papers and conclusions are available from our office.

Consultation paper Responses Consultation conclusions
Jan 2018
Consultation Paper on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs
Jul 2018
View responses
Jul 2018
Consultation Conclusions on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs
Jun 2016
Joint Consultation Paper on Proposed Enhancements to The Stock Exchange of Hong Kong Limited’s Decision-Making and Governance Structure for Listing Regulation
Sep 2017
View responses
Sep 2017
Joint Consultation Conclusions on Proposed Enhancements to The Stock Exchange of Hong Kong Limited’s Decision-Making and Governance Structure for Listing Regulation
May 2012
Consultation Paper on the regulation of sponsors
May 2012
View responses
Dec 2012
Consultation conclusions on the regulation of sponsors

Aug 2014
Supplemental consultation conclusions on the regulation of IPO sponsors – prospectus liability
Aug 2011
Consultation Paper on (1) the proposal to amend the requirements for property valuation in the Codes on Takeovers and Mergers and Share Repurchases, (2) the proposed amendment relating to confirmations of independence in placing and top-up transactions and (3) the timing for payment of acceptances
Aug 2011
View responses
Mar 2012
Consultation Conclusions on (1) the proposal to amend the requirements for property valuation in the Codes on Takeovers and Mergers and Share Repurchases, (2) the proposed amendment relating to confirmations of independence in placing and top-up transactions and (3) the timing of payment for acceptances
Dec 2010
Joint Consultation Paper on Proposed Changes to Property Valuation Requirements
Dec 2010
View responses
Oct 2011
Joint Consultation Conclusions on Proposed Changes to Property Valuation Requirements
Oct 2010
Consultation Paper on the Evidential Requirements under the Securities and Futures (Professional Investor) Rules
Oct 2010
View responses
Feb 2011
Consultation Conclusions on the Evidential Requirements under the Securities and Futures (Professional Investor) Rules
Sep 2010
Consultation Paper on the Regulatory Framework for Pre-deal Research
Oct 2010
View responses
Jun 2011
Consultation Conclusions on the Regulatory Framework for Pre-deal Research
Apr 2010
Consultation Paper on (1) the proposal to stop commenting on routine announcements under the Codes on Takeovers and Mergers and Share Repurchases and (2) proposed miscellaneous amendments to the Codes
Apr 2010
View responses
Jun 2010
Consultation Conclusions on (1) the proposal to stop commenting on routine announcements under the Codes on Takeovers and Mergers and Share Repurchases and (2) proposed miscellaneous amendments to the Codes
Mar 2010
Consultation Paper on the Draft Guidelines on Disclosure of Inside Information
Apr 2010
View responses
Feb 2011
Consultation Conclusions on the Draft Guidelines on Disclosure of Inside Information
Jan 2010
Consultation Paper on (1) the proposal to extend the application of the Codes on Takeovers and Mergers and Share Repurchases to SFC-authorised real estate investment trusts and related amendments and (2) the proposal to extend Parts XIII to XV of the Securities and Futures Ordinance to listed collective investment schemes
Mar 2010
View responses
Jun 2010
Consultation Conclusions on (1) the proposal to extend the application of the Codes on Takeovers and Mergers and Share Repurchases to SFC-authorised real estate investment trusts and related amendments and (2) the proposal to extend Parts XIII to XV of the Securities and Futures Ordinance to listed collective investment schemes
Oct 2009
Consultation paper on Possible Reforms to the Prospectus Regime in the Companies Ordinance and the Offers of Investments Regime in the Securities and Futures Ordinance
Nov 2009
View responses
Apr 2010
Consultation Conclusions on Possible Reforms to the Prospectus Regime in the Companies Ordinance and the Offers of Investments Regime in the Securities and Futures Ordinance
Apr 2008
Joint Consultation Paper on the Proposal to allow a Companies Ordinance (CO) Offeror to issue a CO Paper Application Form for Shares in or Debentures of a Company to be listed on SEHK, and a Collective Investment Scheme (CIS) Offeror to supply a CIS Paper Application Form for Interests in an SFC-authorised CIS to be listed on SEHK, with a Listing Document Displayed on Certain Websites
Apr 2008
View responses
Nov 2010
Joint Consultation Conclusions on the Proposal to allow a Companies Ordinance (CO) Offeror to issue a CO Paper Application Form for Shares in or Debentures of a Company to be listed on the SEHK, and a Collective Investment Scheme (CIS) Offeror to supply a CIS Paper Application Form for Interests in an SFC-authorised CIS to be listed on the SEHK, with a Listing Document Displayed on Certain Websites
Nov 2007
Consultation Paper on Proposed Amendments to the Introduction to the Codes on Takeovers and Mergers and Share Repurchases and Proposed New Procedures for Hearings Under the Codes
Dec 2007
View responses
Mar 2008
Consultation Conclusions on Proposed Amendments to the Introduction to the Codes on Takeovers and Mergers and Share Repurchases and Proposed Procedures for Hearings Under the Codes
Sep 2007
Consultation Paper on Proposed Amendments to the Codes on Takeovers and Mergers and Share Repurchases
Nov 2007
View responses
Jun 2008
Consultation Conclusions on proposed amendments to the Codes on Takeovers and Mergers and Share Repurchases
Mar 2006
The draft Guidelines on Marketing Materials for Listed Structured Products set out in the Hong Kong's Derivative Warrants Market - the Way Forward, Results of the Consultation on the SFC's Six-Point Plan
Apr 2006
View responses
Sep 2006
Consultations Conclusions on the Draft Guidelines on Marketing Materials for Listed Structured Products
Aug 2005
Consultation Paper on Possible Reforms to the Prospectus Regime in the Companies Ordinance
Sep 2005
View responses
Sep 2006
Consultation Conclusions on the Consultation Paper on Possible Reforms to the Prospectus Regime in the Companies Ordinance
Jun 2005
Consultation Paper on the Regulation of Sponsors and Compliance Advisers
Aug 2005
View responses
Apr 2006
Consultation Conclusions to the Consultation Paper on the Regulation of Sponsors and Compliance Advisers
Jan 2005
Consultation Paper on the Review of the Disclosure of Interests Regime under Part XV of the Securities and Futures Ordinance
Feb 2005
View responses
May 2005
Consultation Conclusions on the Review of the Disclosure of Interests Regime under Part XV of the Securities and Futures Ordinance
Jan 2005
A Consultation Paper on Proposed Amendments to the Securities and Futures (Stock Market Listing) Rules
Feb 2005
View responses
Feb 2007
Consultation Conclusions on Proposed Amendments to the Securities and Futures
Nov 2004
A Consultation Paper on a review of the Codes on Takeovers and Mergers and Share Repurchases
Jan 2005
View responses
Aug 2005
Consultation Conclusions on a Review of the Codes on Takeovers and Mergers and Share Repurchases
Aug 2004
Consultation Paper on the Proposed Repeal of Certain Class Exemptions made under section 38A(2)/342A(2) of the Companies Ordinance
Aug 2004
View responses
Nov 2004
Consultation Conclusions on the Proposed Repeal of Certain Class Exemptions made under section 38A(2)/342A(2) of the Companies Ordinance
Jul 2003
Consultation Paper on a Proposed Amendment to the Securities and Futures (Price Stabilizing) Rules in Relation to Recognition of Overseas Rules
Oct 2003
View responses
Nov 2003
Consultation Conclusions on a Proposed Amendment to the Securities and Futures (Price Stabilizing) Rules in Relation to Recognition of Overseas Rules
May 2003
Consultation Paper on Regulation of Sponsors and Independent Financial Advisers
- - Oct 2004
Consultation Conclusions on the Regulation of Sponsors and Independent Financial Advisers
Mar 2003
Consultation Paper on Proposed Amendments to the Companies Ordinance to Facilitate Offers of Shares and Debentures
Mar 2003
View responses
Nov 2003
Consultation Conclusions on Proposed Amendments to the Companies Ordinance to Facilitate Offers of Shares and Debentures
May 2002
Consultation Paper on the Securities and Futures (Disclosure of Interests - Exclusions) Regulation
Jul 2002
View responses
Jul 2002
Consultation Conclusions on the Draft Securities and Futures (Disclosure of Interests - Exclusions) Regulation
May 2002
Consultation Paper on the Proposed Stock Market Listing Rules and Transfer of Functions Order
Jul 2002
View responses
Jul 2002
Consultation Conclusions on the Securities and Futures (Stock Market Listing) Rules and the Securities and Futures (Transfer of Functions - Stock Exchange Company) Order
Feb 2002
Consultation Paper on the Draft Securities and Futures (Price Stabilizing) Rules
Apr 2002
View responses
Jul 2002
Consultation Conclusions on the Securities and Futures (Price Stabilizing) Rules
Apr 2001
Consultation Paper on a Review of the Codes on Takeovers and Mergers and Share Repurchases
- - Jan 2002
Consultation Conclusions on a Review of the Codes on Takeovers and Mergers and Share Repurchases
May 2000
A Consultation Paper for the Proposed Corporate Finance Adviser Code of Conduct
- - Nov 2001
Corporate Finance Adviser Code of Conduct Consultation Conclusions
Apr 2000
Consultation Paper on Securities and Futures Bill
- - - -
Sep 1999
A Consultation Paper on a Review of the Hong Kong Code on Takeovers and Mergers
- - - -
Nov 1998
A Consultation Paper on Treasury Shares
- - Jul 1999
Consultation Conclusions on Treasury Shares
Jun 1998
Consultation Paper on Proposed Amendments to The Securities (Disclosure of Interests) Ordinance
- - Mar 1999
Consultation Conclusions on Proposed Amendments to The Securities (Disclosure of Interests) Ordinance
Feb 1998
Consultation Paper on a Review of the Hong Kong Code on Takeovers and Mergers
- - - -
Jun 1997
Consultation Paper on Offering Mechanisms
- - Feb 1998
Consultation Paper on Offer Mechanisms : Consultation Conclusions