With regard to paragraph 2.2.1(a) of the TC Adviser Guidelines1, must the five years of corporate finance experience be acquired continuously and immediately preceding the date of application?
Q2 : Will an RO or EO be considered as having sufficient corporate finance experience as required under paragraph 2.2.1(a)(ii) if he or she has been licensed or registered for Type 6 regulated activity for a minimum of five years?
Q3 : Will overseas experience count towards the experience required under paragraph 2.2.1(a) of the TC Adviser Guidelines?
For ROs or EOs for Type 6 regulated activity and can advise on Codes on Takeovers-related matters in a “non-sole capacity”, do they need to pass HKSI5 Licensing Examination Paper 17 (i.e. the new examination under paragraph 3.1 of the TC Adviser Guidelines)?
Q5 : With regard to paragraph 2.2.3 of the TC Adviser Guidelines, will a transaction be considered as completed if it is lapsed after the issuance of the required offer document or circular?
Q6 : With regard to paragraphs 3.1 and 3.3 of the TC Adviser Guidelines, will a completed TC Transaction that commenced more than three years prior to 1 January 2022 (i.e. the effective date of the TC Adviser Guidelines) be counted as an eligible transaction?
Q7 : If a licensed representative or relevant individual is already engaging in a TC Transaction before 1 January 2022, what would be the first engagement date for the purpose of the examination requirement under paragraph 3.1 of the TC Adviser Guidelines?
1 “TC Adviser Guidelines” refers to the “Additional competence requirements for corporations and individuals which undertake activities in connection with matters regulated by the Codes on Takeovers and Mergers and Share Buy-backs”, which are Appendix B to the Guidelines on Competence.
2 “Codes on Takeovers” refers to the Codes on Takeovers and Mergers and Share Buy-backs
3 “TC Transaction” means a transaction falling within the ambit of the Codes on Takeovers.
4 “Non-sole capacity” means the RO or EO is subject to a licensing condition that he or she must, in the capacity as an adviser to a client on matters or transactions falling within the ambit of the Codes on Takeovers, act together with another adviser (to the client) not subject to the same condition.
5 “HKSI” means Hong Kong Securities and Investment Institute
6 “Transaction Team” means the staff assigned to advise on a TC Transaction by a corporation that is permitted under its licence or registration to advise on matters or transactions falling within the ambit of the Codes on Takeovers.
Last update: 26 Jan 2022