Articles: Prospectus liability

SFC concludes consultation on regulation of IPO sponsors Conclusions paper
SFC, 12-Dec-2012
"Legislative amendments will follow a separate timetable" - don't hold your breath.
Current issues in HK-listed corporate governance
A presentation by David Webb at a conference in HK. (27-May-2011)
The SFC and prospectus liability
The SFC complained yesterday about deteriorating standards of sponsors' work in listing applications. Some of the blame lies with the SFC for abandoning in 2006 proposals to reform the law on prospectus liability. Until investors can effectively sue for a fraudulent prospectus, creating a stronger deterrent, the situation is unlikely to improve. (27-Jul-2010)
Presentation by David Webb at a conference on Shareholder Rights
 (22-Mar-2010)
Suitability in a disclosure-based market
SEHK has announced possible waivers of the profit criteria. We don't object, but the profit test should be scrapped. It has no place in a disclosure-based market, and is no substitute for better accounting disclosure requirements and effective legal remedies and deterrents, all of which HK still sorely lacks. We make proposals for those. (8-Jun-2009)
Building a Value Proposition for HK
HK Chief Executive Donald Tsang recently convened an Economic Summit of 33 people, which spawned 4 focus groups, including one on financial services, which in turn produced 3 working groups, one of which, headed by HKEx government-appointed director and Chairman Ronald Arculli, has sought submissions on the markets. This is our submission. (4-Oct-2006)
Conclusions on reforms to prospectus regime
SFC, 22-Sep-2006
Note: proposals 9 and 10 were abandoned
Consultation on reforms to prospectus regime
SFC, 29-Aug-2005
Note: proposal 9 extends prospectus liability to secondary market purchasers. Currently only IPO subscribers have rights. Proposal 10 removes the requirement for a claimant to prove that he read the prospectus.

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