The inside information disclosure regime under Part XIVA of the Securities and Futures Ordinance came into effect since 1 January 2013. Corporate disclosure had always been a main area of concern for the Securities and Futures Commission (SFC) long before this legislation. Since the inside information disclosure regime became effective, the SFC has brought several proceedings against listed companies and their management for disclosure breaches in the Market Misconduct Tribunal. Not to mention the severe penalties imposed for offenders of this legislation, the prolonged investigations of misconduct by the SFC may in average take several years before prosecution and that would definitely take away both individual’s and management’s time from attending to their corporate matters. Officers of a listed company could be personally liable if they fail to take all reasonable measures to ensure that proper safeguards exist to prevent the listed company’s breach of inside information disclosure requirement. It is always important to start with understanding the requirements imposed on you before taking appropriate actions to comply with the requirements.
The aspects that will be covered in this introductory webinar are as follows:
• Definition of “Inside Information”
• Examples of inside information
• Timing and manner for disclosing inside information
• Safe harhours
• Liabilities for breaches of the inside information disclosure regime
• Highlight succinct compliance points via a brief review of several enforcement cases brought by the SFC over the years.
Riding on this important topic, a formal seminar shall follow to provide a deep dive into the analysis of enforcement cases with practical tips on enhancement of internal control system.
SWCS ACADEMY
