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As mentioned in our previous alert in March 2017, mandatory electronic filing of disclosure of interests notifications (“DI notices”) under Part XV of the Securities and Futures Ordinance (“SFO”) will take effect on 3 July 2017.
On 5 May 2017, the Securities and Futures Commission (the “SFC”) unveiled more details of the mandatory e-filing regime and published new prescribed forms for use by substantial shareholders, directors and chief executives of listed corporations (“DI filers”) to submit DI notices with respect to their interests in securities of listed corporations electronically through a new Disclosure of Interests Online System (“DION System”) to be introduced by Hong Kong Exchanges and Clearing Limited (“HKEX”).
Mandatory e-filing for events triggering disclosure requirements which occur on or after
3 July 2017
For events triggering disclosure requirements which occur on or after 3 July 2017, DI filers must use the new prescribed forms and submit them through the DION System.
DI filers will no longer be required to submit DI notices to the listed corporations concerned. Instead, The Stock Exchange of Hong Kong Limited (“SEHK”) will provide DI notices it receives to the listed corporations concerned through the DION System.
3-month transition period
There will be transitional arrangements for a three-month period from 3 July 2017:
New prescribed forms and more event codes
The new prescribed forms for DI notices (available in both PDF and Microsoft Excel formats) and the accompanying directions and instructions can be found in the “Rules & standards – Securities and Futures Ordinance Part XV – Disclosure of Interests – DI Notices” section of the SFC website.
The new forms have the following features:
More details of the DION System to be published before system launch
Each DI filer must register a User ID online before the first filing through the DION System. It is expected that user manual and training materials of the DION System detailing the online registration process as well as downloading of template forms and uploading of completed forms will be published before system launch. We will provide further updates in due course.
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