Regulatory Alerts2005-03-29
Added · Updated
SFC press release – Extracts and Advertisements Concerning Prospectuses under the Companies Ordinance
It is unlawful for licensed persons and registered institutions to publish or cause to be published by way of advertisement any extract from or abridged version of a prospectus, or an advertisement in relation to a prospectus, unless authorised by the SFC for unlisted offers or the Stock Exchange for listed offers. The SFC notes that publishing extracts from recent IPO prospectuses without Stock Exchange authorisation on websites offering eIPO or brokerage services constitutes a violation, particularly when intended to induce subscriptions or account openings. Any person acting in contravention of this advertising prohibition under section 38B(1) of the Companies Ordinance is liable to a level 6 fine.
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