Hong Kong SFC Amends REIT Code Relating to Bookbuilding and Placing Activities
The Securities and Futures Commission (SFC) has issued a circular setting out consequential amendments to the Code on Real Estate Investment Trusts (REIT Code) which dovetail with changes to the Code of Conduct in relation to bookbuilding, pricing, allocation and placing activities.
The changes are part of regulatory enhancements to clarify the roles of intermediaries and set out the standards expected of them in these activities.
The REIT Code amendments are also in line with similar amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (Listing Rules). With effect from 5 August 2022, the Listing Rule provisions relating to the sponsor-overall coordinator, overall coordinator and other capital market intermediaries will apply to REIT offerings involving bookbuilding activities.
The amendments will become effective on 5 August 2022. New requirements will be applicable to authorisation applications for REITs to be submitted or re-filed on or after 5 August 2022.
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