Corporates

Waiver

Application for waivers

An application for a waiver from compliance with the requirement to disclose inside information must be made in writing to the SFC.  The application will be considered by an SFC executive committee.

The application should:

  1. contain a clear explanation of the reason(s) for which the waiver is requested;
  2. contain all relevant facts and information that would enable the SFC to consider the application, including without limitation:
    • details of any law or restriction under which the applicant is restricted from disclosing the inside information; and

    where applicable, in support of the waiver application:

    • an appropriate legal opinion;
    • written confirmation from an overseas regulatory or government authority; and/or
    • any other relevant material.

Each submission should be signed by the applicant and should include a statement certifying the truth, accuracy and completeness of the submission.  Where the submission is filed and signed by an adviser on the applicant’s behalf, it should include a confirmation that (i) the applicant has authorised the filing of the submission by the adviser and (ii) the submission is true, accurate and complete.

A crossed cheque of HK$24,000 payable to the SFC pursuant to the Securities and Futures (Fees) Rules should be enclosed with the application.

The application should be sent to:

Corporate Finance Division
Securities and Futures Commission
54/F, One Island East
18 Westlands Road, Quarry Bay
Hong Kong

Review of waiver decisions

If the SFC executive committee rejects a waiver application, the applicant may request the decision to be reviewed by an SFC review committee.  A request for such a review must be made in writing to the SFC within 2 business days after the waiver has been rejected.

The request for a review must contain the grounds and all relevant information on which the review is requested. 

Each submission should be signed by the applicant and should include a statement certifying the truth, accuracy and completeness of the submission.   Where the submission is filed and signed by an adviser on the applicant’s behalf, it should include a confirmation that (i) the applicant has authorised the filing of the submission by the adviser and (ii) the submission is true, accurate and complete.

The decision of the review committee shall be final and binding on the applicant.  Upon receipt of a decision of the review committee, the applicant may within 2 business days request written reasons for the decision of the review committee.

Last update: 7 Oct 2020