SFC concludes consultation on proposals to enhance REIT regime and SFO market conduct regime for listed CIS
The Securities and Futures Commission (SFC) today released consultation conclusions on proposals to introduce a statutory scheme of arrangement and compulsory acquisition mechanism for real estate investment trusts (REITs) (REIT Scheme Proposal) and an enhanced market conduct regime for listed collective investment schemes (CIS) under the Securities and Futures Ordinance (SFO) (Listed CIS Proposal).
The REIT Scheme Proposal would enable REITs to conduct privatisation and corporate restructuring in a clear and orderly manner, with similar safeguards and protection for investors as embodied in the statutory framework under the Companies Ordinance.
Moreover, the Listed CIS Proposal would further fortify market integrity by facilitating the extension of the SFO regime against market misconduct of listed companies, such as insider dealing and market manipulation, to listed CIS including REITs.?
The proposals received general support during consultation.??
“The REIT Scheme Proposal would provide a structured and transparent mechanism for REITs to conduct privatisation and corporate restructuring. It would also ensure unitholders enjoy consistent treatments and safeguards with those for the shareholders of a listed company,” said Ms Christina Choi, the SFC’s Executive Director of Investment Products. “The Listed CIS Proposal, on the other hand, will bring greater clarity to the market, strengthen investor protection and enhance market integrity.”??
The bill on legislative amendments to implement the proposals is now being prepared. The SFC continues to work with the Government regarding the legislative process to implement the proposals.?
中文版本
證監會就有關優化房地產基金制度及《證券及期貨條例》下適用於上市集體投資計劃的市場行為監管制度的建議發表諮詢總結
證券及期貨事務監察委員會（證監會）今天就建議引入一套適用於房地產投資信託基金（房地產基金）的法定協議安排和強制收購機制（房地產基金計劃建議），以及優化《證券及期貨條例》下適用於上市集體投資計劃的市場行為監管制度（上市集體投資計劃建議），發表諮詢總結。
房地產基金計劃建議將讓房地產基金以清晰和有序的方式，進行私有化及企業重組，並為投資者提供近似《公司條例》的法律框架下所體現的保障及保護。
此外，上市集體投資計劃建議將有助《證券及期貨條例》下針對上市公司市場失當行為（例如內幕交易和操縱市場）的制度，延伸至涵蓋包括房地產基金在內的上市集體投資計劃，藉以進一步加強市場的廉潔穩健。
該等建議在諮詢期間獲得普遍支持。
證監會投資產品部執行董事蔡鳳儀女士表示：“房地產基金計劃建議將為房地產基金提供一個具系統及透明度的機制，以進行私有化及企業重組，同時確保單位持有人享有的對待及保障與上市公司股東一致。另一方面，上市集體投資計劃建議將讓市場的監管制度更為清晰，提高投資者保障，及加強市場的廉潔穩健。＂
有關實施該等建議的法例修訂草案現正擬備當中。證監會繼續就立法程序與政府合作，以落實該等建議。