SFC concludes consultation on amendments to enforcement-related provisions of the Securities and Futures Ordinance

SFC concludes a consultation paper from Summer 2022 (see eventid=16304). In its conclusion paper, the regulator briefly describes the responses it has received to its consultation and outlines the next steps.
Key points highlighted include:
Part 1 -„SFC may apply for remedial and other orders against a regulated person“
Although many respondents have raised legal and implementation issues related to this proposal, SFC underlines that the reasoning behind it is to protect investors. The addressed concerns are however valid and SFC has decided to postpone the proposal.
Part 2 – Amendments to exemptions in section 103 of the SFO
Section 103(1) of the SFO states that it is a criminal offence to invite the public into investing in securities or collective schemed, unless the SFC allows. The newly proposed section 103(k) would exempt advertising is made to a professional investor. The respondents have raised concerns on the implementation and the difficulties marketing firms might have if this rule is put into place, therefore SFC has decided to postpone this proposal.
Part 3 – Amendments to the insider dealing provisions of the SFO
Insider dealing in HK will be extended to insider dealing with counteparties outside of HK, which the SFC will be adopting into the current regulations.