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On 2 February 2004, the Securities and Futures Commission (SFC) announced amendments to its Criteria Governing Offering and Issuance of Securities by Issuers. The main points of the amendments are as follows:
Based on Article 9 of the Criteria Governing Offering and Issuance of Overseas Securities by Issuers, the criterion that "the cost under this fundraising plan is clearly less advanta-geous than other fundraising means" is deleted from the conditions under which the SFC may reject a securities issuance, and the standards for calculating whether an issuer has large quantities of idle funds are relaxed.
The provision that a holder of convertible bonds may not request their conversion within three months of the issuance date is deleted.
If the underlying securities of convertible bonds are shares of TSE-listed or OTC-traded company, the entire issuance must be handled by a securities underwriting firm for public offering.
