Disclosure of Interests: Part XV of the SFO – Essentials for Directors and Shareholders of a Listed Company

Although the Disclosure of Interest regime under the SFO has been in place for over 14 years, it is still a minefield for many, in particular for those substantial shareholders, directors, chief executives who are required by law to disclose their interests in a listed company secretaries, financial controllers or legal counsels who may have to assist in preparing these forms. This course will give a comprehensive overview of the current disclosure of interests regime under the SFO, concentrating on the requirements for directors and shareholders of listed companies.

Detailed Information

Highlights of the course include:

  • Who needs to disclose?
    o Disclosure obligations of substantial shareholders, directors and chief executives
    o What are “deemed interests”?
  • Family interests
  • Trusts
  • Controlled corporations
  • Associated corporations
  • Founder
  • Beneficiary
  • Concert parties
  • What needs to be disclosed?
    o What is an “interest” in shares?
    o Short positions & stock lending
    o Derivatives interests and underlying shares
    o How about H Shares or non-voting shares?
  • When do you need to disclose?
    o What is change in the nature of an interest?
  • De minimis exceptions and other exemptions
  • Relevant forms and tips for completion
  • Investigations by listed companies of shareholders
  • Listed company to keep Registers
  • What if made errors / defects in reporting
  • Breach of Part XV and potential liabilities
  • Practical worked examples


Registration Conditions

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