THE CODES ON TAKEOVERS AND MERGERS AND SHARE REPURCHASES
1.3 The Codes do not have the force of law. They are framed so far as possible in non-technical language and should not be interpreted as if they are statutes. The Codes represent a consensus of opinion of those who participate in Hong Kong’s financial markets and the SFC regarding standards of commercial conduct and behaviour considered acceptable for takeovers, mergers and share repurchases. This consensus of opinion is reflected in rulings made by the Panel when interpreting the Codes given the diverse range of interests represented by the Panel’s members. Similar standards of commercial conduct and behaviour are applied in other leading financial centres.