Chapter 29

Due Diligence Guidelines –

Communications with Regulators

3. SFC’s Corporate Finance Adviser Code of Conduct (the CFA Code)

3.1 Standards

A Corporate Finance Adviser must deal with the Regulators in an open and co-operative manner.

A Corporate Finance Adviser should ensure that its day-to-day communication with the Regulators is only conducted by staff who are competent and conversant with the regulatory requirements.

A Corporate Finance Adviser should advise its client to co-operate fully with the Regulators, and to provide all relevant information and explanations upon request.

A Corporate Finance Adviser is encouraged to consult the Regulators at an early stage of a transaction or an issue to seek guidance on the transaction or issue under consideration. [Paragraph 7 of the CFA Code]

3.2 Guidance

3.2.1 The CFA Code sets out requirements and guidelines in respect of the conduct of persons or entities who carry on the business of advising on corporate finance in Hong Kong and are licensed or registered under the SFO (Corporate Finance Advisers). All sponsors must be licensed by or registered with the SFC as Corporate Finance Advisers, and thus sponsors must comply with the CFA Code.

3.2.2 “Regulators” refers to both the SFC and the Stock Exchange.


HKCFEF Limited and the contributing law firms, accountants and sponsors are not offering these due diligence guidelines as legal, financial or professional advice or services and they should not be relied upon as such. These due diligence guidelines should not be used as a sole basis for any decision, action or inaction and are not meant to serve as a substitute for the advice of qualified professionals. See here for the full terms and conditions.

Due Diligence Guidelines

Hong Kong Securities and Futures Commission

CFA Code

Hong Kong Sponsors Due Diligence Guidelines

Hong Kong Regulators Securities and Futures Commission and The Stock Exchange

SFC’s Corporate Finance Adviser Code of Conduct CFA Code

Hong Kong Corporate Finance Adviser

Conduct of Persons or Entities in Business of Advising on Corporate Finance in Hong Kong

Due Diligence Checklist

Hong Kong SFC

Hong Kong Stock Exchange Listing Rules
Corporate Finance Regulators
Securities and Futures Ordinance SFO
Due Diligence Process
Due Diligence Compliance

Table of contents