The Securities and Futures Commission (SFC) has released the consultation conclusions on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs. The amended Codes will be published on September 29, 2023, and take effect immediately. The amendments codify existing practices, clarify definitions, streamline processes, and introduce green initiatives. Consequential changes will be made to Practice Notes, available on the SFC website. Market practitioners should consult the updated Practice Notes and reach out to the Takeovers Executive for any questions or issues related to the revised Codes, especially for transactions announced prior to the amendments.