Clifford Chance
Securities and Futures Appeals Tribunal
22 July 2015
Recently, the Securities and Futures Appeals Tribunal (SFAT) upheld sanctions imposed by the Securities and Futures Commission (SFC) against The Pride Fund Management Limited (PFM) for its failure to enter into mediation with an eligible claimant under the Financial Dispute Resolution Scheme (FDRS).
This marks this first case whereby the SFC has enforced obligations under the Code of Conduct for Persons Licensed by or Registered with the SFC (Code of Conduct) requiring intermediaries to comply with the FDRS.
