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Clifford Chance

Clifford Chance


SFAT awards costs against the SFC

29 March 2011

In a recent decision by the Securities and Futures Appeal Tribunal (SFAT) in respect of an application for costs, SFAT No. 2 of 2010, the SFAT has determined that the applicant should be compensated by an award of costs in his favour against the Securities and Futures Commission (SFC), where the SFAT found, on an application for a review of the penalty (not findings of misconduct) that the SFC's proposed penalty was manifestly excessive, and the application was therefore successful.

The SFAT ordered that the SFC must pay the applicant's costs of the application for review, to be taxed on a party and party basis.

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