Clifford Chance

Securities and Futures Appeal Tribunal - landmark Court of Appeal decision

16 June 2011

In a landmark decision, the Court of Appeal unanimously overturned the practice that the Securities and Futures Appeal Tribunal (the SFAT) has adopted since 2003 in only proceeding on the basis that it has a limited role in reviewing Securities and Futures Commission (the SFC) decisions which are appealed to the SFAT. To date, the SFAT's approach has been that until a disciplinary action proposed to be taken by the SFC is demonstrated to be clearly wrong, either in principle or on the basis of mistaken/ overlooked facts, the SFAT will not interfere.

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