Clifford Chance

Applicants win right to challenge SFC's provision of documents to Japanese regulators

13 May 2016

Court finds it "reasonably arguable" that an important section of the Securities and Futures Ordinance (SFO) is unconstitutional, that the SFC was in breach of its own secrecy obligations and that the SFC did not do enough to keep confidential material it had demanded.

In AA & EA v Securities and Futures Commission HCAL 41/2016, the applicants won leave from Zervos J sitting in the Court of First Instance to bring judicial review proceedings against the SFC. This was in relation to information the SFC had obtained during the course of an investigation which it went on to disclose to Japanese regulators.

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