Clifford Chance

SFC loses landmark Hong Kong discovery battle

12 January 2017

In a key ruling, the Hong Kong Court of First Instance held that the Securities and Futures Commission (SFC) should adopt a more generous standard of disclosure in cases of a disciplinary or regulatory nature, given the severity of the possible sanction.  It stressed that the regulator has a "duty to act fairly" in such cases.  The ruling comes just weeks after the SFC laid out its enforcement priorities, which emphasise an increased targeting of individuals caught up in corporate wrongdoing.

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