Clifford Chance
Hong Kong Court clarifies individuals' right against self-incrimination under section 181 and SFC's power to assist foreign regulators
22 February 2019
On 11 February 2019, the Court of First Instance finally handed down its final decision in AA & EA v The Securities and Futures Commission (HCAL 41/2016). This important decision clarifies two issues:
- The right against self-incrimination of the recipients of the Securities and Futures Commission's (SFC's) section 181 notices, which are issued by the SFC in its preliminary enquiries for obtaining trading information
- The SFC's power to give investigatory assistance to overseas regulators pursuant to section 186 of the Securities and Futures Ordinance (SFO) and the International Organization of Securities Commissions' Multilateral Memorandum of Understanding (IOSCO MMOU)
