King & Wood Mallesons

Asia-Pacific 100 position: 3

Tiger Asia appeal dismissed — the final word on section 213

On 30 April, the Hong Kong Court of Final Appeal, led by Chief Justice Ma, ruled in favour of the Securities and Futures Commission (SFC) in the long-running and high-profile Tiger Asia Management matter. In doing so, the Court of Final Appeal firmly put beyond doubt the broad scope of section 213 of the Securities and Futures Ordinance (SFO), to allow the SFC to combat market misconduct and protect investors.

The Court of Final Appeal’s decision means that the Court of Appeal decision handed down in February 2012 stands. That decision held that the SFC is entitled to pursue alleged wrongdoers through section 213 as a free-standing provision without the need for proceedings before the Market Misconduct Tribunal or relevant criminal court, stands…

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