HKSAR Securities and Futures Appeals Tribunal 香港特別行政區證券及期貨事務上訴審裁處
A New Ray of light on an Enigma Network case
A decision quietly posted on the SFAT website reveals that Zhou Ling, ex-Chairman of New Ray Medicine (6108) is suspected by the SFC to have committed "misconduct and obtained secret profits from certain transactions" by NRM. Earlier gazetted Restriction Notices on a client at 2 brokers now make sense - the SFC has reduced disclosure in that area so much as to make the publication meaningless. (26-Oct-2020)
A decision quietly posted on the SFAT website reveals that Zhou Ling, ex-Chairman of New Ray Medicine (6108) is suspected by the SFC to have committed "misconduct and obtained secret profits from certain transactions" by NRM. Earlier gazetted Restriction Notices on a client at 2 brokers now make sense - the SFC has reduced disclosure in that area so much as to make the publication meaningless. (26-Oct-2020)
Court of Appeal upholds SFAT's ruling on Moody's Red Flags Report
SFC, 8-Jun-2017
The appeal failed, but the Court held that the SFAT was wrong to conclude that the Report itself constituted credit ratings, because the opinions were not "primarily" regarding creditworthiness - a definitional point which Moody's had failed to make in the SFAT. Nevertheless, the Court held that the Report fell within Moody's Type 10 credit rating activities because it amplified or supplemented its ratings. The right of appeal to the court is limited to points of law, so it does not discuss whether the report was produced to a high enough standard. As Webb-site has previouly opined, it was, and attacking Moody's has had a chilling effect on further licensed research of this nature. Have you seen any other red flag reports since 2011?
SFC, 8-Jun-2017
The appeal failed, but the Court held that the SFAT was wrong to conclude that the Report itself constituted credit ratings, because the opinions were not "primarily" regarding creditworthiness - a definitional point which Moody's had failed to make in the SFAT. Nevertheless, the Court held that the Report fell within Moody's Type 10 credit rating activities because it amplified or supplemented its ratings. The right of appeal to the court is limited to points of law, so it does not discuss whether the report was produced to a high enough standard. As Webb-site has previouly opined, it was, and attacking Moody's has had a chilling effect on further licensed research of this nature. Have you seen any other red flag reports since 2011?
Court of Appeal affirms SFAT’s decision to ban David Tsien Pak Cheong for insider dealing
SFC, 14-Jun-2011
The SFC loses in its attempt to reinstate a lifetime ban after the SFAT reduced it to 10 years.
SFC, 14-Jun-2011
The SFC loses in its attempt to reinstate a lifetime ban after the SFAT reduced it to 10 years.
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