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ARTICLE · 30 NOVEMBER 2007

Responding to SFC Enforcement Action: New Tactics?

Timothy Loh LLP
Timothy Loh LLP
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Timothy Loh LLP

Timothy Loh LLP

Timothy Loh LLP is a leading independent law firm based in Hong Kong. We practice corporate law and...

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A recent decision of the Hong Kong Court of Appeal has raised the issue of whether disciplinary proceedings against licensed and registered persons are civil or criminal in nature.

Hong KongFinance and Banking
Timothy Loh
Timothy Loh
Howard Burchfield III
Howard Burchfield III
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The Securities and Futures Ordinance ("SFO") establishes the framework by which licensed or registered persons are regulated. Where they misconduct themselves, it provides for them to be disciplined and, in some cases, subjected to criminal proceedings or proceedings before the Market Misconduct Tribunal ("MMT").

Under this framework, disciplinary sanctions may be imposed on licensed and registered persons for conduct which may also serve as the subject of criminal offences. Perhaps more significantly, disciplinary sanctions in such cases may exceed criminal sanctions, even though the legal rights afforded to defendants in disciplinary proceedings are far fewer than those afforded in criminal proceedings.

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