We have an excellent reputation in the field of Financial Services and Regulation. Our members are called upon to provide advice to regulators, regulated entities and high-net-worth individuals in complex and significant disputes. Our expertise spans banking litigation, enforcement and related regulatory investigations in the financial services sector.

We routinely act in regulatory disputes and investigations airing between regulators and regulated entities. We also act in matters involving civil parties as a result of regulatory breaches or following developments or case law clarifying certain regulations.

Our members have acted on regulatory matters arising out of highly publicised administrations or insolvencies.

For example, in the securities regulation domain, China Metal Recycling, the landmark case of a petition by the SFC for winding-up of a listed company. Many of the matters on which we act either have or will set market wide precedents for future matters, including in relation to changes in regulation. For example, Re Qunxing Paper was one of the first cases brought under section 213 of the Securities and Futures Ordinance (“SFO”) for compensating the investing public. In Securities and Futures Commission v Yiu Hoi Ying Charles (2018) 21 HKCFAR 475, the Court of Final Appeal clarified the scope of defence to a charge of insider dealing.  In Re Lu Ruifeng and Others the Court considered for the first time the substance and essential nature of the relief sought by the SFC under s.213(2)(b) of the SFO. In March of 2024, the HK Court of First Instance dismissed the judicial review application against the SFC Chairman in 盧肖娟v證監會主席：雷主席添良先生.This was the hearing of a judicial review application brought by an investor in a failed PRC real estate project against the Chairman of the SFC for his alleged decision not to exercise his regulatory powers over listed companies which advertised the project in Hong Kong. It is believed to the first in Hong Kong where the Chairman of the SFC has been sued for the alleged regulatory failures of the SFC.

Apart from the securities area, a number of our members have also recently acted in high profile cases involving regulatory enforcement actions brought by the Hong Kong Competition Commission.  In Competition Commission v ATAL Building Services Engineering Ltd & Johnson Controls [2023] 5 HKLRD 665, the Competition Tribunal handed down a landmark decision on whether a Carecraft/Kam Kwong settlement hearing in respect of one set of respondents could be conducted/held before the trial of the non-settling respondents.  In Competition Commission v Midland Realty International Ltd, a case involving alleged price fixing and other serious anti-competitive conduct over rebates to customers of 1^st hand real estate purchases, the court will later this year hear an important judicial review application brought by Midland in respect of the watchdog’s refusal to grant a leniency marker to Midland.