HKSAR Market Misconduct Tribunal 香港特別行政區市場失當行為審裁處
MMT sanctions Mayer (1116) and its former senior management for late disclosure of inside information
| MMT Report
SFC, 21-Dec-2023
Once again the MMT has, wrongly in our view, fined a listed company for the failures of its directors, thereby punishing the shareholders from whom information was withheld. The MMT writes that the company's "culpability was its failure to have in place policies and guidelines" - but that is, of course, a failure of the directors to put those in place.
SFC, 21-Dec-2023
Once again the MMT has, wrongly in our view, fined a listed company for the failures of its directors, thereby punishing the shareholders from whom information was withheld. The MMT writes that the company's "culpability was its failure to have in place policies and guidelines" - but that is, of course, a failure of the directors to put those in place.
SFC commences MMT proceedings against former bank employee over alleged insider dealing
| SFC Notice to MMT
SFC, 3-May-2023
Approaching the 6-year limit on civil action, the SFC at last launches an MMT case (rather than a criminal prosecution by DoJ) for alleged insider dealing. This relates to a restriction notice against a client account at Interactive Brokers on 1-Mar-2018, the client now revealed to be Ms Ip Yee Man, spouse of Mr Wu Kam Shing, who worked at China CITIC Bank, lender to the offeror for the privatisation of Bloomage BioTech (ex-0963). Incidentally, the SFC notice to the MMT is dated 31-Mar, over a month ago.
SFC, 3-May-2023
Approaching the 6-year limit on civil action, the SFC at last launches an MMT case (rather than a criminal prosecution by DoJ) for alleged insider dealing. This relates to a restriction notice against a client account at Interactive Brokers on 1-Mar-2018, the client now revealed to be Ms Ip Yee Man, spouse of Mr Wu Kam Shing, who worked at China CITIC Bank, lender to the offeror for the privatisation of Bloomage BioTech (ex-0963). Incidentally, the SFC notice to the MMT is dated 31-Mar, over a month ago.
MMT rejects SFC application to vary investigation costs order in Fujikon case
Market Misconduct Tribunal, 26-Aug-2019
Market Misconduct Tribunal, 26-Aug-2019
MMT fines H&H (1112) and its Chairman HK$1.6m each for late disclosure of inside information
SFC, 25-Jun-2019
For the 3rd time, the MMT gets it wrong by penalising shareholders for the wrong-doing done to them. This follows Yorkey (2788) in Feb-2017 and Fujikon (0927) in Apr-2019. In each case, the company's failure to disclose was entirely due to the negligence of the directors involved and they should have paid all the fines and expenses. Both the Fujikon and H&H cases were settlements agreed with the SFC, so the SFC has allowed directors to shift part of the burden of their wrong-doing onto shareholders by using company funds. This has to stop.
SFC, 25-Jun-2019
For the 3rd time, the MMT gets it wrong by penalising shareholders for the wrong-doing done to them. This follows Yorkey (2788) in Feb-2017 and Fujikon (0927) in Apr-2019. In each case, the company's failure to disclose was entirely due to the negligence of the directors involved and they should have paid all the fines and expenses. Both the Fujikon and H&H cases were settlements agreed with the SFC, so the SFC has allowed directors to shift part of the burden of their wrong-doing onto shareholders by using company funds. This has to stop.
MMT decision on SFC investigation costs of Fujikon and its directors
Market Misconduct Tribunal, 31-May-2019
The MMT reduces the SFC's claim from HK$412,637 to an order nisi of HK$100,000.
Market Misconduct Tribunal, 31-May-2019
The MMT reduces the SFC's claim from HK$412,637 to an order nisi of HK$100,000.
Court of Appeal dismisses Andrew Left's leave application
| Judgment
SFC, 24-May-2019
The only option left to Mr Left is to apply for leave to the Court of Final Appeal.
SFC, 24-May-2019
The only option left to Mr Left is to apply for leave to the Court of Final Appeal.
MMT fines Fujikon (0927), its CEO and CFO HK$1.5m for late disclosure of inside information
| MMT report, 22-May-2019
SFC, 12-Apr-2019
This endorsed settlement between the SFC and the defendants is unfair to outside shareholders because they will indirectly bear the cost of fines and expenses charged to the company for wrong-doing against the shareholders, namely the failure by the directors to cause the company to publish information on time. If the D&O insurance policy doesn't cover it, then we call on the offending directors to reimburse the company in full. Webb-site founder David Webb is a 10% shareholder of Fujikon.
SFC, 12-Apr-2019
This endorsed settlement between the SFC and the defendants is unfair to outside shareholders because they will indirectly bear the cost of fines and expenses charged to the company for wrong-doing against the shareholders, namely the failure by the directors to cause the company to publish information on time. If the D&O insurance policy doesn't cover it, then we call on the offending directors to reimburse the company in full. Webb-site founder David Webb is a 10% shareholder of Fujikon.
CFA dismisses appeal by solicitor and sisters in fraud case involving overseas listed securities
SFC, 31-Oct-2018
SFC, 31-Oct-2018
Court of Appeal dismisses leave application of Andrew Left on MMT's findings of fact
SFC, 13-Jan-2017
His appeal on points of law will be dealt with separately.
SFC, 13-Jan-2017
His appeal on points of law will be dealt with separately.
Andrew Left and the right to be wrong
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
We take a close look at the Market Misconduct Tribunal's report on Mr Left's erroneous criticism of China Evergrande (3333), and what that says about free speech amongst participants in the HK market. (23-Oct-2016)
Court finds 2 solicitors engaged in insider dealing in AsiaSat and fraud or deception
| SFO s300
SFC, 15-Jan-2016
This is a landmark ruling because, if the SFC can go to court with a civil case for the consequences of insider dealing, then this avoids the bottleneck of the Market Misconduct Tribunal.
SFC, 15-Jan-2016
This is a landmark ruling because, if the SFC can go to court with a civil case for the consequences of insider dealing, then this avoids the bottleneck of the Market Misconduct Tribunal.
Yes, we have no gavels
(11-Mar-2012)
(11-Mar-2012)
Chaoda (0682): MMT proceedings against Chairman and Executive Director
Company announcement, 30-Sep-2011
Under the Listing Rules, these proceedings should have been announced when they were first known to the directors concerned. The referral by the Financial Secretary to the MMT was dated 25-Jul-2011, so they knew by then. The SFC also knew: they investigate cases before referring them to the Financial Secretary. The SFC should have informed the Stock Exchange which would then require the company to announce the FS's referral to the MMT. What we have here is a failure to communicate.
Company announcement, 30-Sep-2011
Under the Listing Rules, these proceedings should have been announced when they were first known to the directors concerned. The referral by the Financial Secretary to the MMT was dated 25-Jul-2011, so they knew by then. The SFC also knew: they investigate cases before referring them to the Financial Secretary. The SFC should have informed the Stock Exchange which would then require the company to announce the FS's referral to the MMT. What we have here is a failure to communicate.
Chau Chin Hung, Cheung Sau Lin, Cheeroll Ltd & Sung Hung Kai Investment Services Ltd v Market Misconduct Tribunal
HK Court of First Instance, 22-Sep-2008
HK Court of First Instance, 22-Sep-2008
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