Hong Kong Court of Final Appeal clarifies “innocent purpose” defence to insider dealing

The Hong Kong Court of Final Appeal (CFA) has recently allowed the Securities and Futures Commission’s (SFC) appeal against the Market Misconduct Tribunal’s (MMT) findings that two former executives of a listed company (ATML), Mr Charles Yiu Hoi Ying and Ms Marian Wong Nam, had not engaged in insider dealing in ATML shares. Continue reading

FSA to require one month’s notice of capital issues

The FSA is proposing that insurers, banks and other authorised firms should tell it at least one month before issuing shares or any other capital instrument that will count as regulatory capital (see Quarterly Consultation Paper CP11/1). The requirement will in some circumstances extend to capital instruments issued by non-EEA members of the group. Continue reading