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On 30 April 2013, the Court of Final Appeal made a landmark ruling, upholding the SFC’s right to seek compensation under section 213 of the Securities and Futures Ordinance against a company (in this case an overseas company), without first having to prove them guilty of insider dealing or other malpractices. For the background to this case, please see the article in our April 2012 LADR newsletter.
The reasons given by the Court of Final Appeal for their decision were as follows:
This decision puts to rest the issue of whether the SFC can continue to use Section 213 in insider dealing cases where it is common for the SFC to seek an injunction to freeze the money of people suspected of insider dealing, even though the SFC has not completed its investigation. Where, as in this case, the perpetrators of the market misconduct are based overseas, the availability of a Mareva injunction is useful as it might be difficult to pursue a criminal prosecution against them.
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