On 20 March, Hong Kong’s Court of Final Appeal (CFA) overturned a decision by the Court of First Instance (CFI) on the proper construction of section 103(3)(k) of Hong Kong’s Securities and Futures Ordinance (SFO).
The appeal concerned the previous acquittal of Pacific Sun Advisors and its director of four charges of issuing advertisements in contravention of section 103, on the basis that the advertisements were or were intended to be disposed of only to professional investors pursuant to the exemption contained in section 103(3)(k) of the SFO.
Section 103 (1) provides that a person commits an offence if they issue an advertisement, invitation or document that to their knowledge is or contains an invitation to the public to acquire an interest in or participate in a collective investment scheme. However, as provided by section 103 (3)(k), this rule does not apply where these advertisements, invitations or documents are or are intended to be disposed of only to professional investors.
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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com
