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One of Chinese historian Ray Huang’s most well-known books was titled “1587, A Year of No Significance”. In the book, he examined a series of insignificant goings on in 1587, being the mostly uneventful 15th Year in the reign of Ming Dynasty Emperor Wanli, and drew some larger historical narratives out of that.
Inside information disclosure during suspension of trading: Mayer Holdings v Securities and Futures Commission
Certain actual or anticipated bad news cause the trading of a listed company’s shares to be suspended. More bad news then come along and are announced while trading in the company’s shares remains suspended.
It’s that time of the year again when the Kennedys Hong Kong financial regulatory team puts out our annual review of financial regulatory investigations and proceedings.
Case review 17/12/2019
The Hong Kong Court of Final Appeal (“CFA”) recently handed down its judgment in Zhang Hong Li and others v DBS Bank (Hong Kong) Limited and others (FACV 2/2019) (22 November 2019) which reverses the findings by the Court of Appeal (“CA”) in respect of the breach of trust/fiduciary duties owed to sophisticated investment customers by the trustee and corporate services of a bank.
As the Year of the Dog ends, what were the highlights (or, depending on one’s perspective, lowlights) in the Hong Kong regulatory enforcement world?
Struggling listed companies’ senior management and insider dealing: the Asia TeleMedia paradox
Alleged mis-selling with a trusts twist – extra risks for banks in providing “one stop shop” services for wealthy individuals?
Wealthy individuals maintain a private banking account, through which they buy high risk investment products on margin. The markets then fall. The assets held in the account fall in value. Margin calls are made by the bank. The wealthy individuals then allege that the bank should not have sold such products to them.