In a landmark case, the Hong Kong Court of First Instance was asked to inquire into non-compliance by a Hong Kong CPA firm with notices issued by the Securities and Futures Commission (“SFC”). Importantly the court concluded that restrictions under PRC laws cited by the firm in its defence, including the laws on State secrets, were inapplicable in this case.
The firm had asserted that it could not disclose such documents due to restrictions under PRC laws, including those pertaining to State secrecy. The Hong Kong Court found in favour of the SFC and directed the firm to comply with the notices on the basis that the documents sought were found to be in the firm’s possession and there was no reasonable excuse for the firm to not comply with them.
Our HK team's briefing considers the case and its implications in more detail.
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.