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Timothy Loh LLP is an independent and internationally recognized legal adviser to some of the world's most sophisticated consumers of legal services. The firm represents Fortune Global 500 companies, family offices, asset managers, financial institutions and other business organizations and their key executives in matters of Hong Kong and international law.

Measured by the firm's rankings and those of its lawyers by independent editorial publications, the firm is a leader in banking, financial regulation, hedge funds, private equity, unit trusts and mutual funds, capital markets and corporate finance.

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Timothy Loh LLP advises and represents clients in mergers & acquisitions, the resolution of commercial disputes, securities litigation, white collar criminal defence and financial market and financial services activities.

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Timothy Loh
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Current Issues

  • The New Private Funds Exemption: an Update on Discussions with the Inland Revenue Department
  • SFC Imposes Restrictive Code of Conduct Updates upon Intermediaries to Combat Mis-Selling
  • Open-Ended Fund Companies: IRD Confirms Availability of Offshore Funds Exemption
  • Private Funds Tax Exemption: New Legislation to Re-Center Hong Kong as an Asset Management Center
  • Increased Transparency at Heart of Hong Kong Regulatory Changes
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Featured Publications

  • A Guide to the Proper Execution of Deed in Hong Kong
  • PIPEs on the Stock Exchange of Hong Kong: A Primer for Private Equity and Hedge Funds
  • Setting Up In Hong Kong: A Guide for the Finance Industry
  • SFC Enforcement Action: Do's And Don'ts For Firms Receiving Investigation Notices
  • Financial Services Acquisitions: A Primer To Buying Securities Firms, Asset Managers, Insurers And Banks

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Events

  • Seminar: Defending An SFC Investigation: 2019 Annual Review
  • Seminar: Defending An SFC Investigation: 2019 Annual Review (February 20, 2019)
  • Seminar: Defending An SFC Investigation: 2019 Annual Review (February 18, 2019)
  • Seminar: Defending An SFC Investigation: 2019 Annual Review (February 13, 2019)
  • Seminar : The Proposed New Private Funds Exemption and Other Developments Affecting the Taxation of Funds (January 17, 2019)

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  • Another Landmark Case for Timothy Loh LLP as Firm Represents Activist Short Seller Andrew Left for Appeal
  • Chambers and Partners Identifies Firm Managing Partner as Leading Lawyer for 2019
  • IFLR1000 2019 Positions Firm As a Leading Practice
  • AsiaLaw Profiles 2019 Recognises Firm Position across Corporate and M&A, Investment Funds and Regulatory Practices
  • Insurance Specialist joins Timothy Loh LLP
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Timothy Loh LLP Represents AcrossAsia in Landmark Case which Highlights Difficulties Faced by Directors of Hong Kong Listed Companies Disclosing Price Sensitive Information

For Immediate Release. November 29, 2016.

November 29, 2016. HONG KONG – TIMOTHY LOH LLP announces that it has, on behalf of its client, Mr. Albert Saychuan Cheok ("Mr. Cheok”), settled the first proceedings initiated by the Securities and Futures Commission (“SFC”) before the Market Misconduct Tribunal (“MMT”) under the new statutory obligation for listed companies to disclose price sensitive information. Under this statutory obligation, directors of a listed company bear personal liability if the company fails to disclose such information “as soon as reasonably practicable” after it comes to its knowledge and such failure arises from the failure of the directors to take all reasonable measures to prevent such a failure.

In the proceedings, the SFC alleged that AcrossAsia Limited ("AcrossAsia”) and Mr. Cheok, the non-executive Chairman of AcrossAsia, and Mr. Vicente Binalhay Ang ("Mr. Ang”), the chief executive officer of AcrossAsia, ought to have made immediate disclosure of proceedings brought against AcrossAsia in Indonesia. As part of the settlement, Mr. Cheok admitted liability and paid a fine of HK$800,000.

The case has broad ramifications for listed companies and their directors because the MMT determined that the requirement to disclose price sensitive information “as soon as reasonably practicable” does not require immediate disclosure. Listed companies and their directors may, for example, take legal advice to understand the nature of the information potentially subject to disclosure.

The case highlighted the difficulties faced by directors of a listed company and the SFC itself in defending and bringing proceedings where directors are unable to rely upon legal advice taken by the company as to its disclosure obligations if the company asserts privilege over such advice.

* * *
1. The statutory obligation for listed companies to disclose price sensitive information is set out in the Securities and Futures Ordinance (“SFO”), s. 307B and the obligation of the directors to take all reasonable measures to ensure that a company discharges this obligation is set out in the SFO, s. 307G.

2. AcrossAsia was a company listed on the Growth Enterprise Market of Hong Kong under stock code: 8061.

Latest News
  • Another Landmark Case for Timothy Loh LLP as Firm Represents Activist Short Seller Andrew Left for Appeal
  • Chambers and Partners Identifies Firm Managing Partner as Leading Lawyer for 2019
  • IFLR1000 2019 Positions Firm As a Leading Practice
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