Firm Secures Leave For Hedge Fund Manager To Appeal Court Of Final Appeal
For Immediate Release. September 30, 2014.
HONG KONG, September 30, 2014. TIMOTHY LOH SOLICITORS is pleased to announce that it succeeded in obtaining from the Court of Final Appeal leave for a hedge fund manager to appeal a decision of the High Court in relation to the marketing of a hedge fund. The appeal concerns the interpretation of the professional investor exemption under the Securities and Futures Ordinance ("SFO"). The determination of the appeal is of great importance to not only the fund management industry as regards the capital raising process for hedge funds and private equity funds but also the broader securities industry as regards the placement of shares and other securities. The points of law to be determined by the Court of Final Appeal are:
- whether for section 103(3)(k) of the SFO to be applicable, it must be seen from the advertisement, invitation or document itself, that it is, by its terms, confined to professional investors to the exclusion of other members of the investing public; and
- whether the carrying out of a screen process to ensure that all investors investing in a collective investment scheme are professional investors is irrelevant.
The appeal will be heard on March 5, 2015.