On January 02, 2025, a Hong Kong practicing solicitor, Mr Tse Yin Fung, was convicted at the Eastern Magistrates’ Courts for violating the secrecy provision under the Securities and Futures Ordinance ("SFO") following a prosecution brought by the Securities and Futures Commission ("SFC"). Tse pleaded guilty to one count of contravention and was fined $25,000. He was also ordered to pay the SFC’s investigation costs.
The Court heard that Tse, acting as the legal representative of an individual, received confidential information regarding a restriction notice that the SFC had disclosed to that individual. The confidential information was subject to the secrecy provision under the SFO. After receiving the confidential information, Tse disclosed it to two other individuals on 9 February 2021.
This marks the first occasion in which a Hong Kong practicing solicitor has been convicted of an offence for contravening the secrecy provision under the SFO. The investigation originated from the SFC’s investigations of suspected ramp-and-dump cases concerning a sophisticated syndicate.
The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said: 'Legal professionals should maintain the highest standard of professional conduct as any wrongdoing while acting on behalf of their clients may jeopardise the integrity of our investigation.'
This article was generated using SAMS, a proprietary artificial intelligence technology under development by Timothy Loh LLP and its affiliates. This article does not constitute legal advice and should not be relied upon by any person. Only the original text, which is hyperlinked to this article, should be regarded as definitive.
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