Hong Kong: Court orders boiler room fraudsters to compensate investors

Reading Time: 4 minutesIntroduction On 21 December 2018, the Securities and Futures Commission (the “SFC”) succeeded in its actions against boiler room fraudsters, where the Court of First Instance (the “CFI”) ordered such fraudsters to compensate investors who fell victim to the scams, in accordance with section 213 of the Securities and Futures Ordinance (the “SFO”). Background Boiler […]

Hong Kong Update: Supervising clients’ investments – Can“high-level supervisory role” of trustees be limited?

Reading Time: 4 minutesIn certain banking arrangements in which investments are made in relation to a trust, a fiduciary relationship may arise when the bank or its affiliates act as a corporate trustee of a trust or a director of a company customer. A party may be regarded as a fiduciary if it owes an obligation to act […]