On 29 November 2016, the Market Misconduct Tribunal (MMT) issued a report finding that AcrossAsia Limited (AAL), its former Chairman and Independent Non-Executive Director (Cheok), and its Chief Executive Officer and Executive Director (Ang) breached the disclosure obligations under the Securities and Futures Ordinance (the SFO) by failing to disclose inside information as soon as reasonably practicable.

This is the first concluded MMT case dealing with breaches of the disclosure obligations since it came into force on 1 January 2013. This alert discusses the implications of the MMT decision and suggests practical tips to listed companies and their officers for managing their disclosure obligations.

 

To read more about the decision, visit BakerMcKenzie.com.

Author

Cynthia Tang is the head of the Dispute Resolution Group for the Firm’s Hong Kong and China offices. She regularly advises local and multi-national corporations, directors, financial institutions and the financial services industry in complex commercial disputes and regulatory enforcement matters.

Author

Bryan Ng is a partner in Baker & McKenzie's Hong Kong office and a member of the Firm's Dispute Resolution Group. His practice focuses on disputes related to financial services, regulatory investigations, white-collar crime, commercial disputes and insolvency-related matters.