24th Oct 2018Articles

No More ‘Manna Found on the Desert Floor’ for Insiders: The s. 271(3) Defence Revisited

In SFC v. Yiu Hoi Ying Charles, Wong Nam Marian and the Market Misconduct Tribunal [2018] HKCFA 44, the Final Court of Appeal has issued a broadside against the wide application of the ‘no-profit’ defence in insider trading cases. The defence has now been explicitly narrowed: an offence will be committed where shares are traded […]

6th Jul 2018Articles

Frozen Assets, Third Party Rights and Disclosure

The SFC and CPSL Litigation On 29 June 2018 the Court of Appeal (Cheung, Yuen and Kwan JJA) handed down its Judgment in the latest round of litigation between the SFC and employees of China Pacific Securities Limited and their relatives. The allegations arise out of an SFC inspection in 2012 which found very substantial […]

4th Jul 2018Articles

Achieving Sea-Change: Criminal Disclosure Failures

Too little, too late? As the CPS publishes its disclosure review, Narita Bahra and Fiona Robertson assess whether its assurances and safeguards can possibly achieve the pledged sea change.  The recent admission by outgoing Director of Public Prosecutions Alison Saunders that the Crown Prosecution Service (CPS) has struggled to cope with the amount of digital evidence now available on […]

8th Jun 2018Articles

Reasonable Excuse for Non-Compliance with Self-Assessment (Perrin v HMRC)

Private Client analysis: The case of Perrin v HMRC was the first opportunity the Upper Tribunal (UT) has had to consider the test for ‘reasonable excuse’. Joshua Carey of 2 Hare Court acted for HMRC (the respondents), and comments on the case. Perrin v Revenue and Customs Commissioners [2018] UKUT 156 (TCC) This article was […]