CFA limits defence for insider dealers

On 12 October 2018, the Court of Final Appeal (CFA) found former executives of a listed company, Asia TeleMedia Limited (ATML) culpable for insider dealing. The majority four to one decision examines the "innocent purpose" defence which is frequently relied on by insider dealers. In doing so, it discusses the meaning of the "use" of insider information in the context of Section 271(3) of the Securities and Futures Ordinance (SFO) and reiterates Hong Kong's firm stance against market misconduct behaviours.

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