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Recent developments Hong Kong’s Securities and Futures Commission (SFC) recently announced that it will adopt new measures to protect the interests of investors in virtual asset portfolios or funds, and explore the potential regulation of virtual asset trading platforms. In the Statement on regulatory framework for virtual asset portfolio managers,…

In Securities and Futures Commission v Yiu Hoi Ying Charles and Others (FACV5/2018), the Court of Final Appeal (CFA) handed down a landmark decision on the innocent purpose defence under section 271(3) of the Securities and Futures Ordinance (SFO). The CFA ruled that the respondents “used” the price sensitive information (PSI) when they sold…