SECURITIES AND FUTURES COMMISSION v. WONG YUEN YEE AND OTHERS

SECURITIES AND FUTURES COMMISSION v. WONG YUEN YEE AND OTHERS

Disqualification proceedings, though civil, have a special regulatory character and serious consequences for individuals; therefore the Commission must adopt a generous relevance approach to disclosure. The Commission was ordered to make and serve within 28 days a list of documents in its possession relating to any matter in question in the proceedings (i.e. investigatory materials obtained under ss179/182/183) so that disputed relevance can be resolved subsequently; blanket refusal to disclose investigatory materials is not permissible absent specific grounds.

Citation
SECURITIES AND FUTURES COMMISSION v. WONG YUEN YEE AND OTHERS
Parties
Petitioner: Securities and Futures Commission; 1st Respondent: Wong Yuen Yee; 2nd Respondent: Wong Yao Wing, Robert; 3rd Respondent: Wong Kwok Sing; 4th Respondent: Lam Shiu San; 5th Respondent: Inno Tech Holdings Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
30 December 2016
Case Number
HCMP241/2015
Procedural Posture
Section 214 SFO Disqualification Petition / Interlocutory Discovery Summons
Outcome
Order nisi made in favour of respondents; Commission ordered to produce a list of documents within 28 days and to pay respondents' costs of the application (certificate for two counsel)
Legal Topics
Director Disqualification, Disclosure Obligations, Discovery of Investigatory Materials, Investigatory Powers Under SFO, Equality of Arms and Fair Trial
Source Language
EN
Securities Regulation Company Law Administrative Law Evidence and Disclosure Human Rights (procedural Fairness) Director Disqualification Disclosure Obligations Discovery of Investigatory Materials +2 more

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Parties

Securities and Futures Commission

Petitioner

Wong Yuen Yee

1st Respondent

Wong Yao Wing, Robert

2nd Respondent

Wong Kwok Sing

3rd Respondent

Lam Shiu San

4th Respondent

Inno Tech Holdings Limited

5th Respondent

Procedural Posture

Section 214 SFO Disqualification Petition / Interlocutory Discovery Summons

Legal Issues

  1. 1 Scope of the Securities and Futures Commission's disclosure obligations for materials obtained under ss179/182/183 SFO
  2. 2 Whether criminal‑style disclosure (unused material) standards apply to civil/regulatory disqualification proceedings
  3. 3 Appropriate relevance test for discovery in this context

Ratio Decidendi

Disqualification proceedings, though civil, have a special regulatory character and serious consequences for individuals; therefore the Commission must adopt a generous relevance approach to disclosure. The Commission was ordered to make and serve within 28 days a list of documents in its possession relating to any matter in question in the proceedings (i.e. investigatory materials obtained under ss179/182/183) so that disputed relevance can be resolved subsequently; blanket refusal to disclose investigatory materials is not permissible absent specific grounds.

Court Disposition

Order nisi made in favour of respondents; Commission ordered to produce a list of documents within 28 days and to pay respondents' costs of the application (certificate for two counsel)

Orders

  • The Securities and Futures Commission must, within 28 days (or such further time as agreed), make and serve on the respondents a list of documents which are or have been in its possession, custody or power relating to any matter in question in these proceedings.
  • There will be an order nisi that the Commission pay the respondents' costs of the discovery application with a certificate for two counsel; liberty to apply.