18 Apr 2012
LEUNG CHI KEUNG v. MARKET MISCONDUCT TRIBUNAL AND ANOTHER
- Citation
- LEUNG CHI KEUNG v. MARKET MISCONDUCT TRIBUNAL AND ANOTHER
- Court
- Court of Appeal
- Case number
- CACV256/2010
On the objective statutory test in s.247(1)(c) the Court found that an equity salesman who is tasked by the bank's equity capital/ECM desk to sound out institutional investors for a placement may reasonably be expected to have access to confidential information about the placement; on the facts Tsien occupied such a position, the appellant knew Tsien was connected and possessed non-public, price-sensitive information when he sold COLI shares, and therefore the Tribunal's finding of insider dealing under s.270 was upheld and the appeal dismissed.