8 Jun 2017
MOODY\'S INVESTORS SERVICE HONG KONG LTD v. SECURITIES AND FUTURES COMMISSION
- Citation
- MOODY\'S INVESTORS SERVICE HONG KONG LTD v. SECURITIES AND FUTURES COMMISSION
- Court
- Court of Appeal
- Case number
- CACV103/2016
The Court dismissed the appeal. It upheld the Tribunal's decision that the preparation and publication of the Report constituted carrying on Type 10 regulated activity because the Report amplified and supplemented Moody's existing credit ratings and therefore was an act relating to ratings within the meaning of s193 SFO; however the Court disagreed with the Tribunal's alternative conclusion that the Report in itself constituted credit ratings, finding the Report expressed opinions primarily on governance and accounting risks and did not primarily opine on overall creditworthiness required by…