24 Jan 2014
SECURITIES AND FUTURES COMMISSION v. PACIFIC SUN ADVISORS LTD AND ANOTHER
- Citation
- SECURITIES AND FUTURES COMMISSION v. PACIFIC SUN ADVISORS LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCMA490/2013
The High Court held that the magistrate erred in law on the application of ss.103(10)(a) and 103(3)(k): the deeming provision can convert informational material into an invitation, disclaimers cannot automatically negate that effect, and the professional investor exemption requires that the advertisement itself show it is confined to professional investors; accordingly the acquittals were set aside and the matter remitted for the magistrate to apply the correct legal tests to the factual findings.