12 Oct 2018
SECURITIES AND FUTURES COMMISSION v. YIU HOI YING CHARLES AND OTHERS
- Citation
- [2018] HKCFA 44
- Court
- Court of Final Appeal
- Case number
- FACV5/2018
By majority the court held that "using relevant information" in s271(3) is satisfied where the price‑sensitive information was a factor in the decision to deal at the time and allowed the seller to take advantage of an artificially high price; subjective belief that the information would remain confidential or be resolved "behind closed doors" does not negate use. The MMT erred in accepting the "behind closed doors" justification; the respondents\' dealings after 26 April 2007 constituted insider dealing not excused by s271(3).