About Us

Introduction

Market misconduct as defined in section 245 of the Securities and Futures Ordinance (Cap. 571) ("SFO") comprises -

(a) insider dealing;
(b) false trading;
(c) price rigging;
(d) disclosure of information about prohibited transactions;
(e) disclosure of false or misleading information inducing transactions; and
(f) stock market manipulation.

The Market Misconduct Tribunal ("MMT") was established in 2003 under the provisions contained in the SFO. In accordance with the SFO, if it appears to the Securities and Futures Commission (“SFC”) that market misconduct or a breach of a disclosure requirement under Part XIVA of the SFO has or may have taken place, the SFC may institute proceedings before the MMT. The MMT has jurisdiction to hear and determine any question or issue arising out of or in connection with the proceedings instituted under the SFO.

The MMT may order a person identified to as having engaged in market misconduct pay to the Government of the Hong Kong Special Administrative Region an amount not exceeding the amount of any profit gained or loss avoided by the person as a result of the market misconduct in question. The MMT may also make an order that the person shall not, without leave of the Court of First Instance, be a director, liquidator, or receiver or manager of a corporation or acquire, dispose of or deal in any securities, etc.

The Chairman of the MMT is appointed by the Chief Executive on the recommendation of the Chief Justice. In its proceedings, the Chairman sits with two members who are prominent members of Hong Kong's business and professional community appointed by the Financial Secretary under the authority delegated by the Chief Executive. Every sitting of the MMT must be held in public unless the MMT considers, in the interests of justice, that a sitting (or any part of it) should be held in private.