CPD/CPT Course:
Scrutiny of
SFC Landmark Cases
in the Past 26 Years
(1989 to 2015)
- Invaluable Lessons
and Insights Distilled
from These Cases

Stephen Suen, formerly a Director of Enforcement of The Securities and Futures Commission (SFC), is now a practicing barrister-at-law specializing in the following areas of litigation and advisory work:

• Contraventions of Securities and Futures Ordinance (SFO), Takeovers Code, Listing Rules, Code of Conduct for Persons Licensed by or Registered with the SFC
• Market misconduct e.g. market manipulation, insider dealing, disclosure of false/misleading information
• White collar crimes, money laundering, fraud

During the 33 years from 1983 to 2017, Mr. Suen has four rewarding yet exciting professional careers in both public and private sectors.  Mr. Suen started his first career as a Police Inspector with Royal Hong Kong Police Force in 1983.  During the seven years with the Police force (the last three years with Commercial Crime Bureau (CCB)), Mr. Suen participated in a number of high profile and complex commercial crime cases.  These cases earned him commendations from the Police and High Court Judge.

In 1989, Mr. Suen joined the newly set up SFC to enforce securities and futures laws.  In 1999 Mr. Suen was promoted to Director of Enforcement.  He was responsible for leading and supervising teams of accountants and lawyers in the investigation and prosecution of insider dealing, market manipulation, intermediaries' misconduct, and referral of fraud and corruption cases to CCB and ICAC respectively.

In year 2000 Mr. Suen was appointed by the then Acting Financial Secretary of HKSAR (FS) as an Inspector to investigate and report on the ownership of shares in Oxford Properties & Finance Limited, a listed company on the Stock Exchange of Hong Kong (SEHK).  After meticulous investigation work and overseas enquiries, an Inspection Report setting out the findings of the Inspection and recommendations was submitted by the Inspector to the FS who approved publication of the Inspection Report.  The Inspection Report can be accessed via the website of the Financial Services and Treasury Bureau (FSTB) of the Government of HKSAR.

In 2007 Mr. Suen joined a Hong Kong listed company as its executive director and deputy managing director.  Mr. Suen was also a Responsible Officer (RO) of four licensed corporations in the listed company.  He was responsible for the supervision of seven different types of regulated activities (RA).  These RA included dealing and advising in both securities and futures contracts, margin financing, corporate finance and assets management.

Mr. Suen has accumulated altogether 33 years of solid and practical experience and knowledge in the enforcement of SFO and commercial crime investigations.  Mr. Suen's specialties include advising on investigation and prosecution vis-a-vis insider dealing, market manipulation, intermediaries' disciplinary proceedings, Code of Conduct, Listing Rules, Takeovers Code and commercial crimes.

Mr. Suen's professional qualifications include Postgraduate Certificate in Laws (PCLL), Juris Doctor, Master in Accountancy, and Bachelor of Social Science (Economics).  Mr. Suen is a member of Hong Kong Bar Association, Hong Kong Institute of Certificate Public Accountants and Hong Kong Securities and Investment Institute.

In this seminar Mr. Suen will scrutinize SFC landmark cases that have significantly impacted on the Hong Kong financial market during the past 26 years from 1989 (when SFC was established) to the present - 2015 with a view to reflecting and distilling the invaluable lessons and insights that can be learnt from these cases.  Mr. Suen will also examine recent SFC cases to identify the trend, development and focus of SFC enforcement priorities.  Audience of the seminar will acquire a better and deeper understanding of the changes and driving forces that shaped and underpinned the enforcement work of the SFC during the past two and half decades.

• Statutory framework of SFO in regulating market misconduct and related offences
1. Part X - Powers of intervention and proceedings
2. Part XIII - Market Misconduct Tribunal (MMT)
3. Part XIV - Offences relating to dealings in securities and futures contracts, etc.
4. Part XI - Securities and Futures Appeal Tribunal (SFAT)
5. Process Review Panel (PRP)


• SFO Enforcement process and procedures (Part VIII - Supervision & investigations)
1. S.182, 183, 184, 185, 186, 187 - Powers of investigations
2. S.191 - Magistrate's warrants
3. S.378 - Preservation of secrecy


• SFC landmark cases in the past 26 years include:
1. Challenges of SFC statutory powers vis-à-vis compelling power to give self-incriminating answers
2. 'Ping Pang Ball' - warrant manipulation
3. Ernst & Young (EY)'s non-compliance with SFC S.183 Notice
4. Oxford - the invisible controller
5. Du Jun - the insider dealer who received 7 years maximum imprisonment sentence in District Court
6. Daido - examination of Director's recklessness by CFA
7. Shanghai Land - the infamous market manipulation
8. Tiger Asia - CFA confirms the free standing jurisdiction of s.213 of SFO
9. Hontex - Application of s.213 for a breach of s.298 of SFO
10. PCCW - vote manipulation
11. Tsoi Bun - the first prosecution of market manipulation in futures contracts
12. Paragon - the first and last Insider Dealing Tribunal (IDT)'s findings being judicial reviewed and quashed
13. CITIC Pacific saga - insider dealing by its finance director
14. Crownhampton - underpinned changes in the rules on know your client (KYC)
15. International City Holding (ICH) - one of Hong Kong's earliest insider dealing case (1984)
16. Success - insider dealing by the girl-friend of a connected person
17. Lafe - from toothless to sharp teeth law
18. Hong Kong Chinese Bank - a classic case of insider dealing by an analyst


• Invaluable lessons and insights from these SFC landmark cases


• Recent trend, development and focus of SFC enforcement priorities

The contents of the seminar and views expressed by Mr. Suen are solely his own and personal views.  All the information and figures shown in the seminar are publicly available and can be accessed via the websites of Financial Services and Treasury Bureau (FSTB), The Judiciary, Insider Dealing Tribunal (IDT), Market Misconduct Tribunal (MMT) and Securities and Futures Commission (SFC).