Appointments of Chairmen to Market Misconduct Tribunal and Securities and Futures Appeals Tribunal
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     The Chief Executive has appointed Justice of Appeal of the Court of Appeal of the High Court, Mr Justice Michael John Hartmann; Judge of the Court of First Instance of the High Court, Mr Justice William Duncan Stone; Judge of the Court of First Instance of the High Court, Mr Justice Alan Raymond Wright; and Mr Michael Stuart-Moore as Chairmen of the Market Misconduct Tribunal (MMT) for a term of three years from December 1, 2011 to November 30, 2014.  He has also appointed Mr Justice Hartmann, Mr Justice Wright and Mr Stuart-Moore as Chairmen of the Securities and Futures Appeals Tribunal (SFAT) for a term of three years, from January 1, 2012 to December 31, 2014.

     Announcing the appointments today (November 18), the Financial Secretary, Mr John C Tsang, said, "The newly appointed chairmen are either serving or former judges. Their experience will contribute to the effective operation of the tribunals."

     Mr Tsang also paid tribute to the two outgoing Chairmen, Chairman of the MMT, Mr Justice Michael Victor Lunn and Chairman of the SFAT, Mr Justice John Lonsdale Saunders.  "Under their able leadership, the MMT has helped combat market misconduct and ensure market integrity, while the SFAT has provided effective checks and balances in the regulation of the securities and futures market. We are thankful to their invaluable contribution to the tribunals during their respective terms of service," he said.

     As authorised by the Chief Executive, Mr Justice Lunn and Mr Justice Saunders will complete any cases that they have commenced before the expiry of their respective terms of appointment.

     The MMT was established under the Securities and Futures Ordinance (SFO) to deal with market misconduct, and to conduct civil proceedings and impose civil sanctions against the wrongdoers.  It helps promote market confidence by combating market misconduct and protecting the interests of the investing public.

     The SFAT was established under the SFO and has jurisdiction to review a wide range of decisions made under the SFO by the Securities and Futures Commission (SFC), the Hong Kong Monetary Authority and an investor compensation company recognised by the SFC.  It serves as an effective safeguard to ensure that the relevant regulatory decisions are reasonable and fair.

     The SFO permits the establishment of more than one MMT and SFAT at any one time to enable efficient handling of market misconduct cases referred to the MMT by the Financial Secretary as well as appeals by parties aggrieved by regulatory and disciplinary decisions made by the relevant financial regulators.  Multiple tribunals may operate in parallel.  The tribunal conducts its hearing with the help of two members appointed by the Financial Secretary.  

Ends/Friday, November 18, 2011
Issued at HKT 16:39

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