1 SFO structure and regulatory powers
Separate the Ordinance, subsidiary legislation and codes instead of treating all regulatory materials as legally identical.
Regulatory hierarchy
SFO and subsidiary legislation- The SFO is primary legislation; Rules are subsidiary legislation; codes and guidelines do not ordinarily create statutory offences by themselves, but breaches may affect fitness and properness or discipline. Compare
- Schedule 5 specifies Types 1 to 13. Types 11 and 12 await commencement of the relevant regime; Type 13 is in force. Exam
高頻陷阱
A code breach is not automatically a criminal offence. Ask whether the same obligation also appears in the Ordinance or Rules.
Investigation, discipline and appeal
SFO Parts VIII–XI- Subject to statutory conditions, the SFC may require documents, explanations and assistance. False or misleading information may have separate consequences. Exam
- The Securities and Futures Appeals Tribunal reviews specified SFC decisions. Do not confuse it with the Market Misconduct Tribunal. Trap
流程題
Map who investigates, who makes the administrative decision, and who reviews it as a three-step flow.
