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香港终审法院的最新判决,凸显了《香港证券及期货条例》对专业投资者投资产品广告豁免审批条款的漏洞。终审法院的判决,表示任何只拟发售予专业投资者的集体投资计划或结构性产品等,其广告无须证监会的审批也可向一般公众发布,广告当中亦无须明确只发售予专业投资者;但在被起诉时,相关金融中介须负有举证责任,证明有关产品在事实上只会向专业投资者销售而非向公众投资者出售。笔者认为,终审法院对《香港证券及期货条例》的解释值得商榷,给将来的投资产品是否符合“专业投资者豁免”问题带来了一定的不确定性,可能导致执法困难的情况。
The latest ruling of Hong Kong Court of Final Appeal highlights the loophole in the Hong Kong Securities and Futures Ordinance provisions that exempt advertisers from investing in professional products. The judgment of the CFA states that any collective investment scheme or structured product intended only for sale to professional investors may also be advertised to the general public without the approval of the SFC and there is no need for the advertisements to be sold exclusively to professional investors. However, at the time of prosecution, the relevant financial intermediary must bear the burden of proof that the relevant product will in fact be sold to professional investors rather than to public investors. The author believes that the Court of Final Appeal’s interpretation of the Hong Kong Securities and Futures Ordinance is debatable. It is uncertain whether the future investment products meet the “professional investor exemption” issue and may lead to difficulties in law enforcement.