Patrick Pang, ASIFMA Managing Director quoted in IFR Asia story “HK clamps down on market sounding”.

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““Everything hinges on what non-public information means,” said Patrick Pang, head of compliance and tax at the Asia Securities Industry and Financial Markets Association. “The industry bases itself around the concept of material non-public information. Market participants already err on the side of caution when determining what is MNPI and penalties for arriving at the wrong conclusion are significant.”

Pang said Asifma would be seeking clarity on whether the proposed guidelines could apply to jurisdictions outside Hong Kong, namely SFC-licensed people in Hong Kong dealing with overseas investors and/or securities listed outside Hong Kong; SFC-licensed people based outside Hong Kong; and non-SFC-licensed people outside Hong Kong dealing with Hong Kong-based investors and/or Hong Kong-listed securities.”

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