Monday, 22 October 2018

Hong Kong: Court of Final Appeal dismisses Moody's appeal in credit rating liability case

The Hong Kong Court of Final Appeal delivered judgment earlier this month in Moody's Investors Service Hong Kong Ltd v Securities and Futures Commission [2018] HKCFA 42. A short summary (in English) is available here. Moody's appeal was unanimously rejected, the court thereby upholding the company's liability under section 193(1)(d) of the Securities and Futures Ordinance, Cap. 571 in respect of a report the production of which was regarded as an activity relating to the company's credit rating services.

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