Read the full judgment text of CACV 103/2016 on BabelCite. This Court of Appeal judgment was delivered on 17 October 2017.
1. On 8 June 2017, we dismissed the appeal by Moody’s. Though we held that the 11 July 2011 Report did not by itself constitute credit ratings within the meaning of such expression in part 2 of Schedule 5 of the Securities and Futures Ordinance [“SFO”], we agreed with the Tribunal that the Report was an act relating to the earlier credit ratings published by Moody’s. The Tribunal was therefore correct in holding that section 193 of the SFO can be relied upon to establish misconduct in the public
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