The Securities and Futures Commission, which brought the original charge against Pacific Sun, said the Court of Final Appeal is to determine two points of law:
- Whether for section 103(3)(k) of the Securities and Futures Ordinance (SFO) to be applicable, it must be seen from the advertisement, invitation or document itself, that it is, by its terms, confined to professional investors to the exclusion of other members of the investing public; and
- Whether the carrying out of a screening process to ensure that all investors investing in the collective investment scheme, are professional investors is irrelevant.
Mantel and Pacific Sun were convicted on 10 June 2014 on four charges of issuing advertisements that offered interests in a collective investment scheme without the authorization of the Securities and Futures Commission.
However, the conviction followed a lengthy court case, which saw Mantel and Pacific Sun previously acquitted of the charges and then had these acquittals overturned.
Speaking to International Adviser after the last court decision, Mantel had indicated this appeal would be forthcoming.
