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    [法律案例]集體投資計劃(CIS)廣告(Securities and Futures Commission v Pacific Sun Advisors Ltd)

    集體投資計劃的監管

    在2015年2月份的金融及證券規管通訊中,談及集體投資計劃以及它們如何受《證券及期貨條例》(香港法例第571章)(「該條例」)規管。簡單而言,根據該條例第103(1) 條,任何人如未經證券及期貨事務監察委員會(「證監會」)事先認可而發出任何廣告,而該廣告屬或載有請公眾取得或要約取得集體投資計劃的權益或參與集體投資計劃的邀請,即屬犯罪。

    集體投資計劃的相關元素

    集體投資計劃大致上具備以下四個相關元素:
    此類計劃必須涉及就財產*而作出的安排;
    計劃的參與者即使有權就該財產的管理獲得諮詢或發出指示,他們對有關財產的管理並無日常控制權;
    計劃的財產整體上是由營辦有關安排的人士或代該人士管理的,及/或參與者的供款和用以付款給他們的利潤或收益是匯集的;及
    有關安排的目的,是讓參與者能夠分享或收取從取得或管理該項財產而產生的利潤、收益或其他回報。
    *根據《證券及期貨條例》,「財產」的定義廣泛,可以包括金錢、貨物、據法權產和房地產,不論該等財產是在香港或其他地方。

    但在某些豁免情況下,即使未經證監會授權而發出上述邀請,亦不構成罪行。該條例第103(3)(k) 條訂明的其中一種豁免情況,是發出或為發出而管有就集體投資計劃而作出的任何廣告、邀請或文件,而該集體投資計劃是只銷售予或屬意只銷售予專業投資者*

    專業投資者(Professional Investor)
    指第571D章《證券及期貨(專業投資者)規則
    專業投資者分為兩大類:
    A. 任何符合《證券及期貨條例》附表 1 第 1 部“專業投資者"的定義第(a)至(i)段所
    描述的人士。
    B. 任何符合《證券及期貨條例》附表 1 第 1 部“專業投資者"的定義第(j)段所描述
    的人士。
    現有《專業投資者規則》其中一個門檻是,任何人有意成為個人專案投資者,其個人帳戶或其與「有聯繫者」,即其配偶或子女,的共同帳戶內的投資組合內,投資組合總值限額不少於800萬港元或等值外幣。或信託法團,其總資產在有關日期不少於4000萬或等值外幣。

    在Securities and Futures Commission v Pacific Sun Advisors Ltd, FACC 11/2014一案中,終審法院對於怎樣才可引用該條例第103(3)(k) 條的豁免情況作出了重要裁決。正如下述,終審法院裁定,被告人只需證明從有關集體投資計劃的實質內容可見,該集體投資計劃事實上是屬意銷售予專業投資者的。

    向公眾發出但只屬意少數人的廣告

    雙方對於此案的關鍵事實並無爭議。此案中,第二被告人是第一被告人的行政總裁。第一被告人向不同人士發出了一封由第二被告人擬備的電郵,內容是宣布推出一項集體投資計劃,並隨附一份具相同意思的新聞稿。第一被告人亦在其網站發布三份關於集體投資計劃的文件。

    雙方並無爭議新聞稿及在第一被告人網站發布的三份文件,是未經證監會認可而向公眾或部分公眾發出的集體投資計劃廣告,因此第一及第二被告人表面上已違反該條例第103(1) 條。但根據案中證據,裁判法院裁定,該集體投資計劃是只銷售予或屬意只銷售予專業投資者,而非一般公眾人士,只是廣告中並無明示這一點。裁判官最後裁定第一及第二被告人並無違反該條例第103(3)(k) 條,因為該集體投資計劃是只銷售予或屬意只銷售予專業投資者,而非一般公眾人士。證監會上訴。

    原訟法庭裁定證監會上訴得直,並裁定廣告本身必須顯示根據條款該集體投資計劃是否只限於專業投資者、不接受其他公眾投資者參與,該條例第103(3)(k) 條才適用。事實上,該廣告本身必須能顯示有關該集體投資計劃是只銷售予或屬意只銷售予專業投資者。由於該廣告未能符合此要求,第一及第二被告人不能引用第103(3)(k) 條的豁免情況,因此他們違反了該條例第103(1) 條。

    第一及第二被告人上訴至終審法院。

    正確處理方法?

    終審法院同意第一及第二被告人對第103(3)(k) 條的解釋,並推翻原訟法庭的裁決。控辯雙方均同意,證明第103(3)(k) 條豁免情況適用的責任在於第一及第二被告人;但終審法院認為,第103(3)(k) 條並無要求發出集體投資計劃廣告的人必須在廣告中以明文條款規定該集體投資計劃屬意只銷售予專業投資者,才能履行此舉證責任。相反,單憑在廣告註明該集體投資計劃屬意只銷售予專業投資者,亦不代表可引用第103(3)(k) 條的豁免情況。豁免情況適用與否,取決於集體投資計劃的內容,因此,希望引用豁免情況的人士必須證明,廣告中的集體投資計劃事實上屬意只銷售予專業投資者。

    證監會認為,該條例第103條的目的是規管若干投資產品的廣告(而非該等投資產品其後的銷售),以保障公眾投資者的權益。證監會認為第一及第二被告人對第103(3)(k) 條的解釋有違上述目的,並不正確,但終審法院不同意。終審法院認為,第103(3)(k)條的豁免目的很清晰,就是專業投資者(而非一般公眾)不需要第103(1)條下的法定保障,因此屬意只銷售予專業投資者的產品的廣告可豁免遵守規定。在本案中,第一及第二被告人能證明集體投資計劃屬意只銷售予專業投資者,一般公眾並無面對任何重大風險,因此無須對他們給予有如一般公眾的保障。

    將會提出修訂?

    終審法院的裁決顯然不是證監會所樂見的。顯然,從證監會的角度來看,為保障一般公眾的權益,如任何集體投資計劃可能不適合一般公眾投資,即使廣告發出者屬意只向專業投資者銷售該集體投資計劃,但其廣告也不應接觸到一般公眾。證監會亦指出,該條例的用意是自廣告發出之時開始保障公眾。然而,終審法院的裁決清楚表明,必須在已向公眾發出要約後一段時間,才能確定是否有違反該條例第103條的情況。就此而言,證監會很可能感到現行第103條的規定未能妥善規管向一般公眾發出的集體投資計劃廣告,情況未如理想。但正如終審法院表示,法院不能為了達到上述目的而扭曲或忽略法例條文的簡單意思。

    證監會就終審法院的裁決發出新聞稿,表示會研究判詞,以決定該條例第103條是否應作修訂,以更妥善反映立法原意,就集體投資計劃的廣告保障一般公眾。因此,集體投資計劃的發行人日後向其目標投資者群體發出新的投資產品宣傳材料時,應注意證監會是否有潛在的改革建議。

    注意:
    以上內容涉及十分專門和複雜的法律知識或法律程序。本篇文章僅是對有關題目的一般概述,只供參考,不能作為任何個別案件的法律意見。如需進一步的法律諮詢或協助,請聯絡我們的律師。

    ref.
    SFC: 證券及期貨事務監察委員會集體投資計劃互聯網指引

    SFC: what is CIS
    https://www.sfc.hk/web/doc/TC/faqs/products/faq_offers_of_investment_chi.pdf
    集體投資計劃廣告的柯伍陳律師事務所
    link: http://www.onc.hk/zh_HK/advertising-the-collective-investment-scheme/

    Dapps Got Game, Dapp Market Q3 repost 2018

    Awareness of dapps and what they have gained huge traction in the blockchain developer community, especially on Ethereum and EOS. Ever since EOS launched its mainnet in June, the so-called “Game of Thrones” of the blockchain has kicked-off officially. Ethereum, the most established blockchain, EOS, the operating system designed for dapps, and high-speed blockchains including NEO, Steem, and TRON, are aggressively expanding their dapp landscape. As the facilitator and enabler of dapps, Dapp.com produced the “Dapp.com Q3 Market Report,” to recap what happened and where we are with dapps, especially regarding Ethereum and EOS.

    *Data graphic from Q3 Dapp Market Report by Dapp.com, page 7.

    Over 900 dapps launched in 2018 from Ethereum, up from only 7 in 2017. Dapps drive the use of tokens on the blockchains where they are based. Ethereum-based dapps drive use and liquidity of ETH, contributing to a large number of transactions and volume. Since June 2017, transactions volume were over 10,000,000 ETH on dapps, which is over 2 billion USD based on ETH’s price on 14th, November 2018.

    Why are people building in this space and what are they building? Developers are coming up with ideas to utilize blockchain and its open-sourced smart contract to build applications that are fair and transparent.

    Currently, 60% of the dapps in the market are games. The creation of crypto collectibles, powered by ERC-721 standard, has given opportunities for users to own and trade unique in-game assets. There is hype around betting dapps in Q3, demonstrating how dapps fulfill users’ eagerness for transparency and fairness.

    DEX Goes to Ethereum and Gambling Goes to EOS

    On Ethereum, nearly 50% of dapp users contributed over 800,000 ETH transaction volume in Q3 by using DEX. DEX, decentralized exchange, is flavored by crypto traders mainly because of its security feature powered by smart contracts. DEX has always been the dominating dapp with its active users, transaction amounts, and transaction volume for Ethereum. The gradual improvement of its on-chain match-making has provided smooth experiences just as centralized exchanges have. IDEX had processed over 1.2 million transactions in Q3 from 63,250 users as the top DEX in Q3.
    On the other end, EOS was described as “the Las Vegas” of blockchain by some in the media because over 50% of the 60 new dapps launched are betting dapps. The EOS betting game player contributes 93% of the transactions, which is almost 5,000,000, nearly the same amount as the total of all dapps in Q3 on Ethereum. But why EOS? The BFT-DPoS has given a high transactions per second (TPS) and costless transaction, which provides a good user experience when using dapps.

    EOS has Weaknesses

    The EOS ecosystem has performed very well in Q3 — 70 active dapps within 4 months, and transaction volume of over 60,000,000 EOS for a 4-month-old blockchain.

    *Data graphic from Q3 Dapp Market Report by Dapp.com, page 19.
    However, the total scale of EOS users is highly limited by its complicated wallet (account) setup. RAMs and CPU resources are not as easy to understand as a gas fee. And a new EOS account has to be created by an existing account is making it more painful for new users. We saw only 336,856 mainnet accounts created by Q3 2018. The EOS wallet solutions have become the key to its success.
    Smart contract security is another serious issue for EOS dapps — hackers had favored them since its mainnet launch. Mistakes in the Smart Contract coding led to the loss of over 2 million USD worth of EOS tokens by Q3.

    Who is Winning?

    As we are still at the very early stage for dapps, the industry focuses more on expansion rather than internal competition.
    We are also happy to see that larger teams and gaming companies, including publicly listed companies like Animoca Brands and iCandy Group, are building and launching quality dapps with long-term operation goals on Ethereum — not only just to turn their famous IPs to Crypto Collectibles but also putting the core gameplay logic on the blockchain. And for EOS, the master nodes are working aggressively to build infrastructures and incubate dapps. NEO had also announced its focus on decentralized gaming development.
    Get ready for 2019.

    ref.

    To download the full report, or please visit: 

    https://www.dapp.com/2018-Q3-Dapp-Report.pdf

    https://www.dapp.com/article/dapps-got-game

    Internet Trends Report 2018 by KPCB

    Compare to China, 38% users are far more willing to share personal information for interest (discount) than US users. There are only 25% of user are willing to share their personal info, according to KPCB’s internet trends report 2018.

    Report link: https://www.slideshare.net/kleinerperkins/internet-trends-report-2018-99574140

    Chinese version: https://www.digitaling.com/articles/46558.html

    The Psychology of Color in Branding by BRIAN LISCHER

    In the winter of 2015, the internet—and by extension the world—lost its collective head over a picture of an ugly dress. In what would come to be known as Dressgate, the population was split as to whether the garment in question was white and gold or blue and black. While most memes are about as profound and lasting as a cat’s desire for cheeseburgers, “The Dress,” as it was also known, seemed to get at something deeper. How could something so seemingly incontrovertible as color be so steadfastly disagreed upon?

     

    The answer, it turns out, lies squarely in the intersection of color psychology and branding. Like brands, colors are ultimately nothing more than perceptions. They exist nowhere but in the mind of those experiencing them. They also have a powerful effect on our emotions (hence the message board vitriol that spilled out like an oil slick over a silly dress.) The psychology of color has been widely explored by experts in academia, pop culture, business and more. And while the emotional effect of colors differs from person to person based on gender, cultural context, personal experience, and neurological variances, there are some general guidelines that have been borne out by countless color psychology studies. An understanding of these guidelines gives you one more tool in the underlying goal of branding: architecting reality by influencing and shaping consumer perception.

     

    article: http://www.ignytebrands.com/the-psychology-of-color-in-branding/

    The Black Box Society: The Secret Algorithms That Control Money and Information

    Every day, corporations are connecting the dots about our personal behavior—silently scrutinizing clues left behind by our work habits and Internet use. But who connects the dots about what firms are doing with all this information? Frank Pasquale exposes how powerful interests abuse secrecy for profit and explains ways to rein them in.

    Frank Pasquale exposes how powerful interests abuse secrecy for profit and explains ways to rein them in. Demanding transparency is only the first step. An intelligible society would assure that key decisions of its most important firms are fair, nondiscriminatory, and open to criticism. Silicon Valley and Wall Street need to accept as much accountability as they impose on others.

    link: http://www.hup.harvard.edu/catalog.php?isbn=9780674368279

    Article by Dave Smith on Medium: Cutting-Edge Face Recognition is Complicated. These Spreadsheets Make it Easier.

    ref: https://towardsdatascience.com/cutting-edge-face-recognition-is-complicated-these-spreadsheets-make-it-easier-e7864dbf0e1a

    9 Steps to Building a Deep Convolutional Neural Net in Excel for Normal Humans.
    Machine learning can be complicated…and intimidating to learn when you’re starting out. Spreadsheets on the other hand are simple. They aren’t sexy, but they strip away the distractions and help you visualize what happens behind the code in an intuitive way.

    Using step-by-spreadsheets (which you can view or download using the link below), I’ll show you how the convolutional neural nets (“CNNs”) used in computer vision work. There’s a bit of math, but you can follow all formulas in the spreadsheets:

    https://drive.google.com/open?id=1TJXPPQ6Cz-4kVRXTSrbj4u4orcaamtpGvY58yuJbzHk

    The spreadsheet model looks at a picture, analyzes its pixels, and predicts if it is Elon Musk, Jeff Bezos, orrrrr Jon Snow…obviously 3 of Skynet’s greatest threats.

    further details: https://towardsdatascience.com/cutting-edge-face-recognition-is-complicated-these-spreadsheets-make-it-easier-e7864dbf0e1a

    How to create Laravel project by using Valet

    Step 1: Install environment
    installation for Php 7.1
    brew install homebrew/php/php71
    or
    installation for OS X install Php 7.1
    curl -s https://php-osx.liip.ch/install.sh | bash -s 7.1

    reference:
    https://php-osx.liip.ch/

    installation for Homebrew
    /usr/bin/ruby -e "$(curl -fsSL https://raw.githubusercontent.com/Homebrew/install/master/install)"
    brew install homebrew/php/php71
    Update Homebrew
    brew update

    Composer

    php -r "copy('https://getcomposer.org/installer', 'composer-setup.php');"
    php -r "if (hash_file('SHA384', 'composer-setup.php') === '669656bab3166a7aff8a7506b8cb2d1c292f042046c5a994c43155c0be6190fa0355160742ab2e1c88d40d5be660b410') { echo 'Installer verified'; } else { echo 'Installer corrupt'; unlink('composer-setup.php'); } echo PHP_EOL;"
    php composer-setup.php
    php -r "unlink('composer-setup.php');"
    

    install Valet

    composer global require laravel/valet

    install laravel installer
    composer global require "laravel/installer"

    Step 2: Add Path to Terminal
    echo $PATH
    for running valet & composer installation
    export PATH=/usr/local/php5/bin:$PATH
    export PATH=$PATH:$HOME/.composer/vendor/bin

    Step 3: Build up project
    valet install
    Go to folder you want, we suggest use Code (~/ is user home directory)
    create a folder code under “User/”
    input cd ~/code in terminal
    cd ~/code
    tell the plugin that you want to use code as the working path so that app.dev runs the program.
    valet park
    create a laravel project, naming it as “app”
    laravel new app
    running “app”
    ping app.dev
    secure the local domains by using terminal
    valet secure

    How to Allow Apps from Anywhere in macOS Sierra 10.12 by using Terminal

    Tips for install more app for mac os. If you wanna install an app for your macbook pro or mac mini desktop even macbook air from unknown developer, you have to get access for your macbook first. Apple makes it difficult to install unknown sources for security issue. The following Instructions shows you how to get access in your “System Preferences” > “Security & Private”.

    Open app download from Anywhere

    input this in Terminal
    1: Command+space input “Terminal” or “terminal” in Spotlight search
    2: input the following code in terminal
    sudo spctl --master-disable

    Reset to Default Security in macOS Sierra

    sudo spctl --master-enable

    Show/Hide Hidden Files the Long Way
    The long way to show hidden Mac OS X files is as follows:
    Show:
    defaults write com.apple.finder AppleShowAllFiles YES
    Hide:
    defaults write com.apple.finder AppleShowAllFiles NO

    Mobile Statistics in Hong Kong 2017 Mid

    Hi marketers & advertisers, this is Luke again! I’m gonna share some useful marketing statistics for marketers to understand local marketing of mobile users in Hong Kong. For marketing perspective, we all need an overview of mobile users in Hong Kong especially the demographics. The following data is updated for 2017 mid-year that come from Hong Kong Government’s website including OFCA (Office of the Communications Authority) and CASD (Census and Statistics Department). This statistics helps analyst to estimate overall target audiences in hong kong.

    Overview
    Hong Kong Population Estimates: 7,389,500*
    Male: 3,392,100 (45.9)
    Female: 3,997,400 (54.1%)
    Mobile subscribers : 17,368,286
    Mobile subscriber penetration rate: 235.5%
    2.5G and 3G/4G mobile subscribers: 16,014,208

    Point:
    1) Mobile subscriber penetration rate reflects that users subscribes 2.3 mobile devices in average.
    2) There are more than 1 million devices still using slow network (under 2.5G, ~2 MBytes).

    1) There are only 4 mobile network service operators in Hong Kong:
    China Mobile Hong Kong Company Limited
    Hong Kong Telecommunications (HKT) Limited
    Hutchison Telephone Company Limited (“3”)
    SmarTone Mobile Communications Limited
    Links:
    http://www.ofca.gov.hk/en/consumer_focus/education_corner/guide/advice_mps/choice/index.html

    *Provisional figures

    Reference

    Office of the Communications Authority (“OFCA”)
    http://www.ofca.gov.hk/en/media_focus/data_statistics/key_stat/

    Census and Statistics Department
    https://www.censtatd.gov.hk/hkstat/sub/so150.jsp
    https://www.censtatd.gov.hk/hkstat/sub/sp150.jsp?tableID=001&ID=0&productType=8

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