Right to silence

摘要

Cooperation amongst regulators around the world has become increasingly important to effectively deal with cross-border crime and misconduct. The Securities and Futures Commission (the SFC) has entered into cooperation arrangements with various foreign counterparts whereby investigative assistance can be rendered to one another and intelligence can be exchanged. Section 186 of the Securities and Futures Ordinance (Cap 571) (the SFO) provides the SFC with the legislative gateway to assist an overseas regulator which performs a similar function in the latter's investigation by exercising its investigative powers under Part VIII of the SFO. Provided that the conditions for providing investigative assistance are met, and subject to certain safeguards, the SFC may disclose materials which it has compelled a person to provide in Hong Kong to an overseas regulator. One of the safeguards is that, if a person is required to give an explanation by the SFC and if he claims privilege against self-incrimination before giving the explanation, the requirement for the explanation and the explanation itself cannot be disclosed to the foreign regulator for use in criminal proceedings against that person in the foreign jurisdiction.