In Securities and Futures Commission v Wong Wai Kwong David and Ors [2021] 5 HKC 601, the Court of Appeal considered the principles applicable to an application by the SFC for a compensation order under s.214 of the Securities and Futures Ordinance, and overtruned the decision of the Court of First Instance in refusing to make a compensation order.  Tony Ko acted for the former directors of the listed company concerned.