meridan global funds asia ltd v securities commissions So along comes a nz case. Which went to the privy council, one of the cases that lot was in case. It went to court of appeal, from court of appeal to privy council in london where lord hoffman, a well known respected judge gave the judgement. Basically he reject the directing will and mind approach. Respectfully of course as judges do. Said that is not how it work, we got to look at the legislation and interpret that leg to determine whether company is liable or is it just individual liable. Back to the case, this was company was a nz company but investing people based in singapore. They were investing back in the nz stock market. At the time the leg applied to the securities amendment act. We now have financial market conduct act. What it did it required an investor to declare to the market as soon it become a substantial shareholder in a investee company. That is common in financial market. As soon as you get to 20 or 10% or 30%, in this case 20% you have to tell the entire market immediately that you took the share. That give them information but perhaps from looking to take over the company completely or wanting to get out is very common. If you are 19.99% you dont have to declare, if on 20, you declare. It is a critical way of building trust in the market and getting information to the market