Facing an SFC search warrant?

Last reviewed by Liva, solicitor, Liva Law & Associates · 13 September 2026. General information only.

What is a search warrant under section 191?

A search warrant under section 191 of the Securities and Futures Ordinance (Cap. 571) is a warrant issued by a magistrate, on information on oath, in respect of records or documents that may be required to be produced under Part VIII of the Ordinance (Supervision and Investigations). It names premises and authorises SFC officers to enter, search, and seize and remove material covered by the warrant.

Unlike a section 180 inspection or a section 183 notice, the warrant is not issued by the SFC. An SFC employee, a person authorised under section 179 or 180, or an investigator may lay the information before the magistrate; SFC officers then execute the warrant. Nor is the power limited to cases where a section 182 investigation has already commenced — it attaches to records or documents that may be required under Part VIII generally.

In practice there is no advance notice: the first sign is usually officers attending the premises, whether or not anyone senior is present.

Who may be affected?

The warrant names premises — which may be offices, data rooms or homes — and it is the occupier who must deal with the officers on site. The occupier need not be the person under investigation: third parties who happen to hold records, such as professional firms or service providers, may also find SFC officers at the door with a warrant.

Within a firm, the search will typically involve reception and IT staff first, then the responsible officers, Managers-In-Charge of Core Functions (MICs) and compliance staff who manage the firm’s response.

What may officers do under the warrant?

Within the wording of the warrant, section 191 authorises SFC officers to:

• enter the named premises, by force if necessary, within 7 days beginning on the date of the warrant;
• search for, seize and remove records or documents covered by the warrant;
• require any person on the premises to produce records or documents for examination;
• prohibit the removal, erasure, addition or alteration of — or other interference with — records or documents; and
• take other steps that appear necessary to preserve them.

Records and documents are defined broadly in Schedule 1 and include information stored on discs, tapes and other devices, and output from information systems — material is not outside the warrant merely because it is held electronically.

The warrant itself does not require anyone to explain the matters under investigation or to assist the investigation generally. Requirements of that kind usually arrive separately — for example, a section 183 notice after an investigation has commenced.

Failing without reasonable excuse to comply with a requirement or prohibition imposed under section 191(2), or obstructing the officers in the exercise of those powers, is an offence (section 191(6) and (7)). Obstructing the SFC may also be an offence under section 382. If a demand appears to go beyond the warrant, raise it through your solicitor rather than by resisting on site.

Legal professional privilege is preserved: nothing in the Ordinance affects a claim of legal professional privilege (section 380(4)), subject to limited exceptions such as a client’s name and address (section 380(5)). Identify privileged materials at the outset and ask for them to be segregated — and take advice promptly if privileged material is removed.

How this differs from other SFC processes

A search warrant is a court-issued instrument — not an SFC notice — and it authorises entry, search and seizure rather than questions.

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The same facts can involve more than one process: a search may be followed by a section 183 notice, and a firm under a restriction notice may also face an investigation.

First steps while officers are on site

After the search

• Map what is missing against your own log and the receipt, and assess the operational impact — client files, transaction records, compliance materials.
• Ask about inspecting seized materials and making copies at reasonable times (section 191(4)). Retention is generally limited to 6 months from removal — or longer where the materials are needed for criminal proceedings or proceedings under the Ordinance (section 191(3)).
• Expect possible follow-up: a section 183 notice requiring production, explanations or interview attendance often follows a search.
• Take advice before wider disclosure — the secrecy provisions (section 378) can be relevant, and obtaining legal advice is the usual safe framing.
• Record the event for governance: brief the board or senior management as appropriate, and preserve your own records of the day.

How we can assist

• Immediate response — telephone guidance while officers are on site and, where feasible, attendance; the scope of the warrant; and dealing with officer requests without obstructing the search.
• Privilege claims — identifying and segregating privileged materials, and asserting and documenting legal professional privilege claims under section 380(4).
• Seizure follow-up — the receipt under section 191(4), inspection and copies of seized materials, and tracking retention under section 191(3).
• The wider investigation — section 183 notices and interviews that follow a search, and strategy where a matter may move towards criminal proceedings, the Market Misconduct Tribunal or disciplinary action.

Related service: SFC Investigations, Notices & Enforcement

Who we advise

Licensed corporations, responsible officers, Managers-In-Charge of Core Functions (MICs), directors and staff whose premises are the subject of a search warrant; occupiers of searched premises, including homes; and third-party record holders — such as professional firms and service providers — where SFC officers attend with a warrant. Where the interests of a firm and an individual may differ, we advise on separate representation.