On the afternoon of 26 November, the Shanghai Financial Court (SFC or the Court) conducted a public trial of the test case concerning default disposal of FTZ offshore bonds. This is the second test case tried since the release of the Rules of the Shanghai Financial Court on Financial Market Test Case Scheme. The judicial panel comprised four judges of the SFC and three external experts. The judicial panel fully heard the applicant’s submissions and the respondents’ as well as the third party’s defenses and, upon the applicant’s application, permitted two Hong Kong-qualified lawyers to appear as expert witnesses to give professional opinions and to accept inquiries from the applicant, the respondents and the judicial panel. More than 40 persons, including representatives of financial regulatory authorities, financial market infrastructures, and financial legal institutions, as well as university experts and scholars and news media reporters, attended the trial.
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