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Alternative Market Briefing

Hong Kong Court of Final Appeal confirms extended powers of SFC to prosecute New York hedge fund for insider trading

Wednesday, May 29, 2013

Bailey McCann, Opalesque New York:

Tiger Asia Management, a New York-based hedge fund will be prosecuted by the Hong Kong financial regulator following a landmark court decision handed down in Hong Kong on May 10. Hong Kong's Securities and Futures Commission (SFC), went after Tiger Asia Management for breaking trading rules in its market. Originally, the fund pushed back saying that it was US based and that the SFC exceeded its regulatory authority when it attempted to go after the fund for insider trading. The court however, has sided with the SFC, now the regulator will move forward with its case which is the latest in several recent prosecutions of insider trading in Hong Kong.

The SFC is moving aggressively on insider trading in Hong Kong. Tiger Asia Management had investments throughout Asia including China, Japan and Korea and the SFC said in its claim that it had the right to go after the firm on an extraterritorial basis. This claim is notable as it sets up an allowance for the regulator to pursue other firms outside of Hong Kong who engage in insider trading in the country.

According to the South China Morning Post, the regulator will now have to make its case through two court proce......................

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