Fri, Apr 27, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its