The ongoing insider trading court case between Hong Kong’s financial regulator, the SFC, and New York-based hedge fund Tiger Asia Management LLC, is proving a real challenge to how the regula
The ongoing insider trading court case between Hong Kong’s financial regulator, the SFC, and New York-based hedge fund Tiger Asia Management LLC, is proving a real challenge to how the regulator tackles offshore targets reported Bloomberg this week. The SFC wants to ban Bill Hwang’s fund from trading in the city and freeze assets of involved parties (Bill Sung Kook Hwang, Raymond Park and William Tomita) who are alleged to have contravened Hong Kong’s laws prohibiting insider dealing and market manipulation. The Court of First Instance ruled against the SFC back in the summer, stating that only a criminal court or the Market Misconduct Tribunal (MMT) had the jurisdiction to determine whether such activity took place.