Hong Kong’s highest court has confirmed that Hong Kong’s Securities and Future Commission can independently sue parties for financial wrongdoing absent either criminal prosecution or a proceeding before Hong Kong’s Market Misconduct Tribunal.
The SFC had targeted New York hedge fund Tiger Asia for alleged insider trading and sought a court order freezing the fund’s assets in Hong Kong and barring it from trading in the territory. Tiger Asia had challenged the SFC’s actions on the grounds that the regulator lacked authority to bring such actions absent a separate criminal or civil finding.
