The Securities and Futures Commission (SFC) has instituted proceedings in the Market Misconduct Tribunal (MMT) against Tiger Asia Management LLC (Tiger Asia) and three of its officers, Mr Bill Sung Kook Hwang, Mr Raymond Park and Mr William Tomita (collectively the Tiger Asia parties) in relation to dealings in the securities of Bank of China (BOC) and China Construction Bank Corporation (CCB) during 2008 and 2009.
This is the first time the SFC has instituted proceedings in the MMT directly.
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The SFC has prepared a statement for the institution of proceedings which the MMT has published on its website. The statement sets out the grounds on which the SFC has initiated these proceedings.
The MMT’s statutory functions are:
- to determine whether any market misconduct has taken place,
- to identify any person who has engaged in the market misconduct; and
- to determine the amount of profit gained or loss avoided as a result of any market misconduct that may have taken place.
If the MMT finds there has been market misconduct, it is empowered to make a range of orders, including orders prohibiting a person from acquiring or disposing of or otherwise dealing in securities, futures contracts or leveraged foreign exchange contracts in Hong Kong without leave of the Court for a period of up to five years.
The SFC is not pursuing criminal charges against the Tiger Asia parties given the significant risk that criminal charges in Hong Kong are barred on the ground of double jeopardy because Tiger Asia, Hwang and Park have already been prosecuted in relation to the same conduct in the United States in proceedings that were criminal or would be viewed as criminal proceedings under Hong Kong law.
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By GlobalDataThe SFC’s proceedings under section 213 of the Securities and Futures Ordinance (SFO) against the Tiger Asia parties are continuing.
