HONG KONG: A Hong Kong court ruled yesterday that it does not have the jurisdiction to determine whether New York-based hedge fund Tiger Asia engaged in insider dealing, thwarting the market regulator's attempt to ban the fund from trading securities or derivatives listed in the city.
This is the first time the Securities and Futures Commission (SFC) has tried to exclude an entity from trading in Hong Kong, but in a ruling handed down by Hong Kong's Court of First Instance, Justice Jonathan Harris said it did not have the power to rule whether the fund had breached rules on insider dealing.
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