News & Analysis as of

Securities Fraud Hong Kong

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No permission, no problem – Hong Kong securities regulator given green light to bring proceedings directly against overseas...

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The Hong Kong Court of Final Appeal has held that the Securities and Futures Commission (SFC) can serve overseas defendants as of right, without needing the court’s permission, making it easier for the SFC to go after persons...more

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CFA limits defence for insider dealers

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On 12 October 2018, the Court of Final Appeal (CFA) found former executives of a listed company, Asia TeleMedia Limited (ATML) culpable for insider dealing. The majority four to one decision examines the "innocent purpose"...more

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MMT finds against SFC in insider dealing case

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In another decision against the SFC, the Market Misconduct Tribunal ("MMT") has found Mr Cheng Chak Ngok ("Mr Cheng"), former executive director, chief financial officer and company secretary of ENN Energy Holdings Limited,...more

Dorsey & Whitney LLP

Hong Kong Securities Laws Violations: The SFC’s Extra-Territorial Reach – Part 3 (the Court of Appeal in Hong Kong dismissed an...

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In August 2016, Hong Kong’s Market Misconduct Tribunal (the “MMT”) found a U.S.-based commentator (Andrew Edward Left) culpable of market misconduct in connection with his research report (“Left’s report”) on the Hong Kong...more

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Hong Kong Securities Laws Violations: The SFC’s Extra-Territorial Reach – Part 2 (U.S. short-seller found culpable of market...

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Hong Kong’s Market Misconduct Tribunal (the "MMT") has found U.S.-based Andrew Edward Left culpable of market misconduct in connection with his research report (“Left’s report”), published on June 21, 2012 on a U.S.-based...more

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This Week In Securities Litigation

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The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more

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Hong Kong Market Misconduct: SFC Extends Enforcement Power to Insider Dealing in Overseas Listed Securities – Part 2

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Section 300 of the Securities and Futures Ordinance (the “SFO”) prohibits the use of fraudulent or deceptive schemes or engagement in any practice which is fraudulent or deceptive “in a transaction involving securities,...more

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This Week In Securities Litigation (Week ending November 6, 2015)

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Conflicts and investment fund fraud cases were the focus this week. The SEC brought two actions in each category. In addition, a settled insider trading action was filed....more

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This Week In Securities Litigation

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The SEC’s apparent preference for administrative proceedings as a venue for its enforcement actions continues to draw criticism. H.R. 3798 is now pending in the House of Representatives. The bill is tilted the “Due Process...more

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This Week In Securities Litigation

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The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

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This Week In Securities Litigation

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The Government requested that the Supreme Court overturn U.S. v. Newman, the Second Circuit’s decision on tipping and the personal benefit test. Previously, the Second Circuit had declined a request to either rehear the case...more

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This Week In Securities Litigation

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The SEC filed three actions following-up on its settled proceeding against Oppenheimer for selling millions of shares of unregistered penny stocks. Each individual settled with the agency. In addition, the Commission brought...more

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This Week In Securities Litigation

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The U.S. Chamber of Commerce published a report containing a series of recommendations regarding the SEC’s Enforcement program. Several recommendations focused on the use of administrative proceedings, including one which...more

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This Week In Securities Litigation

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The Second Circuit rejected a petition for rehearing by the U.S. Attorney’s Office in the Newman case. There the Court reversed and dismissed the insider trading actions against two traders based on the failure of the court...more

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This Week In Securities Litigation

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The DOJ’s settlement with S&P for $1.4 billion, coupled with admissions of fact, made headlines this week. The settlement was joined by 19 states and the District of Columbia. The DOJ and the states will essentially split the...more

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This Week In Securities Litigation

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The SEC named ratings giant Standard & Poor’s in three actions this week and one of its senior executives in another. The firm settled all three actions, admitting to a series of facts but not violations of the law in one...more

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This Week In Securities Litigation (Holiday wrap-up edition)

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Through the holidays (Dec. 19 – 31, 2014) the Department of Justice and the SEC continued to file securities enforcement actions. The Department brought an FCPA case which is now number two on the top ten list for amounts...more

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This Week In Securities Litigation

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Supreme Court Justices Scalia and Thomas indicated that the High Court may at some point consider a question regarding the application of insider trading law in criminal cases and the deference due, if any, to the...more

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This Week In Securities Litigation

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Rengan Rajaratnam settled his insider trading case with the SEC this week, consenting to the entry of a permanent injunction and agreeing to pay disgorgement, prejudgment interest, a civil penalty and to be barred from the...more

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This Week In Securities Litigation

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The Commission prevailed in three litigated decisions. The agency secured a favorable jury verdict in an action centered on an offering fraud. In two other cases — one based on misrepresentations regarding the only company...more

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This Week In Securities Litigation (Week ending June 13, 2014)

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The Commission failed to prove its insider trading claims to the satisfaction of a jury for the second week in a row. This time a Los Angeles jury rejected claims of the agency against a corporate executive that were tied to...more

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This Week In Securities Litigation (The week ending January 10, 2014)

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The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

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This Week In Securities Litigation (Week ending December 20, 2013)

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Michael Steinberg, formerly of SAC Capital, was found guilty of insider trading by a jury. The verdict preserved the unblemished record of the US Attorney’s Office in Manhattan which has prevailed in each of the insider...more

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US China Trade War Developments –Trade, False Claims Act, Patents, US/Chinese Antitrust And Securities

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On December 3, 2013, former Congressman Don Bonker of APCO and I will be speaking in Vancouver, Canada at a breakfast conference held by the American Chamber of Commerce on “The Trans-Pacific Partnership Demystified: A...more

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US China Trade War–Developments In Trade, Customs, Patents, Antitrust And Securities

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There have been some major developments in the trade, solar cells, Customs, 337/patents, antitrust and securities areas. On September 26th there were reports that the United States and China have been negotiating for the past...more

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