Regulator brings in new measures after launching criminal insider dealing case against Segantii Capital Management
Hong Kong authorities are cracking down on how banks discuss block trades with hedge funds, after a criminal case against Segantii Capital Management and its founder Simon Sadler threw a spotlight on the practice.
The SFC’s guidance says that when a bank is sounding out a hedge fund about its interest in buying shares in a possible block trade, it can only give details that are so “broad, limited, vague and anonymised” that the fund cannot guess the identity of the issuer — unless the fund has agreed to treat it as confidential.
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