Financial Regulatory Forum

HK reappoints top insider-trading buster for 3 yrs

September 24, 2009

steward-2     HONG KONG, Sept 24 (Reuters) – Hong Kong has reappointed the chief enforcement officer of its financial sector watchdog for an additional three years, underscoring the city’s recent determination to stamp out insider trading.
   Following a protracted period of uncertainty over the future of Mark Steward, whose contract was due to expire this week, the Securities and Futures Commission (SFC) appointed him for another three-year term.
   “Since joining the SFC in September 2006, Mark has been tireless in leading the Enforcement Division to combat market misconducts,” SFC CEO Martin Wheatley said in a statement late on Wednesday.
   The failure to clarify his future till the last minute had fuelled speculation authorities may have been under pressure from some elements of the financial community to let go of Steward, who has spearheaded an aggressive campaign amid the financial crisis to combat insider trading.
   Paul Kennedy, the SFC’s chief operating officer, also had his contract extended by nine months as requested.
   Earlier this month, former Morgan Stanley <MS.N> managing director Du Jun was sentenced to a maximum seven years in jail after being found guilty of insider trading in the city’s highest-profile case of its kind. [ID:nHKG101616] 
   In March, a former BNP Paribas Peregrine Capital investment banker and four others were found guilty in Hong Kong’s first jail sentencing for insider dealing, which became a criminal offence in the territory only in 2003.
   Over the past year or so, the SFC has secured total of ten convictions, including a former director of investment banking at CLSA Equity Capital Markets, for insider trading transgressions. (Reporting by Alison Leung; Editing by James Pomfret and Jonathan Hopfner) ((alison.leung@thomsonreuters.com; +852 2843 6369; Reuters Messaging: alison.leung.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
Keywords: SFC/HONGKONG
  
Thursday, 24 September 2009 04:42:01RTRS [nHKG42949 ] {C}ENDS

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