SFC clarifies analyst insider information ruling

Hong Kong regulators explain the controversial penalty against a Goldman Sachs analyst.

Officials from the Hong Kong Securities and Future's Commission SFC yesterday clarified their recent, controversial ruling on analysts abusing insider information to a lunch audience of investment analysts and other industry players hosted by the Hong Kong Society of Financial Analysts. Although never referring to individuals or firms by name, it was widely if informally understood this referred to Goldman Sachs analyst Ting Chuk-kwan, who the SFC found had distributed within her firm information from a company that could impact its share price.

Alan Linning, executive director of enforcement at the SFC, says the industry's shock at the ruling had taken authorities by surprise, and made them aware that their legal position...

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