A newspaper is occasionally defined (albeit rather grandly)
as a community having a conversation with itself about itself.
IFLR took this concept to its logical conclusion when dealing
with enforcement and the Securities and Futures Commission's
(SFC) aggressive stance on insider dealing in Hong Kong this
Since Morgan Stanley's managing director Du Jun was jailed
on September 18, banks in Hong Kong have become worried that
the SFC's new approach will affect them. "The fear that we'll
slip up, even though our processes have always been
transparent, is keeping me up at night," said one in-house
counsel at a US bank. Concerns also surround the regulator's
demands for documentation when investigating banks.
So IFLR approached Mark Steward, the SFC's executive
director of enforcement, the man responsible for leading the
regulator's new, rigorous approach to market abuse. We asked
him the questions that in-house counsel need answering.