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 month.
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.