Hong Kong Securities and Futures Commission SFC

Hong Kong SFC

Hong Kong Securities and Futures Commission

Here is a short piece on the Securities and Futures Commission (SFC) in Hong Kong and how they might increase regulation or scrutiny on individual hedge fund managers.

Some hedge fund managers provided inaccurate information to investors in newsletters and monthly fact sheets, Hong Kong's Securities and Futures Commission said.

In one instance, the hedge fund manager excluded the fund's largest stock holding from its top five investments because of ``oversight,'' the regulator said in a statement issued late yesterday to all licensed hedge fund companies in the city. In other cases, the managers misstated the funds' debt ratios and net asset values ``to a limited extent.''

The findings were results of a recent SFC inspection of eight small locally established hedge fund managers overseeing $5 million to $800 million and employing three to 30 people. The regulator didn't identify the managers involved. Ernest Kong, a SFC spokesman, declined to provide further comments.

Regulators worldwide have been increasing oversight over the $1.7 trillion hedge fund industry amid a crisis that has laden the world's largest banks and securities firms with more than $670 billion of losses and led to the failure of Lehman Brothers Holdings Inc. Hedge funds are bracing for the industry's worst year in almost 20 years and trying to stem investor withdrawals.

``There's a great deal of discussion at the moment about how regulatory policies globally are going to change following the current crisis,'' said Peter Douglas, principal of Singapore-based hedge fund consulting firm GFIA Pte. ``My guess is that any story that talks about a regulator's comment is going to be of great interest.'' Source

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