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Hong Kong loses big by beating Moody's in court

Its reputation as a financial centre is damaged, for there is nothing wrong with share prices falling due to reports highlighting risks.

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The severity of the penalty appears misguided (the SFC wanted to fine Moody's HK$23 million), and the overall prosecution perhaps over-zealous.

ON March 31, Hong Kong's Securities and Futures Appeals Tribunal largely upheld the findings of the Securities and Futures Commission (SFC) against Moody's Investors Service. Moody's has received a public reprimand and an HK$11 million (S$1.9 million) fine for various failings related to a

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