AsianInvestor's regulatory round-up, May 13

Hong Kong: SFC recovers HK$191m from hedge fund The city’s Securities and Futures Commission (SFC) has recovered $191 million for 340 overseas investors who lost money in a failed hedge fund, the regulator announced. In April 2009, the SFC froze hedge fund Descartes Athena Fund SPC’s assets to protect its investors, following allegations that fund managers committed fraud. The SFC claimed investors were issued with false documents, purportedly from a major accounting firm, and we…