Newsletter – July 2017

/in /by

Content

  1. Court of First Instance upholds convictions of Hong Kong Game Theory Association Limited and its sole director over unlicensed activities
  2. QMIS Securities Limited and former responsible officer convicted of giving SFC false or misleading information
  3. SFC issues restriction notice on W. Falcon Asset Management (Asia) Limited
  4. Hong Kong’s fund management business grows steadily in 2016
  5. SFC suspends Chan Wai Ling for 12 months
  6. Court sets pre-trial date for insider dealing case
  7. Court convicts licence applicant for providing SFC with false information

1. Court of First Instance upholds convictions of Hong Kong Game Theory Association Limited and its sole director over unlicensed activities

On 29 June 2017, the Court of First Instance has dismissed the appeal of Hong Kong Game Theory Association Limited and its sole director Mr Sze Ching Lok against their convictions for carrying on a business in advising on futures contracts without a licence.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR92

For a copy of the Court of Appeal’s judgment (Only available in Traditional Chinese), please refer to:

http://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=110120&currpage=T

<back to top>

2. QMIS Securities Limited and former responsible officer convicted of giving SFC false or misleading information

On 30 June 2017, the Eastern Magistrates’ Court has convicted QMIS Securities Limited and its former responsible officer, Mr Huang Kuang Cheng, of making false or misleading representations when submitting licensing information to the SFC.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR93

<back to top>

3.  SFC issues restriction notice on W. Falcon Asset Management (Asia) Limited

On 7 July 2017, SFC issued a Restriction Notice on W. Falcon Asset Management (0)(Asia) Limited to safeguard the assets of the firm and its clients, and to protect the interest of its clients and the investing public.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR94

4.  Hong Kong’s fund management business grows steadily in 2016

On 19 July 2017, SFC released its annual Fund Management Activities Survey which shows that the combined fund management business in Hong Kong increased by 5.2% year-on-year to HK$18,293 billion as of 31 December 2016.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR98

 

5.  SFC suspends Chan Wai Ling for 12 months

On 26 July 2017, SFC has suspended Ms Chan Wai Ling for 12 months from 26 July 2017 to 25 July 2018 for her failure to act in her clients’ best interests as she did not obtain her clients’ written authorization or inform her employer before she acted on the third party instructions.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR101

For a copy of the Statement of Disciplinary Action report, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR101&appendix=0

 

6.  Court sets pre-trial date for insider dealing case

On 26 July 2017, The Eastern Magistrates’ Court today adjourned the criminal proceedings brought by the SFC against Mr Lam Yik Tung, Mr Chan Lit Chun and Mr Anson Mui Ka Leung to 12 September 2017 for a pre-trial review after they pleaded not guilty to charges of insider dealing in the shares of Integrated Distribution Services Group Limited.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR102

7.  Court convicts licence applicant for providing SFC with false information

On 27 July 2017, The Eastern Magistrates’ Court today convicted Ms Yan Ching Ching after she pleaded guilty to three counts of making false or misleading representations in support of her licence application to the SFC.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR103

The article is for general information purpose only and is not intended to constitute legal or other professional advice.

Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.

CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.

For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected] 

Regulatory News (Jul 2017)

/in /by

Newsletter – June 2017

/in /by

Content

  1. Court of Appeal upholds SFAT’s ruling on SFC’s disciplinary action against Moody’s over Red Flags Report
  2. SFC commences insider dealing prosecutions over proposed privatisation of Integrated Distribution Services Group
  3. Former responsible officer convicted and fined for illegal short selling
  4. SFC issues restriction notice on IDS Forex HK Limited
  5. SFC bans Li Bo for eight months for failure in disclosing his personal trading
  6. SFC suspends former responsible officer of iSTAR International Futures Co. Limited for six months for failure in anti-money laundering
  7. SFC bans Fok Chi Kin for eight months for transferring proprietary information
  8. Market Misconduct Tribunal sanctions Greencool’s former chairman and senior executives for disclosure of false or misleading information

1. Court of Appeal upholds SFAT’s ruling on SFC’s disciplinary action against Moody’s over Red Flags Report

On 8 June 2017, the Court of Appeal has dismissed an appeal by Moody’s Investors Service Hong Kong Limited (“Moody’s”) against the Securities and Futures Appeals Tribunal’s decision to uphold the SFC disciplinary action in relation to a special comment report published by Moody’s in 2011.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR77

For a copy of the Court of Appeal’s judgment, please refer to:

http://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=109835&currpage=T

<back to top>

2. SFC commences insider dealing prosecutions over proposed privatisation of Integrated Distribution Services Group

On 9 June 2017, the SFC has commenced criminal proceedings in the Eastern Magistrates’ Court against Mr Lam Yik Tung, Mr Chan Lit Chun and Mr Anson Mui Ka Leung for alleged insider dealing in the shares of Integrated Distribution Services Group Limited.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR78

<back to top>

3.  Former responsible officer convicted and fined for illegal short selling

On 9 June 2017, the Eastern Magistrates’ Court has convicted Mr Sammy Shiu Kin Keung after he pleaded guilty to illegal short selling in the shares of Share Economy Group Limited (formerly known as Vitop Bioenergy Holdings Limited), Global Tech (Holdings) Limited  and China Ocean Industry Group Limited (formerly known as China Ocean Shipbuilding Industry Group Limited) on 14 occasions.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR79
english_content

4.  SFC issues restriction notice on IDS Forex HK Limited

On 12 June 2017, the SFC issued a Restriction Notice on IDS Forex HK Limited prohibiting the firm from carrying on all activities for which it is licensed, disposing of or dealing with any assets held by it or held on behalf of its clients, and assisting, counselling or procuring another person to dispose of or deal with any such property without the SFC’s prior written consent.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR81

For a copy of the Restriction Notice is available on the SFC’s website:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=17PR81&appendix=0

english_content

5.  SFC bans Li Bo for eight months for failure in disclosing his personal trading

On 13 June 2017, the SFC has banned Mr Li Bo, a former employee of The Hongkong and Shanghai Banking Corporation Limited, from re-entering the industry for eight months from 9 June 2017 to 8 February 2018 for breaching the SFC’s Code of Conduct due to his failure to disclose to his employer his personal trading account and beneficial interests in the securities accounts of his friend. Mr Li Bo also failed to obtain prior approval for his securities trading transactions in his friend’s accounts which deprived his employer the opportunity to monitor his trading activities.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR82

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR82&appendix=0

 

6.  SFC suspends former responsible officer of iSTAR International Futures Co. Limited for six months for failure in anti-money laundering

On 19 June 2017, the SFC has suspended Mr Wu Biwei, former responsible officer and managing director of iSTAR International Futures Co. Limited, now known as Rifa Futures Limited, for six months from 16 June 2017 to 15 December 2017 for his failure to have proper safeguards in place against the risks of money laundering and terrorist financing associated with third party fund transfers.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR84

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR84&appendix=0

 

7.  SFC bans Fok Chi Kin for eight months for transferring proprietary information

On 22 June 2017, the SFC has banned Mr Fok Chi Kin from re-entering the industry for eight months from 20 June 2017 to 19 February 2018 due to transferring proprietary information and client data of JPMorgan Funds (Asia) Limited (“JPFL”) without permission on several occasions prior to and immediately after his departure from JPFL.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR86

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR86&appendix=0
english_content

 

8.  Market Misconduct Tribunal sanctions Greencool’s former chairman and senior executives for disclosure of false or misleading information

On 26 June 2017, the Market Misconduct Tribunal (“MMT”) today ordered the former chairman and chief executive officer of Greencool Technology Holdings Limited, Mr Gu Chujun, to disgorge HKD 481,969,785 of profit from his market misconduct. This is the largest disgorgement order amount ever imposed by the MMT to date.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR89

For a copy of the MMT report, please refer to:

(Part 1)
http://www.mmt.gov.hk/eng/reports/Greencool_Technology_Holdings_Limited_Report_e.pdf

(Part 2)
http://www.mmt.gov.hk/eng/reports/Greencool_Technology_Holdings_Limited_Report_PartII_e.pdf

 

The article is for general information purpose only and is not intended to constitute legal or other professional advice.

Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.

CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.

For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected] 

Newsletter – May 2017

/in /by

Content

  1. Court of Appeal dismisses SFC’s appeal against MMT decision
  2. SFC reprimands and fines Promising Securities Company Limited HK$3.5 million
  3. SFC bans Tsap Wai Ping for two years
  4. SFC bans Bernie Wong Ching Man for four months
  5. SFC suspends Hui Lam Chiu for six months

1. Court of Appeal dismisses SFC’s appeal against MMT decision

On 28 April 2017, the Court of Appeal has dismissed an appeal by the SFC against the Market Misconduct Tribunal’s (“MMT”) findings that two former executives of Asia Telemedia Limited (now known as Reorient Group Limited), Mr Yiu Hoi Ying and Ms Marian Wong Nam, had not engaged in insider dealing.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR60

For a copy of the MMT Report, please refer to:

http://www.mmt.gov.hk/eng/reports/Report_of_ATML_e.pdf

<back to top>

2. SFC reprimands and fines Promising Securities Company Limited HK$3.5 million

On 10 May 2017, the SFC has reprimanded and fined Promising Securities Company Limited HK$3.5 million for breach of the Code of Conduct and the Management, Supervision and Internal Controls Guidelines.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR66

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR66&appendix=0

<back to top>

3.  SFC bans Tsap Wai Ping for two years

On 19 May 2017, the SFC has prohibited Mr Tsap Wai Ping from re-entering the industry for two years from 19 May 2017 to 18 May 2019 for fitness and properness concerns.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR73

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR73&appendix=0

4.  SFC bans Bernie Wong Ching Man for four months

On 22 May 2017, the SFC has prohibited Ms Bernie Wong Ching Man, a former employee of Citibank (Hong Kong) Limited, from re-entering the industry for four months from 19 May 2017 to 18 September 2017 for forging a client’s signature.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR74

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR74&appendix=0

 

5.  SFC suspends Hui Lam Chiu for six months

On 22 May 2017, the SFC has suspended Mr Hui Lam Chiu, a former responsible officer of Guoyuan Securities Brokerage (Hong Kong) Limited, for six months from 19 May 2017 to 18 November 2017.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR75

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR75&appendix=0

 

The article is for general information purpose only and is not intended to constitute legal or other professional advice.

Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.

CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.

For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected] 

Newsletter – April 2017

/in /by

Content

  1. SFC reprimands and fines Guoyuan Securities Brokerage (Hong Kong) Limited HK$4.5 million for breaches of anti-money laundering guidelines
  2. Market Misconduct Tribunal sanctions Mayer Holdings Limited and its current and former senior management for late disclosure of inside information
  3. MMT finds no market misconduct in CITIC’s publication of a circular
  4. SFC reprimands and fines iSTAR International Futures Co. Limited HK$3 million over anti-money laundering-related internal control failures
  5. SFC bans Daniel Chen Chi Lik for life
  6. Retail investors convicted of illegal short selling

1. SFC reprimands and fines Guoyuan Securities Brokerage (Hong Kong) Limited HK$4.5 million for breaches of anti-money laundering guidelines

On 5 April 2017, the SFC has reprimanded Guoyuan Securities Brokerage (Hong Kong) Limited and fined it HK$4.5 million for its failure to conduct proper enquiries and scrutiny to mitigate the risks of money laundering and terrorist financing when processing third party fund transfers for clients between September 2010 and July 2012.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR43

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR43&appendix=0

<back to top>

2. Market Misconduct Tribunal sanctions Mayer Holdings Limited and its current and former senior management for late disclosure of inside information

On 5 April 2017, the Market Misconduct Tribunal (“MMT”) fined Mayer Holdings Limited and nine of its current and former senior executives a total of HK$10.2 million after they were found to have failed to disclose inside information as soon as reasonably practicable as required under the Securities and Futures Ordinance (“SFO”).

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR44

For a copy of the MMT Report (Part I), please refer to:

http://www.mmt.gov.hk/eng/reports/Mayer_Holdings_Limited_PartI_Report_e.pdf

For a copy of the MMT Report (Part II), please refer to:

http://www.mmt.gov.hk/eng/reports/Mayer_Holdings_Limited_PartII_Report_e.pdf

<back to top>

3.  MMT finds no market misconduct in CITIC’s publication of a circular

On 10 April 2017, the MMT has handed down its decision that in the publication of a circular on 12 September 2008, CITIC Limited (“CITIC”) and five of its former executive directors had not disclosed false or misleading information that was likely to maintain, increase, reduce or stabilize the price of CITIC shares and so had not engaged in market misconduct.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR45

For a copy of the MMT Report, please refer to:

http://www.mmt.gov.hk/eng/reports/Report_of_CITIC_e.pdf

4.  SFC reprimands and fines iSTAR International Futures Co. Limited HK$3 million over anti-money laundering-related internal control failures

On 12 April 2017, the SFC has reprimanded iSTAR International Futures Co. Limited, now known as Rifa Futures Limited, and fined it HK$3 million over failures to comply with anti-money laundering regulatory requirements when processing third party fund transfers.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR48

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR48&appendix=0

 

5.  SFC bans Daniel Chen Chi Lik for life

On 20 April 2017, the SFC has banned Mr Daniel Chen Chi Lik, a former staff of Bank of China (Hong Kong) Limited, from re-entering the industry for life following his conviction for theft by the Eastern Magistrates’ Court in October 2016.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR51

 

6. Retail investors convicted of illegal short selling

On 27 April 2017, the Eastern Magistrates’ Court convicted Mr Cheng Chi Fei and Mr Wong Kin after they pleaded guilty to illegal short selling in the shares of China Agri-Products Exchange Limited (“China Agri-Products”).

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR59

 

The article is for general information purpose only and is not intended to constitute legal or other professional advice.

Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.

CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.

For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected] 

Newsletter – March 2017

/in /by

Content

  1. Market Misconduct Tribunal sanctions Yorkey Optical, its CEO and Financial Controller for late disclosure of inside information
  2. SFC reprimands and fines Guangdong Securities Limited HK$3 million for breach of anti-money laundering guidelines and bans former responsible officer of Guangdong Securities Limited for nine months over internal control failures
  3. SFC reprimands and fines Zhongtai International Securities Limited HK$2.6 million for non-compliance with anti-money laundering regulatory requirements
  4. SFC reprimands and fines BOCOM International (Asia) Limited HK$15 million for sponsor failures
  5. MMT sanctions Augustine Cheong and his mother for insider dealing in Titan shares
  6. SFC reprimands and fines DBS Vickers (Hong Kong) Limited HK$2 million for regulatory breaches and internal control failures
  7. SFC bans Philip Leung Ming Yin for six months
  8. SFC reprimands and fines Merrill Lynch Far East Limited & Merrill Lynch (Asia Pacific) Limited HK$15 million over internal control failures

1.         Market Misconduct Tribunal sanctions Yorkey Optical, its CEO and Financial Controller for late disclosure of inside information

On 28 February 2017, the Market Misconduct Tribunal (“MMT”)  has found that Yorkey Optical International (Cayman) Limited, its CEO Mr Nagai Michio and Financial Controller Mr Ng Chi Ching failed to disclose inside information as soon as reasonably practicable under the corporate disclosure regime following proceedings brought by the SFC.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR26

For a copy of the MMT report, please refer to:

http://www.mmt.gov.hk/eng/reports/Report_of_Yorkey_e.pdf

2. SFC reprimands and fines Guangdong Securities Limited HK$3 million for breach of anti-money laundering guidelines and bans former responsible officer of Guangdong Securities Limited for nine months over internal control failures

On 6 March 2017, the SFC has reprimanded Guangdong Securities Limited (“GSL”), now known as Sinolink Securities (Hong Kong) Company Limited, and fined it HK$3 million for failures in complying with anti-money laundering guidelines when handling third party payments.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR27

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR29

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR27&appendix=0

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR29&appendix=0

3.  SFC reprimands and fines Zhongtai International Securities Limited HK$2.6 million for non-compliance with anti-money laundering regulatory requirements

On 14 March 2017, the SFC has reprimanded Zhongtai International Securities Limited, formerly known as Qilu International Securities Limited, and fined it HK$2.6 million for failures in complying with anti-money laundering regulatory requirements when handling third party fund deposits.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR32

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR32&appendix=0

4.  SFC reprimands and fines BOCOM International (Asia) Limited HK$15 million for sponsor failures

On 15 March 2017, the SFC has reprimanded and fined BOCOM International (Asia) Limited HK$15 million, for failing to discharge its duties as a sponsor in relation to the listing application of China Huinong Capital Group Limited.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR34

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR34&appendix=0

 

5.  MMT sanctions Augustine Cheong and his mother for insider dealing in Titan shares

On 15 March 2017, the MMT has found that a former senior executive of an affiliate of Titan Petrochemicals Group Limited, Mr Augustine Cheong Kai Tjieh, and his mother, Ms Gan Ser Soon, engaged in insider dealing in the shares of Titan in January 2012.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR35

For a copy of the MMT report, please refer to:

http://www.mmt.gov.hk/eng/reports/Report_of_Titan_e.pdf

 

6. SFC reprimands and fines DBS Vickers (Hong Kong) Limited HK$2 million for regulatory breaches and internal control failures

On 16 March 2017, the SFC has reprimanded DBS Vickers (Hong Kong) Limited and fined it HK$2 million for regulatory breaches and internal control failings relating to under-segregation of client money.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR36

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR36&appendix=0

 

7.SFC bans Philip Leung Ming Yin for six months

On 20 March 2017, the SFC has banned Mr Philip Leung Ming Yin, a former account executive of HSBC Broking Securities (Asia) Limited, from re-entering the industry for six months from 17 March 2017 to 16 September 2017 for failure in maintaining a proper record of the instructions as required by the SFC’s Code of Conduct.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR37

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR37&appendix=0

<back to top>

 

8. SFC reprimands and fines Merrill Lynch Far East Limited & Merrill Lynch (Asia Pacific) Limited HK$15 million over internal control failures

On 24 March 2017, the SFC has resolved its concerns with Merrill Lynch Far East Limited and Merrill Lynch (Asia Pacific) Limited over internal control failures.  Under the resolution, the SFC reprimanded and fined them a total of HK$15 million for breaches of the Code of Conduct and the Internal Control Guidelines relating to its reporting of Large Open Positions, electronic trading systems, distribution of research reports involving futures contracts and disclosure of market making activities in research reports..

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR40

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR40&appendix=0

The article is for general information purpose only and is not intended to constitute legal or other professional advice.

Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.

CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.

For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected] 

CompliancePlus Hosted Charity Seminar on the MIC Regime

/in /by

Ming Gor sharing – Highlights

Ming Gor sharing – Full version