Newsletter – January 2018

Content

  1. SFC publicly censures Zhang Qiang for breach of the Takeovers Code
  2. Court orders re-trial after allowing SFC’s appeal in illegal short selling case
  3. SFC bans Ng Chau for six months
  4. SFC reprimands and fines Wu Hon Cheung HK$50,000
  5. SFC reprimands and fines EFG Bank AG HK$2 million
  6. Court finds no insider dealing in Integrated Distribution Services Group shares
  7. SFC bans Chan Wai Nun for six months
  8. SFC obtains court order to disqualify former chairman of Pearl Oriental Oil Limited for six years

 

1. SFC publicly censures Zhang Qiang for breach of the Takeovers Code

On 20 December 2017, the SFC has publicly censured Zhang Qiang for acquiring shares within six months after the close of an offer at above the offer price in breach of Rule 31.3 of the Takeovers Code.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR156

For a copy of the Executive Statement, please refer to:

http://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/Public%20censure%20Zhang%20Qiang%20Executive%20statement%20(Eng).pdf

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2. Court orders re-trial after allowing SFC’s appeal in illegal short selling case

On 27 December 2017, the Court of First Instance has allowed the SFC appeal against the acquittal of Mr Wong Hung of illegal short selling and ordered that the case be remitted back to the Magistrates’ Court for a re-trial.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR157

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

http://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=112992&QS=%2B&TP=JU

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3. SFC bans Ng Chau for six months

On 27 December 2017, the SFC has banned Mr Ng Chau, a former account executive of Get Nice Securities Limited, from re-entering the industry for six months from 15 December 2017 to 14 June 2018 for breach of 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=17PR158

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=17PR158&appendix=0

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4. SFC reprimands and fines Wu Hon Cheung HK$50,000

On 9 January 2018, the SFC has reprimanded Mr Wu Hon Cheung, a former account executive of Sun Hung Kai Investment Services Limited, and fined him HK$50,000 for failing to keep proper records of a client’s order instructions, in breach of the Code of Conduct.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR1

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=18PR1&appendix=0

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5. SFC reprimands and fines EFG Bank AG HK$2 million

On 11 January 2018, the SFC has reprimanded and fined EFG Bank AG HK$2 million for dealing in futures contracts without the required registration.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR2

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=18PR2&appendix=0

6. Court finds no insider dealing in Integrated Distribution Services Group shares

On 18 January 2018, the Eastern Magistrates’ Court today found that Mr Lam Yik Tung, a former employee of BNP Paribas Capital (Asia Pacific) Limited, and his friends – Mr Chan Lit Chun and Mr Anson Mui Ka Leung – were not guilty of insider dealing in the shares of Integrated Distribution Services Group Limited in 2010.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR4

7.  SFC bans Chan Wai Nun for six months

On 22 January 2018, the SFC has banned Mr. Chan Wai Nun, a former investment counsellor of DBS Bank (Hong Kong) Limited (“DBSHK”), from re-entering the industry for six months from 19 January 2018 to 18 July 2018 for transferring client data out of DBSHK prior to his departure from DBSHK to join another bank.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR6

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=18PR6&appendix=0

8. SFC obtains court order to disqualify former chairman of Pearl Oriental Oil Limited for six years

On 25 January 2018, the SFC has obtained an order in the High Court to disqualify Mr Fan Di, former chairman, president and executive director of Pearl Oriental Oil Ltd for defalcation, misfeasance and other misconduct towards the company.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR8

For a summary of the material events and the allegation, please refer to:

http://www.sfc.hk/web/doc/EN/general/general/press_release/11/11PR58_Extract.pdf

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

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Regulatory News (Feb 2018)

Regulatory News (Jan 2018)