Newsletter – May 2019
/in Newsletter /by Tony Chan- SFC-ICAC operation leads to charging of ex-Convoy director Cho Kwai Chee
- SFC suspends Gransing Securities’s chairperson Oei Hong Eng for eight months
- SFC bans Wang Can for 30 months
- Futures trader Tsoi Wan convicted of market manipulation
- Court of Appeal dismisses leave application of Andrew Left
- SFC reprimands and fines China Merchants Securities (HK) Co., Limited HK$27 million for sponsor failures
On 16 May 2019, following the joint operation of the SFC and the ICAC in December 2017, the ICAC charged Mr Cho Kwai Chee, a former Executive Director of Convoy Global Holdings Limited, with conspiracy to defraud.
For more details, please refer to:
For the ICAC’s press release, please refer to:
https://www.icac.org.hk/en/press/index_id_730.html
2. SFC suspends Gransing Securities’s chairperson Oei Hong Eng for eight months
On 16 May 2019, the SFC suspended the licence of Ms Oei Hong Eng, the chairperson and a responsible officer of Gransing Securities Co., Limited, for eight months from 16 May 2019 to 15 January 2020 for attempting to create a false or misleading appearance of active trading in securities.
For more details, please refer to:
For the Statement of Disciplinary Action, please refer to:
3. SFC bans Wang Can for 30 months
On 16 May 2019, the SFC banned Mr Wang Can, a former licensed representative of China Galaxy International Securities (Hong Kong) Co., Limited, for 30 months for misconduct.
For more details, please refer to:
For the Statement of Disciplinary Action, please refer to:
4. Futures trader Tsoi Wan convicted of market manipulation
On 23 May 2019, the the Eastern Magistrates’ Court convicted Mr Tsoi Wan of three charges of manipulating the calculated opening price of the Hang Seng Index futures contracts in the futures market following a prosecution by the SFC.
Tsoi, who pleaded guilty to three charges of market manipulation, was fined HK$60,000.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR42
5. Court of Appeal dismisses leave application of Andrew Left
On 24 May 2019, the Court of Appeal dismissed the application by Mr Andrew Left of Citron Research for leave to appeal to the Court of Final Appeal against the determinations of the Market Misconduct Tribunal.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR43
For the SFC’s press release dated 22 December 2014, please refer to:
For the SFC’s press release dated 19 March 2015, please refer to:
For the SFC’s press release dated 2 November 2015, please refer to:
For the SFC’s press release dated 26 August 2016, please refer to:
For the SFC’s press release dated 20 October 2016, please refer to:
For the SFC’s press release dated 26 February 2019, please refer to:
6. SFC reprimands and fines China Merchants Securities (HK) Co., Limited HK$27 million for sponsor failures
On 27 May 2019, the SFC reprimanded and fined China Merchants Securities (HK) Co., Limited HK$27 million for failing to discharge its obligations as a joint sponsor in relation to the listing application of China Metal Recycling (Holdings) Limited.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR44
For the Statement of Disciplinary Action, please refer to:
For the SFC’s press release dated 27 February 2019, please refer to:
For the SFC’s press release dated 26 February 2015, please refer to:
For the SFC’s press release dated 14 March 2019, please refer to:
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 (Jun 2019)
/in Regulatory News /by Tony Chan- Regulators conclude consultation on annual update to the list of Financial Services Providers under the clearing obligation for OTC derivative transactions
- SFC and ICAC search sponsor firms
- Market Misconduct Tribunal fines Health and Happiness and its chairman $3.2 million in total for late disclosure of inside information
- SFC issues restriction notices to 14 brokers to freeze client accounts linked to suspected market manipulation of Smartac Group China Holdings Limited
- SFC issues restriction notices to nine brokers to freeze client accounts linked to suspected market manipulation of China Ding Yi Feng shares
- SFAT affirms SFC decision to reprimand and fine FT Securities Limited $3.5 million
- New speech by Julia Leung: Keynote speech at 2019 Risk Hong Kong Conference
- SFC reprimands and fines Credit Suisse (Hong Kong) Limited and Credit Suisse AG $2.8 million for regulatory breaches
- SFC publishes Annual Report 2018-19
- New speeches by Julia Leung: Opening remarks at SFC Compliance Forum 2019
- SFC and CSRC hold high-level enforcement cooperation meeting
- New speech by Tim Lui: Speech at Hong Kong Institute of Directors Speaker Luncheon Meeting
- SFC seeks disqualification order against former chief financial officer of Fujian Nuoqi Co., Ltd.