Newsletter – November 2019

Content
  1. SFC issues restriction notice to Hong Kong Wan Kiu Investment Company Limited 
  2. Former staff of Hong Kong Television Network Limited convicted of insider dealing
  3. SFC bans Song Baojun for 12 months
  4. Former staff of Hong Kong Television Network Limited jailed for insider dealing
  5. SFC obtains court orders against former Chairman and directors of Minth Group Limited
  6. SFC reprimands and fines UBS HK$400 million for overcharging clients and related internal control failures
  7. SFC bans Ma Sin Chi for life

 

1.     SFC issues restriction notice to Hong Kong Wan Kiu Investment Company Limited

On 5 November 2019, the SFC has issued a restriction notice to Hong Kong Wan Kiu Investment Company Limited prohibiting the firm, without prior written consent from the SFC, from (i) carrying on any business, whether directly or through agents, which constitutes regulated activities for which it is licensed under the Securities and Futures Ordinance; and (ii) disposing of, dealing with, assisting, counselling or procuring another person to dispose of or deal with any property held by it or held on behalf of its clients until further notice.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR102

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2.     Former staff of Hong Kong Television Network Limited convicted of insider dealing

On 5 November 2019, the Eastern Magistrates’ Court convicted Mr. Ken Yiu Ka Lun of insider dealing in the shares of Hong Kong Television Network Limited in a prosecution brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR103

 

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3.     SFC bans Song Baojun for 12 months

On 6 November 2019, the SFC has banned Mr. Song Baojun, a former relationship manager of the Hongkong and Shanghai Banking Corporation Limited, for 12 months from 6 November 2019 to 5 November 2020.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR106

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR106&appendix=0

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4.     Former staff of Hong Kong Television Network Limited jailed for insider dealing

On 7 November 2019, the Eastern Magistrates’ Court today sentenced Mr. Ken Yiu Ka Lun to two and a half months of imprisonment after he was convicted of insider dealing in the shares of Hong Kong Television Network Limited in a prosecution brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR110

For SFC’s press release dated 24 October 2019, please refer to: 

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR98

For SFC’s press release dated 5 November 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR103

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5.     SFC obtains court orders against former Chairman and directors of Minth Group Limited

On 7 November 2019, the SFC has obtained an order in the Court of First Instance against Mr. Chin Jong Hwa, the former Chairman and Executive Director of Minth Group Limited, ordering him to pay a sum of RMB 20.3 million as compensation to the company’s wholly-owned subsidiary, Decade (HK) Limited (“Decade”), following findings of misconduct in connection with the loss suffered by Decade in the acquisition of two companies in 2008.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR109

For SFC’s press release dated 15 April 2014, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=14PR45

6.     SFC reprimands and fines UBS HK$400 million for overcharging clients and related internal control failures

On 11 November 2019, the SFC has reprimanded and fined UBS AG HK$400 million for overcharging its clients over a ten-year period and for related serious systemic internal control failures.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR111

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR111&appendix=0

 

7.     SFC bans Ma Sin Chi for life

On 14 November 2019, the SFC has banned Mr. Ma Sin Chi, a former responsible officer of Deutsche Securities Asia Limited, from re-entering the industry for life.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR112

For the Reasons for Sentence, please refer to:

https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=113874&currpage=T

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: info@complianceplus.hk or call at +852-3487 6903.

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Newsletter – October 2019

Content
  1. SFC bans Vincent Ng Lok Kan for 30 months
  2. SFC reprimands and fines SEAVI Advent Ocean Private Equity Limited HK$1 million
  3. SFC obtains disqualification orders against former chairman and executive directors of Inno-Tech Holdings Limited
  4. SFC seeks compensation and disqualification orders against Perfect Optronics Limited’s chairman and board members
  5. SFC commences insider dealing prosecution against a former staff of Hong Kong Television Network Limited

 

1.     SFC bans Vincent Ng Lok Kan for 30 months

On 2 October 2019, SFC has banned Mr. Vincent Ng Lok Kan, a former licensed representative of Sun Hung Kai Investment Services Limited, from re-entering the industry for 30 months from 27 September 2019 to 26 March 2022.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR89

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR89&appendix=0

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2.     SFC reprimands and fines SEAVI Advent Ocean Private Equity Limited HK$1 million

On 3 October 2019, SFC has reprimanded and fined SEAVI Advent Ocean Private Equity Limited HK$1 million for breach of the Code of Conduct.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR92

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR92&appendix=0

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3.     SFC obtains disqualification orders against former chairman and executive directors of Inno-Tech Holdings Limited

On 4 October 2019, SFC has obtained disqualification orders in the Court of First Instance against former chairman and executive director, Ms. Wong Yuen Yee, and three former executive directors, namely, Mr. Robert Wong Yao Wing, Mr. Wong Kwok Sing and Mr. Lam Shiu San, of Inno-Tech Holdings Limited.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR93

For SFC’s press release dated 9 March 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=15PR20

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4.     SFC seeks compensation and disqualification orders against Perfect Optronics Limited’s chairman and board members

On 8 October 2019, SFC has commenced legal proceedings in the Court of First Instance to seek court orders against Mr. Cheng Wai Tak, the chairman and executive director of Perfect Optronics Limited, and the rest of its’ directors for their alleged breach of fiduciary duties.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR95

For SFC’s press release dated 27 September 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR87

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5.     SFC commences insider dealing prosecution against a former staff of Hong Kong Television Network Limited

On 24 October 2019, SFC has commenced criminal proceedings in the Eastern Magistrates’ Court against Mr. Ken Yiu Ka Lun, a former senior regulatory affairs manager of Hong Kong Television Network Limited (“HKTV”), for alleged insider dealing in the shares of HKTV.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR98

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 


Newsletter – September 2019

Content
  1. SFC reprimands and fines HSBC HK$2.1 million for breaching telephone recording requirements
  2. SFC bans Jacky Cheung Chiu Hung for two years
  3. SFC commences Market Misconduct Tribunal proceedings over alleged insider dealing in Meadville Holdings Limited shares
  4. SFC obtains disqualification order against former executive director of Life Healthcare Group Limited
  5. SFC bans Ye Feng for life
  6. SFC issues restriction notice to a broker to freeze client accounts related to a corporate officer’s suspected breach of duties

 

1.   SFC reprimands and fines HSBC $2.1 million for breaching telephone recording requirements

On 10 September 2019, the SFC has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited HK$2.1 million for non-compliance with the telephone recording requirements under the Code of Conduct.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR82

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR82&appendix=0

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2.     SFC bans Jacky Cheung Chiu Hung for two years

On 12 September 2019, the SFC has banned Mr Jacky Cheung Chiu Hung, a former employee of Hang Seng Bank Limited, for two years from 12 September 2019 to 11 September 2021.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR83

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR83&appendix=0

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3.    SFC commences Market Misconduct Tribunal proceedings over alleged insider dealing in Meadville Holdings Limited shares

On 16 September 2019, the SFC has commenced proceedings in the Market Misconduct Tribunal against Mr. Tom Tang Chung Yen, the former chairman and an executive director of Meadville Holdings Limited, and Ms. Li Yik Shuen, for alleged insider dealing in Meadville shares in 2009.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR84

For the Notice to the Market Misconduct Tribunal, please refer to:

https://www.mmt.gov.hk/eng/rulings/Meadville_190916_e.pdf

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4.    SFC obtains disqualification order against former executive director of Life Healthcare Group Limited

On 18 September 2019, the SFC has obtained a disqualification order in the High Court against Ms. Michelle Kwok Choi Ha, a former executive director of Tack Fat Group International Limited, now known as Life Healthcare Group Limited.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR85

For SFC’s press releases dated 9 October 2014, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=14PR121

For SFC’s press releases dated 30 March 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR33

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5.    SFC bans Ye Feng for life

On 23 September 2019, the SFC has banned Mr. Ye Feng, a former vice president of the Bank of Communications Co., Ltd., from re-entering the industry for life following his conviction for bribery.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR86

6.   SFC issues restriction notice to a broker to freeze client accounts related to a corporate officer’s suspected breach of duties

On 27 September 2019, the SFC has issued a restriction notice to KGI Asia Limited, prohibiting the broker from dealing with or processing certain assets held in several client accounts which are beneficially owned by an individual who is suspected of breaching his duties towards a listed corporation.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR87

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 

Newsletter – August 2019

Content
  1. SFC bans Tu Bing for life
  2. SFC reprimands and fines Sincere Securities Limited HK$5 million for internal control failings
  3. SFC bans Samuel Lee Kwok Tung for eight months
  4. Court extends interim injunctions freezing assets of suspected manipulators of GEM stock

1.     SFC bans Tu Bing for life

On 5 August 2019, the SFC banned Mr Tu Bing, a former associate director of UBS AG, Hong Kong Branch, from re-entering the industry for life following his conviction for bribery.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR75

For the reasons for verdict, please refer to:

https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=112048&QS=%2B&TP=RV (Traditional Chinese version only)

For the reasons for sentence, please refer to:

https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=112344&QS=%2B&TP=RS (Traditional Chinese version only)

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2.     SFC reprimands and fines Sincere Securities Limited HK$5 million for internal control failings

On 15 August 2019, the SFC reprimanded and fined Sincere Securities Limited HK$5 million for a series of internal control failings and regulatory breaches following an investor’s complaint.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR77

For the SFC’s press release dated 25 September 2017, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR125

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR77&appendix=0

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3.     SFC bans Samuel Lee Kwok Tung for eight months

On 19 August 2019, the SFC announced their decision to ban Mr Samuel Lee Kwok Tung, a former account executive of DBS Vickers (Hong Kong) Limited, from re-entering the industry for eight months from 17 August 2019 to 16 April 2020.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR79

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

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR79&appendix=0

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4.     Court extends interim injunctions freezing assets of suspected manipulators of GEM stock

On 27 August 2019, The SFC has commenced proceedings under section 213 of the SFO against a group of local and overseas investors suspected of manipulating the shares of GEM-listed Ching Lee Holdings Limited through a large scale and highly organised manipulative scheme.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR81

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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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 

Newsletter – July 2019

1.     SFC bans Goldman Sachs (Asia) L.L.C. former responsible officer Tim Leissner for life

On 3 July 2019, the SFC has banned Mr. Tim Leissner, a former responsible officer of Goldman Sachs (Asia) L.L.C., from re-entering the industry for life in connection with his crimes relating to 1Malaysia Development Berhad.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR60

For the press release published by the US DOJ on 1 November 2018, please refer to:

https://www.justice.gov/opa/pr/malaysian-financier-low-taek-jho-also-known-jho-low-and-former-banker-ng-chong-hwa-also-known

For the Information filed in the United States District Court for the Eastern District of New York (Cr. No. 18-CR-439), please refer to:

https://www.justice.gov/usao-edny/press-release/file/1106971/download

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2.     SFC reprimands and fines Celestial Commodities Limited and Celestial Securities Limited HK$6.3 million for mishandling client money

On 10 July 2019, the SFC has reprimanded Celestial Commodities Limited and Celestial Securities Limited and fined them HK$4.9 million and HK$1.4 million, respectively for regulatory breaches and internal control failures relating to mishandling of client money.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR62

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR62&appendix=0

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3.     SFC bans Song Peng for 10 months

On 12 July 2019, the SFC has banned Mr. Song Peng, a former account executive of Phillip Securities (Hong Kong) Limited, from re-entering the industry for 10 months from 12 July 2019 to 11 May 2020 for breach of the SFC’s Code of Conduct.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR66

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR66&appendix=0

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4.     SFC reprimands and fines Glory Sun Securities Limited HK$1.2 million and suspends its current and former responsible officers

On 15 July 2019, the SFC has reprimanded and fined Glory Sun Securities Limited HK$1.2 million for failing to diligently supervise its account executives and implement effective controls to ensure compliance with the short selling requirements.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR65

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR65&appendix=0

5.     SFC suspends Hui Kwok Piu for illegal short selling

On 15 July 2019, the SFC suspended the licence of Mr. Hui Kwok Piu for 16 months from 12 July 2019 to 11 November 2020. The disciplinary action follows Hui’s conviction for illegal short selling in the shares of Coslight Technology International Group Limited in contravention of the Securities and Futures Ordinance <-can add to fifth news for more elaboration.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR64

6.     SFC reprimands and fines Lee’s Securities Company Limited HK$520,000 for internal control failings

On 15 July 2019, the SFC has reprimanded and fined Lee’s Securities Company Limited HK$520,000 for internal control failings relating to segregation of duties and handling of client securities.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR67

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR67&appendix=0

7.     Court sets pre-trial review for unlicensed activities prosecution

On 18 July 2019, the Eastern Magistrates’ Court fixed the pre-trial review date for prosecution against Brilliance Capital Management Limited and its director Mr Law Sai Hung after they pleaded not guilty to the charges by the SFC of having held out themselves as carrying on a business in regulated activity without a SFC licence.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR68

8.     SFC-ICAC operation leads to charging of ex-Convoy Global Executive Directors and broker’s general manager

On 22 July 2019, the Independent Commission Against Corruption (ICAC) charged five other individuals with conspiracy to defraud following the joint operation of the SFC and the ICAC in December 2017.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR72

For the SFC’s press release dated 16 May 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR39

For the ICAC’s press release dated 16 May 2019, please refer to:

https://www.icac.org.hk/en/press/index_id_730.html

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 

Newsletter – June 2019

Content
  1. SFC bans Wong Ka Hang for nine months
  2. SFC reprimands and fines China Merchants Securities (HK) Co., Limited HK$5 million for mishandling client money
  3. SFC seeks disqualification order against former chief financial officer of Fujian Nuoqi Co., Ltd.
  4. SFC reprimands and fines Credit Suisse (Hong Kong) Limited and Credit Suisse AG HK$2.8 million for regulatory breaches
  5. SFAT affirms SFC decision to reprimand and fine FT Securities Limited HK$3.5 million
  6. SFC issues restriction notices to nine brokers to freeze client accounts linked to suspected market manipulation of China Ding Yi Feng shares
  7. SFC issues restriction notices to 14 brokers to freeze client accounts linked to suspected market manipulation of Smartac Group China Holdings Limited
  8. Market Misconduct Tribunal fines Health and Happiness and its chairman HK$3.2 million in total for late disclosure of inside information
  9. SFC and ICAC search sponsor firms

1.     SFC bans Wong Ka Hang for nine months

On 28 May 2019, the SFC has banned Mr Wong Ka Hang from re-entering the industry for 9 months from 28 May 2019 to 27 February 2020.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR45

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR45&appendix=0

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2.     SFC reprimands and fines China Merchants Securities (HK) Co., Limited HK$5 million for mishandling client money

On 30 May 2019, the SFC has reprimanded China Merchants Securities (HK) Co., Limited and fined it HK$5 million for regulatory breaches and internal control failings related to mishandling of client money.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR46

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR46&appendix=0

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3.     SFC seeks disqualification order against former chief financial officer of Fujian Nuoqi Co., Ltd.

On 4 June 2019, the SFC has commenced legal proceedings in the Court of First Instance to seek a court order to disqualify the former chief financial officer, company secretary and executive director of Fujian Nuoqi Co., Ltd., Mr Au Yeung Ho Yin.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR47

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4.     SFC reprimands and fines Credit Suisse (Hong Kong) Limited and Credit Suisse AG HK$2.8 million for regulatory breaches

On 19 June 2019, the SFC has reprimanded and fined Credit Suisse (Hong Kong) Limited and Credit Suisse AG HK$2.8 million over their failures to comply with the disclosure requirements when they published certain research reports on Hong Kong-listed securities.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR51

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR51&appendix=0

5.     SFAT affirms SFC decision to reprimand and fine FT Securities Limited HK$3.5 million

On 24 June 2019, the Securities and Futures Appeals Tribunal (SFAT) affirmed the decision of the SFC to reprimand FT Securities Limited and fine it HK$3.5 million for regulatory breaches and internal control failures in relation to preparation and publication of research reports.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR54

For the SFAT’s reasons for the determination, please refer to:

https://www.sfat.gov.hk/english/determination/AN-6-2018-Determination.pdf

For the SFC’s press release dated 10 December 2018, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR139

6.     SFC issues restriction notices to nine brokers to freeze client accounts linked to suspected market manipulation of China Ding Yi Feng shares

On 25 June 2019, the SFC has issued restriction notices to nine brokers, prohibiting them from dealing with or processing certain assets held in their client accounts which are related to suspected market manipulation in the shares of China Ding Yi Feng Holdings Limited between 2018 and early 2019.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR55

For the SFC’s press release dated 20 March 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR23

7.     SFC issues restriction notices to 14 brokers to freeze client accounts linked to suspected market manipulation of Smartac Group China Holdings Limited

On 25 June 2019, the SFC has issued restriction notices to 14 brokers, prohibiting them from dealing with or processing certain assets held in their client accounts which are related to suspected market manipulation in the shares of Smartac Group China Holdings Limited between October 2018 and March 2019.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR56

8.     Market Misconduct Tribunal fines Health and Happiness and its chairman HK$3.2 million in total for late disclosure of inside information

On 25 June 2019, the Market Misconduct Tribunal has found that Health and Happiness (H&H) International Holdings Ltd and its chairman and executive director Mr Luo Fei failed to disclose inside information as soon as reasonably practicable and fined them HK$1.6 million each following proceedings brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR57

For the SFC’s press release dated 29 November 2018, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR131

9.     SFC and ICAC search sponsor firms
On 26 June 2019, the SFC has conducted a joint operation with the Independent Commission Against Corruption (ICAC) which involved a search of the offices of two sponsor firms.  The SFC conducted the search using its powers under the Securities and Futures Ordinance (SFO).

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR58

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 

Newsletter – May 2019

Content
  1. SFC-ICAC operation leads to charging of ex-Convoy director Cho Kwai Chee
  2. SFC suspends Gransing Securities’s chairperson Oei Hong Eng for eight months
  3. SFC bans Wang Can for 30 months
  4. Futures trader Tsoi Wan convicted of market manipulation
  5. Court of Appeal dismisses leave application of Andrew Left
  6. SFC reprimands and fines China Merchants Securities (HK) Co., Limited HK$27 million for sponsor failures
1.     SFC-ICAC operation leads to charging of ex-Convoy director Cho Kwai Chee

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:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR39

For the ICAC’s press release, please refer to:

https://www.icac.org.hk/en/press/index_id_730.html

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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:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR40

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR40&appendix=0

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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:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR41

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR41&appendix=0

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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:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=14PR147

For the SFC’s press release dated 19 March 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR24

For the SFC’s press release dated 2 November 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR106

For the SFC’s press release dated 26 August 2016, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=16PR84

For the SFC’s press release dated 20 October 2016, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=16PR107

For the SFC’s press release dated 26 February 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR14

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:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR44&appendix=0

For the SFC’s press release dated 27 February 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR15

For the SFC’s press release dated 26 February 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR18

For the SFC’s press release dated 14 March 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR19

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 

Newsletter – April 2019

Content
  1. SFC commences insider dealing prosecution against legal adviser
  2. Former director of DBA Telecommunication (Asia) Holdings Limited convicted of issuing false or misleading announcement
  3. Market Misconduct Tribunal fines Fujikon, its CEO and CFO HK$1.5 million in total for late disclosure of inside information
  4. SFC reprimands and fines Nine Masts Capital Limited HK$1.2 million over naked short selling
  5. SFC bans former responsible officer of Guosen Securities (HK) Brokerage Company, Limited for 10 months
  6. Retrial of insider dealing case after Court of Final Appeal dismisses leave application to appeal
1.     SFC commences insider dealing prosecution against legal adviser

On 11 April 2019, the SFC commenced criminal proceedings in the Eastern Magistrates’ Court against Mr. Leung Pak Keung, a practising solicitor, over alleged insider dealing in the shares of CASH Financial Services Group Limited.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR30

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2.      Former director of DBA Telecommunication (Asia) Holdings Limited convicted of issuing false or misleading announcement

On 11 April 2019, the Eastern Magistrates’ Court convicted Mr Chan Wai Chuen, former chief financial officer, company secretary and an executive director of DBA Telecommunication (Asia) Holdings Limited for his role in a false or misleading statement in DBA’s announcement in a prosecution brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR31

For the SFC’s press release dated 28 June 2018, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR73

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3.     Market Misconduct Tribunal fines Fujikon, its CEO and CFO HK$1.5 million in total for late disclosure of inside information

On 12 April 2019, the Market Misconduct Tribunal (“MMT”) found that Fujikon Industrial Holdings Limited, the company’s chairman and chief executive officer, Mr Yeung Chi Hung, and its chief financial officer and company secretary, Ms Chow Lai Fung, had failed to make timely disclosure of inside information following proceedings brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR27

For the SFC’s press release dated 10 April 2018, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR38

For the MMT Report, please refer to:

https://www.mmt.gov.hk/eng/reports/reports.htm

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4.      SFC reprimands and fines Nine Masts Capital Limited HK$1.2 million over naked short selling

On 18 April 2019, the SFC reprimanded and fined Nine Masts Capital Limited HK$1.2 million for failures relating to the short selling of Yuzhou Properties Company Limited shares in May 2015.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR32

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR32&appendix=0

5.      SFC bans former responsible officer of Guosen Securities (HK) Brokerage Company, Limited for 10 months

On 23 April 2019, the SFC prohibited Mr Su Xiqiang, former head of retail brokerage and responsible officer of Guosen Securities (HK) Brokerage Company, Limited, from re-entering the industry for 10 months from 17 April 2019 to 16 February 2020.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR33

For the SFC’s press release dated 18 February 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR10

For the SFC’s circular on Compliance with Anti-Money Laundering / Counter Financing of Terrorism requirements dated 26 January 2017, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/circular/aml/doc?refNo=17EC9

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR33&appendix=0

6.      Retrial of insider dealing case after Court of Final Appeal dismisses leave application to appeal

On 26 April 2019, the Court of Final Appeal dismissed the application of Mr Cheng Chak Ngok, former executive director, chief financial officer and company secretary of ENN Energy Holdings Limited, for leave to appeal against the judgment of the Court of Appeal on the retrial of alleged insider dealing in the shares of China Gas Holdings Limited by Cheng.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR36

For the SFC’s press release dated 25 July 2016, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=16PR72

For the SFC’s press release dated 27 March 2017, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR41

For the SFC’s press release dated 11 September 2018, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR105

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 

Newsletter – March 2019

Content
  1. SFC seeks disqualification orders against former directors of Luxey International (Holdings) Limited
  2. SFC fines UBS HK$375 million and suspends its licence for one year for sponsor failures
  3. SFC reprimands and fines Standard Chartered Securities HK$59.7 million for sponsor failures
  4. SFC reprimands and fines Morgan Stanley Asia Limited HK$224 million for sponsor failures
  5. SFC reprimands and fines Merrill Lynch Far East Limited HK$128 million for sponsor failures
  6. SFC reprimands and fines BOCI Securities Limited HK$10 million for regulatory breaches in selling investment products
  7. SFC issues restriction notices to nine brokers to freeze client accounts linked to suspected market manipulation of China Ding Yi Feng shares
1.     SFC seeks disqualification orders against former directors of Luxey International (Holdings) Limited

On 7 March 2019, the SFC commenced legal proceedings in the Court of First Instance to seek court orders to disqualify the former chairman and executive director of Luxey International (Holdings) Limited, Mr Joseph Lau Chi Yuen, and the company’s former chief executive officer and executive director, Mr Chung Man Wai.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR18

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2.      SFC fines UBS HK$375 million and suspends its licence for one year for sponsor failures

On 14 March 2019, the SFC reprimanded and fined UBS AG and UBS Securities Hong Kong Limited a sum of HK$375 million for failing to discharge their obligations as one of the joint sponsors of three listing applications, namely, China Forestry Holdings Company Limited, Tianhe Chemicals Group Limited, and another listing application.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR19

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR19&appendix=0

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3.     SFC reprimands and fines Standard Chartered Securities HK$59.7 million for sponsor failures

On 14 March 2019, the SFC reprimanded and fined Standard Chartered Securities (Hong Kong) Limited HK$59.7 million for failing to discharge its obligations as one of the joint sponsors in relation to the listing application of China Forestry Holdings Company Limited in 2009.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR20

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR20&appendix=0

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4.      SFC reprimands and fines Morgan Stanley Asia Limited HK$224 million for sponsor failures

On 14 March 2019, the SFC reprimanded and fined Morgan Stanley Asia Limited HK$224 million for failing to discharge its obligations as one of the joint sponsors in relation to the listing application of Tianhe Chemicals Group Limited in 2014.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR21

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR21&appendix=0

5.      SFC reprimands and fines Merrill Lynch Far East Limited HK$128 million for sponsor failures

On 14 March 2019, the SFC reprimanded and fined Merrill Lynch Far East Limited HK$128 million for failing to discharge its obligations as one of the joint sponsors in relation to the listing application of Tianhe Chemicals Group Limited in 2014.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR22

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR22&appendix=0

6.      SFC reprimands and fines BOCI Securities Limited HK$10 million for regulatory breaches in selling investment products

On 18 March 2019, the SFC reprimanded and fined BOCI Securities Limited HK$10 million over BSL’s internal system and control failures in its investment product selling practices.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR17

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR17&appendix=0

7.      SFC issues restriction notices to nine brokers to freeze client accounts linked to suspected market manipulation of China Ding Yi Feng shares

On 20 March 2019, the SFC issued restriction notices to nine brokers, prohibiting them from dealing with or processing certain assets held in their clients’ accounts which are related to suspected market manipulation in the shares of China Ding Yi Feng Holdings Limited between 2018 and early 2019.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR23

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk 

Newsletter – February 2019

Content
  1. SFC revokes W. Falcon Asset Management (Asia) Limited’s licence
  2. Court dismisses judicial review application against SFC
  3. SFC issues restriction notices to three brokers to freeze client accounts related to suspected market misconduct
  4. SFC reprimands and fines Guosen Securities (HK) Brokerage Company, Limited HK$15.2 million for breaches of anti-money laundering regulatory requirements
  5. Former GEM-listed group finance manager jailed for four months for insider dealing
1.     SFC revokes W. Falcon Asset Management (Asia) Limited’s licence

On 4 February 2019, the SFC revoked the licence of W. Falcon Asset Management (Asia) Limited for window-dressing its liquid capital, breaching the terms of a restriction notice and failing to provide timely notification of the resignation of its director who engineered the window-dressing scheme

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR7

For the SFC’s press release dated 7 July 2017, please refer to:

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

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR7&appendix=0

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2.      Court dismisses judicial review application against SFC

On 14 February 2019, the Court of First Instance dismissed a judicial review application brought by a SFC-licensed corporation and its responsible officer against the SFC in connection with an investigation of a suspected market manipulation in the shares of a Japan-listed company.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR8

For the Court’s judgment, please refer to:

https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=120120&currpage=T

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3.     SFC issues restriction notices to three brokers to freeze client accounts related to suspected market misconduct

On 15 February 2019, the SFC issued restriction notices to Changjiang Securities Brokerage (HK) Limited, Haitong International Securities Company Limited and Kingston Securities Limited, prohibiting them from dealing with or processing certain assets held in various client accounts which are related to the suspected disclosure of false or misleading financial information in various announcements, annual results and annual reports of a listed company, which was likely to induce transactions.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR9

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4.      SFC reprimands and fines Guosen Securities (HK) Brokerage Company, Limited HK$15.2 million for breaches of anti-money laundering regulatory requirements

On 18 February 2019, the SFC reprimanded Guosen Securities (HK) Brokerage Company, Limited and fined it HK$15.2 million for failures in complying with anti-money laundering and counter-terrorist financing regulatory requirements when handling third party fund deposits.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR10

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR10&appendix=0

5.      Former GEM-listed group finance manager jailed for four months for insider dealing

On 19 February 2019, the Eastern Magistrates’ Court sentenced Mr Au-Yeung Siu Pang, a former group finance manager of China CBM Group Company Limited, to four months of imprisonment and fined him HK$120,000 after he was convicted of insider dealing in China CBM shares in a prosecution brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR11

For the SFC’s press release dated 7 September 2017, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR120

For the SFC’s press release dated 8 December 2017, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR145

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: info@complianceplus.hk or call at +852-3487 6903.

To subscribe, update your email address or unsubscribe, please email info@complianceplus.hk