Newsletter – June 2020

Content
  1. Court convicts and fines former director and shareholder of Wonderful Wealth Group Limited for unlicensed activities
  2. SFC reprimands and fines Potomac Capital Limited HK$800,000 for breaching Financial Resources Rules
  3. SFC publicly censures Mr. Fu Kwan for breach of the Takeovers Code
  4. SFC publicly criticises CICC Financial Trading Limited and China International Capital Corporation Limited for breaches of the Takeovers Code
  5. SFC reprimands and fines Guotai Junan Securities (Hong Kong) Limited HK$25.2 million for breaches relating to anti-money laundering and other regulatory requirements
  6. SFC bans former responsible officer of Guosen Securities (HK) Brokerage Company, Limited for 12 months

1. Court convicts and fines former director and shareholder of Wonderful Wealth Group Limited for unlicensed activities

On 4 June 2020, The Eastern Magistrates’ Court convicted Mr. Chong Kin Ting, former director and shareholder of Wonderful Wealth Group Limited, of holding out as carrying on a business of dealing in futures contracts and asset management without a licence in a criminal prosecution brought by SFC.

Chong, who pleaded guilty to all four charges, was fined HK$8,000 and ordered to pay SFC’s investigation costs.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR50

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2. SFC reprimands and fines Potomac Capital Limited HK$800,000 for breaching Financial Resources Rules

On 8 June 2020, SFC has reprimanded and fined Potomac Capital Limited HK$800,000 for failures to comply with the Financial Resources Rules.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR51

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR51&appendix=0

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3. SFC publicly censures Mr. Fu Kwan for breach of the Takeovers Code

On 11 June 2020, SFC has publicly censured Mr. Fu Kwan, the chairman of Macrolink Capital Holdings Limited, for acquiring the company’s shares within six months after the close of an offer at prices above the offer price in breach of Rule 31.3 of the Takeovers Code.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR55

For the Executive Statement, please refer to:
https://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/Public%20Censure%20(ENG)%2020200611.pdf

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4. SFC publicly criticises CICC Financial Trading Limited and China International Capital Corporation Limited for breaches of the Takeovers Code

On 18 June 2020, SFC has publicly criticised CICC Financial Trading Limited and China International Capital Corporation Limited for breaches of the Takeovers Code.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR56

For the Executive Statement, please refer to:
https://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/CICC_ES_18%20Jun%2020%20(Eng).pdf

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5. SFC reprimands and fines Guotai Junan Securities (Hong Kong) Limited HK$25.2 million for breaches relating to anti-money laundering and other regulatory requirements

On 22 June 2020, SFC has reprimanded and fined Guotai Junan Securities (Hong Kong) Limited HK$25.2 million for multiple internal control failures and regulatory breaches in connection with anti-money laundering, handling of third-party fund transfers and placing activities, as well as detection of wash trades and late reporting.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR58

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR58&appendix=0

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6. SFC bans former responsible officer of Guosen Securities (HK) Brokerage Company, Limited for 12 months

On 23 June 2020, SFC has prohibited Ms. Joanna Chu Lai Wa, former responsible officer, director and head of dealing of Guosen Securities (HK) Brokerage Company, Limited from re-entering the industry for 12 months from 23 June 2020 to 22 June 2021.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR57

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR57&appendix=0

For the SFC circular dated 18 February 2019, please refer to: 
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR10

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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.

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Newsletter – May 2020

Content
  1. SFC obtains court order against Shandong Molong Petroleum Machinery Company Limited
  2. SFC reprimands and fines Mega International Commercial Bank Co., Ltd. HK$7 million for regulatory breaches over CIS sale
  3. SFC obtains disqualification orders against former directors of EganaGoldpfeil (Holdings) Ltd
  4. SFC reprimands and fines Southwest Securities (HK) Brokerage Limited HK$5 million for breaches of anti-money laundering regulatory requirements
  5. SFC reprimands and fines Convoy Asset Management Limited HK$6.4 million for regulatory breaches over bond recommendation
  6. SFC seeks court order to wind up Combest Holdings Limited
1.     SFC obtains court order against Shandong Molong Petroleum Machinery Company Limited

On 05 May 2020, SFC has obtained a court order in the Court of First Instance requiring Shandong Molong Petroleum Machinery Company Limited to reconstitute its audit committee and to appoint an independent external auditor to review its internal control and financial reporting procedures after the company accepted that it had falsely and substantially inflated its financial position in six results announcements.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR41

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2.     SFC reprimands and fines Mega International Commercial Bank Co., Ltd. HK $7 million for regulatory breaches over CIS sale

On 07 May 2020, SFC has reprimanded and fined Mega International Commercial Bank Co., Ltd HK$7 million over company’s internal system and control failures in relation to the sale of collective investment schemes.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR42

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR42&appendix=0

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3.     SFC obtains disqualification orders against former directors of EganaGoldpfeil (Holdings) Ltd

On 11 May 2020, SFC has obtained disqualification orders in the Court of First Instance against three former directors of EganaGoldpfeil (Holdings) Ltd for their roles in the company’s misapplication of funds.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR43

For the press release dated 1 August 2011, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=11PR88

For the summary of the SFC’s petition, please refer to:
https://www.sfc.hk/web/doc/EN/general/general/press_release/11/11PR88_petition.pdf

For the relevant judgement, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=127726&QS=%2B&TP=JU

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4.     SFC reprimands and fines Southwest Securities (HK) Brokerage Limited HK$5 million for breaches of anti-money laundering regulatory requirements

On 18 May 2020, SFC has reprimanded and fined Southwest Securities (HK) Brokerage Limited HK$5 million for failures in complying with anti-money laundering and counter-terrorist financing regulatory requirements in 2016.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR45

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR45&appendix=0

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5.     SFC reprimands and fines Convoy Asset Management Limited HK$6.4 million for regulatory breaches over bond recommendation

On 19 May 2020, SFC has reprimanded and fined Convoy Asset Management Limited HK$6.4 million for control failures in solicitation and recommendation of bonds to clients.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR47

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR47&appendix=0

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6.     SFC seeks court order to wind up Combest Holdings Limited

On 21 May 2020, SFC has presented a petition to the Court of First Instance to wind up Combest Holdings Limited and to disqualify the company’s executive directors, Mr. Liu Tin Lap and Mr. Lee Man To, and a suspected shadow director, Mr. Ng Kwok Fai under the Securities and Future Ordinance to protect the interest of Combest’s shareholders, creditors and the investing public.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR48

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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.

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Newsletter – April 2020

Content
  1. SFC sanctions China Rise Securities Asset Management Company Limited’s former responsible officers
  2. SFC issues restriction notice to Agg. Asset Management Limited
  3. SFC reprimands and fines HSBC Investment Funds (Hong Kong) Limited and HSBC Global Asset Management (Hong Kong) Limited HK$3.5 million for regulatory breaches over funds’ cash management
  4. SFC reprimands and fines BOCOM International Securities HK$19.6 million for internal control failures
1.     SFC sanctions China Rise Securities Asset Management Company Limited’s former responsible officers

On 31 March 2020, SFC has banned Mr. Sammy Shiu Kin Keung, former chief executive officer and responsible officer of China Rise Securities Asset Management Company Limited, from re-entering the industry for 28 months from 30 March 2020 to 29 July 2022.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR27

For the SFC press release dated 9 June 2017, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR79

For the SFC press release dated 31 October 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR101

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR27&appendix=0

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2.     SFC issues restriction notice to Agg. Asset Management Limited

On 3 April 2020, SFC has issued a restriction notice to Agg. Asset Management Limited because of doubts over company’s reliability, integrity, and ability to carry on regulated activities competently, honestly and fairly, and hence, its fitness and properness to remain licensed.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR31

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3.     SFC reprimands and fines HSBC Investment Funds (Hong Kong) Limited and HSBC Global Asset Management (Hong Kong) Limited HK$3.5 million for regulatory breaches over funds’ cash management

On 7 April 2020, SFC has reprimanded and fined HSBC Investment Funds (Hong Kong) Limited and HSBC Global Asset Management (Hong Kong) Limited HK$3.5 million for breaches of regulatory requirements in relation to cash management for SFC-authorized funds.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR32

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR32&appendix=0

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4.     SFC reprimands and fines BOCOM International Securities HK$19.6 million for internal control failures

On 20 April 2020, SFC has reprimanded and fined BOCOM International Securities Limited a total of HK$19.6 million for a range of regulatory breaches, including failures concerning the handling of third party fund deposits and the maintenance and implementation of a margin lending and margin call policy.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR36

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR36&appendix=0

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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 – March 2020

Content
  1. SFC bans Chan Tan Lo for 14 months
  2. SFC bans Mo Shau Wah for life
  3. Market Misconduct Tribunal finds Magic Holdings International Limited and its directors culpable of late disclosure of inside information
1.     SFC bans Chan Tan Lo for 14 months

On 19 March 2020, SFC has banned Ms. Chan Tan Lo, a former relationship manager of BOCI Securities Limited for 14 months from 19 March 2020 to 18 May 2021.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR22

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR22&appendix=0

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2.     SFC bans Mo Shau Wah for life

On 23 March 2020, SFC has banned Ms. Mo Shau Wah, a former account executive of China Pacific Securities Limited, from re-entering the industry for life following her criminal conviction.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR23

For the reason for sentence, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=121814&QS=%24%28HCCC%2C12%5C%7C%5C13%2F2017%29&TP=RS

For the SFC press release dated 1 March 2013, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=13PR14

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3.     Market Misconduct Tribunal finds Magic Holdings International Limited and its directors culpable of late disclosure of inside information

On 25 March 2020, The Market Misconduct Tribunal found that Magic Holdings International Limited and five of its’ directors culpable of the company’s failure to disclose in a timely manner inside information on L’Oréal S.A.’s proposed acquisition of Magic Holdings International Limited in 2013, as required under the corporate disclosure requirements of the SFO.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR24

For the SFC circular dated 15 May 2018, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR49

For the Report of the Market Misconduct Tribunal of Hong Kong, please refer to:
https://www.mmt.gov.hk/eng/reports/Magic_Report%20_18.3.2020.pdf

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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 – February 2020

Content
  1. SFC bans Christopher Tse for 12 months
  2. SFC reprimands and fines BMI Securities Limited HK$3.7 million and suspends its responsible officer for breaches of anti-money laundering regulatory requirements
  3. SFC reprimands and fines Capital Global Management Limited HK$1.5 million
  4. Court dismisses challenge to SFC’s investigative powers

 

1.     SFC bans Christopher Tse for 12 months

On 6 February 2020, the SFC has banned Mr. Christopher Tse, a former research analyst at RHB Securities Hong Kong Limited, from re-entering the industry for 12 months from 31 January 2020 to 30 January 2021.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR12

For the SFC’s circular dated 14 September 2018, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR1

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR12&appendix=0

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2.     SFC reprimands and fines BMI Securities Limited HK$3.7 million and suspends its responsible officer for breaches of anti-money laundering regulatory requirements

On 11 February 2020, the SFC has reprimanded and fined BMI Securities Limited HK$3.7 million for failures in complying with anti-money laundering and counter-terrorist financing regulatory requirements.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR15

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR15&appendix=0

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3.     SFC reprimands and fines Capital Global Management Limited HK$1.5 million

On 14 February 2020, the SFC has reprimanded and fined Capital Global Management Limited HK$1.5 million for its failures to ensure compliance with applicable laws and regulations in distributing investment funds and offering investment advice in Taiwan, and to adequately supervise the business activities of its representatives to ensure such compliance.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR16

For the SFC’s circular dated 28 January 2014, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/circular/intermediaries/supervision/doc?refNo=14EC4

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR16&appendix=0

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4.     Court dismisses challenge to SFC’s investigative powers

On 18 February 2020, the Court of First Instance has dismissed judicial review applications against the SFC in connection with a search operation it conducted for ongoing investigations into suspected breaches of the Securities and Futures Ordinance.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR17

For the Judgement Statement, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=126907&QS=%2B&TP=JU

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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 – January 2020

Content
  1. SFC reprimands and fines FIL Investment Management (Hong Kong) Limited HK $3.5 million for regulatory breaches
  2. SFC publicly censures CLSA Limited, CITIC Securities Brokerage (HK) Limited, Beijing Enterprises Holdings Limited and their representatives for breaching the Code on Share Buy-backs
  3. SFC reprimands and fines RHB Securities Hong Kong Limited HK $6.4 million
  4. Court convicts unlicensed fund manager
  5. SFC lifts suspension of UBS Securities Hong Kong Limited acting as sponsor
  6. SFC issues restriction notice to a broker to freeze client accounts linked to suspected market manipulation
  7. SFC to commence proceedings for suspected market manipulation in the shares of China Ding Yi Feng and lifts trading suspension
  8. SFC suspends Shiu Yau Wah for five months

 

1.     SFC reprimands and fines FIL Investment Management (Hong Kong) Limited HKD 3.5 million for regulatory breaches

On 30 December 2019, the SFC has reprimanded and fined FIL Investment Management (Hong Kong) Limited HKD 3.5 million for regulatory breaches including unlicensed dealing in futures contracts, delay in reporting the breach to the SFC, as well as submitting incorrect information during an application.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR124

For the SFC’s circular dated 14 September 2018, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=18EC67

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR124&appendix=0

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2.     SFC publicly censures CLSA Limited, CITIC Securities Brokerage (HK) Limited, Beijing Enterprises Holdings Limited and their representatives for breaching the Code on Share Buy-backs

On 30 December 2019, the SFC has publicly censured the following entities and individuals for buy-back transactions in the shares of Beijing Enterprises Holdings Limited conducted in 2016 in breach of the Code on Share Buy-backs:

  • CLSA Limited
  • Andrew James WALTERS
  • Stuart Richard WILSON
  • CITIC Securities Brokerage (HK) Limited (CSB)
  • Ka Yip Eddy LAU
  • King Yuen LAU
  • Stephanie LI
  • Beijing Enterprises Holdings Limited
  • Woon Cheung Eric TUNG

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR123

For the Executive Statement, please refer to:
https://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/Executive%20statement%20E_FINAL%2020191230.pdf

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3.     SFC reprimands and fines RHB Securities Hong Kong Limited HKD 6.4 million

On 2 January 2020, the SFC has reprimanded and fined RHB Securities Hong Kong Limited HKD 6.4 million for its failures to comply with regulatory requirements on conflicts of interest and supervision of account executives.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR1

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR1&appendix=0

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4.     Court convicts unlicensed fund manager

On 6 January 2020, the SFC announced that the Eastern Magistrates’ Court on that day has convicted Mr. Yau Ka Fai for holding himself out as carrying on a business in asset management without a licence from the SFC.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR3

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5.     SFC lifts suspension of UBS Securities Hong Kong Limited acting as sponsor

On 14 January 2020, the SFC lifted the suspension of UBS Securities Hong Kong Limited to act as a sponsor for listing applications on the SEHK.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR4

For the SFC press release dated 14 March 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR19

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6.     SFC issues restriction notice to a broker to freeze client accounts linked to suspected market manipulation

On 21 January 2020, the SFC has issued a restriction notice to China Fund Securities Limited, prohibiting it from dealing with or processing HK$170 million worth of assets held in six client accounts, which are related to suspected market manipulation in the shares of Hon Corporation Limited between November 2019 and early December 2019.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR7

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7.     SFC to commence proceedings for suspected market manipulation in the shares of China Ding Yi Feng and lifts trading suspensionCourt convicts unlicensed fund manager

On 22 January 2020, the SFC announced that it has decided to commence proceedings, for suspected market manipulation in the shares of China Ding Yi Feng Holdings Limited, against a number of individuals including one or more officers of China Ding Yi Feng.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR8

For the SFC 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

For the SFC press release dated 25 June 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR55

For the SFC Policy Statement on Disclosure of Certain Information to the Public, please refer to:
https://www.sfc.hk/web/EN/quick-links/others/disclosure-policy.html

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8.     SFC suspends Shiu Yau Wah for five months

On 29 January 2020, the SFC has announced its decision to suspend Mr. Shiu Yau Wah, an account executive at RHB Securities Hong Kong Limited, for five months from 24 January 2020 to 23 June 2020.

For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR9

For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR9&appendix=0

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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 – December 2019

Content
  1. SFC waives licensing fees for 2020/21
  2. SFC issues quarterly report
  3. SFC bans W. Falcon Asset Management (Asia) Limited’s former chairman for life and ex-CFO for three years
  4. SFC reprimands and fines Adamas Asset Management (HK) Limited $2.5 million

 

1.     SFC waives licensing fees for 2020/21

On 4 December 2019, the SFC has announced waiving the annual licensing fees for the financial year of 2020/21.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR115

For the SFC’s circular dated 25 March 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=19EC14

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2.     SFC issues quarterly report

On 5 December 2019, the SFC published its latest Quarterly Report which summarises key developments from July to September 2019.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR116

For the latest Quarterly Report, please refer to:

https://www.sfc.hk/web/EN/files/ER/Reports/QR/201907-09/EN/0.%20SFC%20Quarterly%20Report%20(Jul_Sep%202019)_E.pdf

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3.     SFC bans W. Falcon Asset Management (Asia) Limited’s former chairman for life and ex-CFO for three years

On 17 December 2019, the SFC has banned Mr Ang Wing Fung, the former chairman of W. Falcon Asset Management (Asia) Limited (“Falcon”), and its former chief financial officer and company secretary Mr Chan Kam Wah, from re-entering the industry for life and three years, respectively, in connection with their roles in window-dressing the liquid capital of Falcon.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR118

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR118&appendix=0

For SFC’s press release dated 4 February 2019, please refer to:

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

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4.     SFC reprimands and fines Adamas Asset Management (HK) Limited $2.5 million

On 23 December 2019, the SFC has reprimanded and fined Adamas Asset Management (HK) Limited $2.5 million for inadequate measures to ensure accurate and timely disclosure of notifiable interests in eight Hong Kong-listed company shares.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR122

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR122&appendix=0

For the Securities and Futures Appeals Tribunal Application No. 2 of 2019, please refer to:

https://www.sfat.gov.hk/english/apps/index.htm

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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 – 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.

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

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