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Regulatory News (Mar 2017)
- Appointments to SFC committees
- Market Misconduct Tribunal finds no insider dealing in China Gas shares
- SFC reprimands and fines Merrill Lynch Far East Limited & Merrill Lynch (Asia Pacific) Limited $15 million over internal control failures
- SFC obtains court orders to freeze bank accounts in suspected Pyramid and Ponzi scheme
- SFC concludes consultation on position limit regime
- SFC bans Philip Leung Ming Yin for six months
- SFC reprimands and fines DBS Vickers (Hong Kong) Limited $2 million for regulatory breaches and internal control failures
- Market Misconduct Tribunal sanctions Augustine Cheong and his mother for insider dealing in Titan shares
- SFC reprimands and fines BOCOM International (Asia) Limited $15 million for sponsor failures
- New synopsis: Presentation at Companies Registry Corporate Governance Roundtable
- SFC bans former responsible officer of Guangdong Securities Limited for nine months over internal control failures
- Implementation of expanded Short Position Reporting
- SFC reprimands and fines Guangdong Securities Limited $3 million for breach of anti-money laundering guidelines
- SFC proposes to standardise rules for prescribing professional investors
Newsletter – February 2017
- SFC seeks court orders against former and current directors of Hanergy Thin Film Power Group Limited
- SFC reprimands and fines Value Partners HK$4 million
- SFC bans Ma Yu Lung for eight years
- SFC reprimands and fines North Sea Securities Limited HK$700,000
- SFC obtains court orders to freeze assets in insider dealing investigation
- Market Misconduct Tribunal finds Mayer Holdings Limited and its senior management culpable of late disclosure of inside information
- SFC reprimands and fines GMO-Z.com Forex HK Limited HK$1.6 million
- SFC bans Li Lee for life
- SFC seeks court orders against former chairman of Kong Sun Holdings Limited and China Sandi Holdings Limited
- SFC obtains disqualification and HK$84 million compensation orders against former chairman of First Natural Foods Holdings Limited
- Former investment firm CEO convicted of unlicensed dealing
1. SFC seeks court orders against former and current directors of Hanergy Thin Film Power Group Limited
On 23 January 2017, the SFC has today commenced legal proceedings in the Court of First Instance to seek disqualification orders against the former chairman, Mr Li Hejun, and four current independent non-executive directors, Ms Zhao Lan, Mr Wang Tongbo, Mr Xu Zheng and Mr Wang Wenjing, of Hanergy Thin Film Power Group Limited.
For more details, please refer to:
2. SFC reprimands and fines Value Partners HK$4 million
On 25 January 2017, the SFC has reprimanded Value Partners Limited and Value Partners Hong Kong Limited (collectively, Value Partners), and fined them HK$2 million respectively for failures to comply with the regulatory requirements in managing two SFC-authorized funds.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
3. SFC bans Ma Yu Lung for eight years
On 26 January 2017, the SFC has banned Mr Ma Yu Lung, a former representative of Sun Hung Kai Investment Services Limited, from re-entering the industry for eight years from 26 January 2017 to 25 January 2025 for breach of the Code of Conduct.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
4. SFC reprimands and fines North Sea Securities Limited HK$700,000
On 26 January 2017, the SFC has reprimanded North Sea Securities Limited and fined it HK$700,000 for failing to put in place proper controls to monitor and supervise employee dealings, in breach of the Code of Conduct.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
5. SFC obtains court orders to freeze assets in insider dealing investigation
On 3 February 2017, the Court of First Instance has granted an interim order against Ms Yik Fong Fong in legal proceedings commenced by the SFC, prohibiting her from removing assets up to the value of HK$25,899,750 from Hong Kong in relation to an ongoing investigation into suspected insider dealing in the shares of TeleEye Holdings Limited.
For more details, please refer to:
6. Market Misconduct Tribunal finds Mayer Holdings Limited and its senior management culpable of late disclosure of inside information
On 7 February 2017, the Market Misconduct Tribunal found that Mayer Holdings Limited and nine of its current and former senior executives failed to disclose inside information as soon as reasonably practicable as required under the Securities and Futures Ordinance following proceedings brought by the SFC.
For more details, please refer to:
For a copy of the MMT report, please refer to:
http://www.mmt.gov.hk/eng/reports/Mayer_Holdings_Limited_PartI_Report_e.pdf
7. SFC reprimands and fines GMO-Z.com Forex HK Limited HK$1.6 million
On 9 February 2017, SFC has reprimanded and fined GMO-Z.com Forex HK Limited HK$1.6 million for deficiencies in its order execution and slippage handling procedures, and failures in its electronic trading system for leveraged foreign exchange contracts.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
On 13 February 2017, the SFC has banned Ms Li Lee, a former employee of The Hongkong and Shanghai Banking Corporation Limited, from re-entering the industry for life following her criminal convictions of fraud.
For more details, please refer to:
For a copy of Reasons for Sentence (only available in Traditional Chinese), please refer to:
http://legalref.judiciary.gov.hk/lrs/common/ju/ju_frame.jsp?DIS=105081&currpage=T
9. SFC seeks court orders against former chairman of Kong Sun Holdings Limited and China Sandi Holdings Limited
On 13 February 2017, the SFC has commenced legal proceedings in the Court of First Instance to seek disqualification and compensation orders against Mr Tse On Kin, former chairman and executive director of Kong Sun Holdings Limited and China Sandi Holdings Limited, for devising a scheme to conceal his interests in the companies’ share placements in 2009.
For more details, please refer to:
10. SFC obtains disqualification and HK$84 million compensation orders against former chairman of First Natural Foods Holdings Limited
On 20 February 2017, the SFC has obtained disqualification and compensation orders in the Court of First Instance against Mr Yeung Chung Lung, former chairman and executive director of First Natural Foods Holdings Limited over embezzlement of HK$84 million and provision of false bank statements to auditors.
For more details, please refer to:
11. Former investment firm CEO convicted of unlicensed dealing
On 20 February 2017, the Eastern Magistrates’ Court convicted Mr Chiang Ching Fung, former chief executive officer of Gold Root Global Investments Limited, of unlicensed dealing in futures contracts in a prosecution by the SFC.
For more details, please refer to:
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
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