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.

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