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.

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