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

<back to top>

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

<back to top>

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

<back to top>

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

<back to top>

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