Newsletter – March 2017
- Market Misconduct Tribunal sanctions Yorkey Optical, its CEO and Financial Controller for late disclosure of inside information
- SFC reprimands and fines Guangdong Securities Limited HK$3 million for breach of anti-money laundering guidelines and bans former responsible officer of Guangdong Securities Limited for nine months over internal control failures
- SFC reprimands and fines Zhongtai International Securities Limited HK$2.6 million for non-compliance with anti-money laundering regulatory requirements
- SFC reprimands and fines BOCOM International (Asia) Limited HK$15 million for sponsor failures
- MMT sanctions Augustine Cheong and his mother for insider dealing in Titan shares
- SFC reprimands and fines DBS Vickers (Hong Kong) Limited HK$2 million for regulatory breaches and internal control failures
- SFC bans Philip Leung Ming Yin for six months
- SFC reprimands and fines Merrill Lynch Far East Limited & Merrill Lynch (Asia Pacific) Limited HK$15 million over internal control failures
1. Market Misconduct Tribunal sanctions Yorkey Optical, its CEO and Financial Controller for late disclosure of inside information
On 28 February 2017, the Market Misconduct Tribunal (“MMT”) has found that Yorkey Optical International (Cayman) Limited, its CEO Mr Nagai Michio and Financial Controller Mr Ng Chi Ching failed to disclose inside information as soon as reasonably practicable under the corporate disclosure regime 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/Report_of_Yorkey_e.pdf
2. SFC reprimands and fines Guangdong Securities Limited HK$3 million for breach of anti-money laundering guidelines and bans former responsible officer of Guangdong Securities Limited for nine months over internal control failures
On 6 March 2017, the SFC has reprimanded Guangdong Securities Limited (“GSL”), now known as Sinolink Securities (Hong Kong) Company Limited, and fined it HK$3 million for failures in complying with anti-money laundering guidelines when handling third party payments.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
3. SFC reprimands and fines Zhongtai International Securities Limited HK$2.6 million for non-compliance with anti-money laundering regulatory requirements
On 14 March 2017, the SFC has reprimanded Zhongtai International Securities Limited, formerly known as Qilu International Securities Limited, and fined it HK$2.6 million for failures in complying with anti-money laundering regulatory requirements when handling third party fund deposits.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
4. SFC reprimands and fines BOCOM International (Asia) Limited HK$15 million for sponsor failures
On 15 March 2017, the SFC has reprimanded and fined BOCOM International (Asia) Limited HK$15 million, for failing to discharge its duties as a sponsor in relation to the listing application of China Huinong Capital Group Limited.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
5. MMT sanctions Augustine Cheong and his mother for insider dealing in Titan shares
On 15 March 2017, the MMT has found that a former senior executive of an affiliate of Titan Petrochemicals Group Limited, Mr Augustine Cheong Kai Tjieh, and his mother, Ms Gan Ser Soon, engaged in insider dealing in the shares of Titan in January 2012.
For more details, please refer to:
For a copy of the MMT report, please refer to:
6. SFC reprimands and fines DBS Vickers (Hong Kong) Limited HK$2 million for regulatory breaches and internal control failures
On 16 March 2017, the SFC has reprimanded DBS Vickers (Hong Kong) Limited and fined it HK$2 million for regulatory breaches and internal control failings relating to under-segregation of client money.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
7.SFC bans Philip Leung Ming Yin for six months
On 20 March 2017, the SFC has banned Mr Philip Leung Ming Yin, a former account executive of HSBC Broking Securities (Asia) Limited, from re-entering the industry for six months from 17 March 2017 to 16 September 2017 for failure in maintaining a proper record of the instructions as required by the SFC’s Code of Conduct.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
8. SFC reprimands and fines Merrill Lynch Far East Limited & Merrill Lynch (Asia Pacific) Limited HK$15 million over internal control failures
On 24 March 2017, the SFC has resolved its concerns with Merrill Lynch Far East Limited and Merrill Lynch (Asia Pacific) Limited over internal control failures. Under the resolution, the SFC reprimanded and fined them a total of HK$15 million for breaches of the Code of Conduct and the Internal Control Guidelines relating to its reporting of Large Open Positions, electronic trading systems, distribution of research reports involving futures contracts and disclosure of market making activities in research reports..
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, 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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