Newsletter – May 2018
- Licence applicant convicted of providing false information to SFC
- SFC commences MMT proceedings against Magic Holdings International Limited and its directors for late disclosure of inside information
- SFC reprimands and fines Citigroup Global Markets Asia Limited HK$57 million for sponsor failures
- SFC reprimands and fines Noah Holdings (Hong Kong) Limited HK$5 million for regulatory breaches
1. Licence applicant convicted of providing false information to SFC
On 11 May 2018, the Eastern Magistrates’ Court convicted Mr Lui Ho Yeung after he pleaded guilty to two counts of making false or misleading representations in support of his licence applications to the SFC.
For more details, please refer to:
2. SFC commences MMT proceedings against Magic Holdings International Limited and its directors for late disclosure of inside information
On 15 May 2018, the SFC has commenced proceedings in the Market Misconduct Tribunal against Magic Holdings International Limited and its nine directors for failing to disclose inside information as soon as reasonably practicable on the potential acquisition of its issued shares by L’Oréal S.A., a French cosmetics group in 2013.
For more details, please refer to:
For a copy of the SFC’s Notice commencing the MMT proceedings, please refer to:
http://www.mmt.gov.hk/eng/rulings/Magic_Holdings_15052018_e.pdf
3. SFC reprimands and fines Citigroup Global Markets Asia Limited HK$57 million for sponsor failures
On 17 May 2018, the SFC has reprimanded and fined Citigroup Global Markets Asia Limited (“Citi”) HK$57 million after resolving concerns with Citi over its discharge of duties as a sponsor in relation to the listing application of Real Gold Mining Limited.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
4. SFC reprimands and fines Noah Holdings (Hong Kong) Limited HK$5 million for regulatory breaches
On 29 May 2018, the SFC has publicly reprimanded and fined Noah Holdings (Hong Kong) Limited (Noah HK) HK$5 million over Noah HK’s internal system and control failures in its sale and distribution of investment products.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
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