Newsletter – November 2019

Content
  1. SFC issues restriction notice to Hong Kong Wan Kiu Investment Company Limited 
  2. Former staff of Hong Kong Television Network Limited convicted of insider dealing
  3. SFC bans Song Baojun for 12 months
  4. Former staff of Hong Kong Television Network Limited jailed for insider dealing
  5. SFC obtains court orders against former Chairman and directors of Minth Group Limited
  6. SFC reprimands and fines UBS HK$400 million for overcharging clients and related internal control failures
  7. SFC bans Ma Sin Chi for life

 

1.     SFC issues restriction notice to Hong Kong Wan Kiu Investment Company Limited

On 5 November 2019, the SFC has issued a restriction notice to Hong Kong Wan Kiu Investment Company Limited prohibiting the firm, without prior written consent from the SFC, from (i) carrying on any business, whether directly or through agents, which constitutes regulated activities for which it is licensed under the Securities and Futures Ordinance; and (ii) disposing of, dealing with, assisting, counselling or procuring another person to dispose of or deal with any property held by it or held on behalf of its clients until further notice.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR102

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2.     Former staff of Hong Kong Television Network Limited convicted of insider dealing

On 5 November 2019, the Eastern Magistrates’ Court convicted Mr. Ken Yiu Ka Lun of insider dealing in the shares of Hong Kong Television Network Limited in a prosecution brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR103

 

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3.     SFC bans Song Baojun for 12 months

On 6 November 2019, the SFC has banned Mr. Song Baojun, a former relationship manager of the Hongkong and Shanghai Banking Corporation Limited, for 12 months from 6 November 2019 to 5 November 2020.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR106

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR106&appendix=0

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4.     Former staff of Hong Kong Television Network Limited jailed for insider dealing

On 7 November 2019, the Eastern Magistrates’ Court today sentenced Mr. Ken Yiu Ka Lun to two and a half months of imprisonment after he was convicted of insider dealing in the shares of Hong Kong Television Network Limited in a prosecution brought by the SFC.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR110

For SFC’s press release dated 24 October 2019, please refer to: 

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR98

For SFC’s press release dated 5 November 2019, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR103

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5.     SFC obtains court orders against former Chairman and directors of Minth Group Limited

On 7 November 2019, the SFC has obtained an order in the Court of First Instance against Mr. Chin Jong Hwa, the former Chairman and Executive Director of Minth Group Limited, ordering him to pay a sum of RMB 20.3 million as compensation to the company’s wholly-owned subsidiary, Decade (HK) Limited (“Decade”), following findings of misconduct in connection with the loss suffered by Decade in the acquisition of two companies in 2008.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR109

For SFC’s press release dated 15 April 2014, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=14PR45

6.     SFC reprimands and fines UBS HK$400 million for overcharging clients and related internal control failures

On 11 November 2019, the SFC has reprimanded and fined UBS AG HK$400 million for overcharging its clients over a ten-year period and for related serious systemic internal control failures.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR111

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR111&appendix=0

 

7.     SFC bans Ma Sin Chi for life

On 14 November 2019, the SFC has banned Mr. Ma Sin Chi, a former responsible officer of Deutsche Securities Asia Limited, from re-entering the industry for life.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR112

For the Reasons for Sentence, please refer to:

https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=113874&currpage=T

The article is for general information purpose only and is not intended to constitute legal or other professional advice.

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