Newsletter – September 2018
- Court of Final Appeal dismisses Moody’s appeal
- Court of Appeal orders retrial in insider dealing case
- SFC reprimands and fines Huatai Financial Holdings (Hong Kong) Limited HK$800,000 over naked short selling
- SFC bans Ngo Wing Chun for 12 months
1. Court of Final Appeal dismisses Moody’s appeal
On 3 September 2018, the Court of Final Appeal dismissed the appeal of Moody’s Investors Service Hong Kong Limited (“Moody’s”) in relation to the SFC’s disciplinary action concerning a special comment report Moody’s published in 2011.
SFC has reprimanded Moody’s and fined it HK$11 million for various failures relating to its preparation and publication of the special comment report entitled “Red Flags for Emerging-Market Companies: A Focus on China” published on 11 July 2011.
For more details, please refer to:
2. Court of Appeal orders retrial in insider dealing case
On 11 September 2018, the Court of Appeal has allowed the SFC appeal against the Market Misconduct Tribunal’s (“MMT”) decision that Mr Cheng Chak Ngok, former executive director, chief financial officer and company secretary of ENN Energy Holdings Limited, had not engaged in insider dealing in the shares of China Gas Holdings Limited in 2011.
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/reports/Report_of_China_Gas_e.pdf
3. SFC reprimands and fines Huatai Financial Holdings (Hong Kong) Limited HK$800,000 over naked short selling
On 17 September 2018, the SFC has reprimanded and fined Huatai Financial Holdings (Hong Kong) Limited HK$800,000 for failures relating to the short selling of Great Wall Motor Company Limited shares in 2015.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
4. SFC bans Ngo Wing Chun for 12 months
On 20 September 2018, the SFC has banned Mr Ngo Wing Chun, a former relationship manager of Hongkong and Shanghai Banking Corporation Limited, from re-entering the industry for 12 months from 20 September 2018 to 19 September 2019 for unauthorized transfer of customer data.
For more details, please refer to:
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