Newsletter – September 2019

Content
  1. SFC reprimands and fines HSBC HK$2.1 million for breaching telephone recording requirements
  2. SFC bans Jacky Cheung Chiu Hung for two years
  3. SFC commences Market Misconduct Tribunal proceedings over alleged insider dealing in Meadville Holdings Limited shares
  4. SFC obtains disqualification order against former executive director of Life Healthcare Group Limited
  5. SFC bans Ye Feng for life
  6. SFC issues restriction notice to a broker to freeze client accounts related to a corporate officer’s suspected breach of duties

 

1.   SFC reprimands and fines HSBC $2.1 million for breaching telephone recording requirements

On 10 September 2019, the SFC has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited HK$2.1 million for non-compliance with the telephone recording requirements under the Code of Conduct.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR82

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR82&appendix=0

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2.     SFC bans Jacky Cheung Chiu Hung for two years

On 12 September 2019, the SFC has banned Mr Jacky Cheung Chiu Hung, a former employee of Hang Seng Bank Limited, for two years from 12 September 2019 to 11 September 2021.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR83

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=19PR83&appendix=0

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3.    SFC commences Market Misconduct Tribunal proceedings over alleged insider dealing in Meadville Holdings Limited shares

On 16 September 2019, the SFC has commenced proceedings in the Market Misconduct Tribunal against Mr. Tom Tang Chung Yen, the former chairman and an executive director of Meadville Holdings Limited, and Ms. Li Yik Shuen, for alleged insider dealing in Meadville shares in 2009.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR84

For the Notice to the Market Misconduct Tribunal, please refer to:

https://www.mmt.gov.hk/eng/rulings/Meadville_190916_e.pdf

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4.    SFC obtains disqualification order against former executive director of Life Healthcare Group Limited

On 18 September 2019, the SFC has obtained a disqualification order in the High Court against Ms. Michelle Kwok Choi Ha, a former executive director of Tack Fat Group International Limited, now known as Life Healthcare Group Limited.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR85

For SFC’s press releases dated 9 October 2014, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=14PR121

For SFC’s press releases dated 30 March 2015, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=15PR33

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5.    SFC bans Ye Feng for life

On 23 September 2019, the SFC has banned Mr. Ye Feng, a former vice president of the Bank of Communications Co., Ltd., from re-entering the industry for life following his conviction for bribery.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR86

6.   SFC issues restriction notice to a broker to freeze client accounts related to a corporate officer’s suspected breach of duties

On 27 September 2019, the SFC has issued a restriction notice to KGI Asia Limited, prohibiting the broker from dealing with or processing certain assets held in several client accounts which are beneficially owned by an individual who is suspected of breaching his duties towards a listed corporation.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR87

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

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