Regulatory News (Mar 2017)

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Newsletter – February 2017

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Content

  1. SFC seeks court orders against former and current directors of Hanergy Thin Film Power Group Limited
  2. SFC reprimands and fines Value Partners HK$4 million
  3. SFC bans Ma Yu Lung for eight years
  4. SFC reprimands and fines North Sea Securities Limited HK$700,000
  5. SFC obtains court orders to freeze assets in insider dealing investigation
  6. Market Misconduct Tribunal finds Mayer Holdings Limited and its senior management culpable of late disclosure of inside information
  7. SFC reprimands and fines GMO-Z.com Forex HK Limited HK$1.6 million
  8. SFC bans Li Lee for life
  9. SFC seeks court orders against former chairman of Kong Sun Holdings Limited and China Sandi Holdings Limited
  10. SFC obtains disqualification and HK$84 million compensation orders against former chairman of First Natural Foods Holdings Limited
  11. Former investment firm CEO convicted of unlicensed dealing

1. SFC seeks court orders against former and current directors of Hanergy Thin Film Power Group Limited

On 23 January 2017, the SFC has today commenced legal proceedings in the Court of First Instance to seek disqualification orders against the former chairman, Mr Li Hejun, and four current independent non-executive directors, Ms Zhao Lan, Mr Wang Tongbo, Mr Xu Zheng and Mr Wang Wenjing, of Hanergy Thin Film Power Group Limited.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR12

2. SFC reprimands and fines Value Partners HK$4 million

On 25 January 2017, the SFC has reprimanded Value Partners Limited and Value Partners Hong Kong Limited (collectively, Value Partners), and fined them HK$2 million respectively for failures to comply with the regulatory requirements in managing two SFC-authorized funds.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR13

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR13&appendix=0

3.  SFC bans Ma Yu Lung for eight years

On 26 January 2017, the SFC has banned Mr Ma Yu Lung, a former representative of Sun Hung Kai Investment Services Limited, from re-entering the industry for eight years from 26 January 2017 to 25 January 2025 for breach of the Code of Conduct.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR14

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR14&appendix=0

4.  SFC reprimands and fines North Sea Securities Limited HK$700,000

On 26 January 2017, the SFC has reprimanded North Sea Securities Limited and fined it HK$700,000 for failing to put in place proper controls to monitor and supervise employee dealings, in breach of the Code of Conduct.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR15

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR15&appendix=0

 

5.  SFC obtains court orders to freeze assets in insider dealing investigation

On 3 February 2017, the Court of First Instance has granted an interim order against Ms Yik Fong Fong in legal proceedings commenced by the SFC, prohibiting her from removing assets up to the value of HK$25,899,750 from Hong Kong in relation to an ongoing investigation into suspected insider dealing in the shares of TeleEye Holdings Limited.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR16

 

6. Market Misconduct Tribunal finds Mayer Holdings Limited and its senior management culpable of late disclosure of inside information

On 7 February 2017, the Market Misconduct Tribunal found that Mayer Holdings Limited and nine of its current and former senior executives failed to disclose inside information as soon as reasonably practicable as required under the Securities and Futures Ordinance following proceedings brought by the SFC.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR18

For a copy of the MMT report, please refer to:

http://www.mmt.gov.hk/eng/reports/Mayer_Holdings_Limited_PartI_Report_e.pdf

 

7. SFC reprimands and fines GMO-Z.com Forex HK Limited HK$1.6 million

On 9 February 2017, SFC has reprimanded and fined GMO-Z.com Forex HK Limited HK$1.6 million for deficiencies in its order execution and slippage handling procedures, and failures in its electronic trading system for leveraged foreign exchange contracts.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR19

For a copy of the Statement of Disciplinary Action, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=17PR19&appendix=0

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8. SFC bans Li Lee for life 

On 13 February 2017, the SFC has banned Ms Li Lee, a former employee of The Hongkong and Shanghai Banking Corporation Limited, from re-entering the industry for life following her criminal convictions of fraud.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR20

For a copy of Reasons for Sentence (only available in Traditional Chinese), please refer to:

http://legalref.judiciary.gov.hk/lrs/common/ju/ju_frame.jsp?DIS=105081&currpage=T

 

9. SFC seeks court orders against former chairman of Kong Sun Holdings Limited and China Sandi Holdings Limited 

On 13 February 2017, the SFC has commenced legal proceedings in the Court of First Instance to seek disqualification and compensation orders against Mr Tse On Kin, former chairman and executive director of Kong Sun Holdings Limited and China Sandi Holdings Limited, for devising a scheme to conceal his interests in the companies’ share placements in 2009.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR21

 

10. SFC obtains disqualification and HK$84 million compensation orders against former chairman of First Natural Foods Holdings Limited 

On 20 February 2017, the SFC has obtained disqualification and compensation orders in the Court of First Instance against Mr Yeung Chung Lung, former chairman and executive director of First Natural Foods Holdings Limited over embezzlement of HK$84 million and provision of false bank statements to auditors.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR24

 

11. Former investment firm CEO convicted of unlicensed dealing 

On 20 February 2017, the Eastern Magistrates’ Court convicted Mr Chiang Ching Fung, former chief executive officer of Gold Root Global Investments Limited, of unlicensed dealing in futures contracts in a prosecution by the SFC.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR25

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

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Regulatory News (Feb 2017)

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