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Regulatory News (Sep 2017)

Newsletter – August 2017

Content

  1. Court ordered insider dealer Sun Min to pay HK$15.6 million to investors 
  2. SFC publicly censures China Life Insurance (Overseas) Company Limited for breaches of Takeovers Code
  3. Court of First Instance dismissed application by Hong Kong Game Theory for leave to appeal to the Court of Final Appeal
  4. Court of Appeal dismissed SFC’s leave application to the Court of Final Appeal against MMT decision on Asia Telemedia Limited case
  5. Court convicts sole proprietor and investment portfolio manager of unlicensed asset management
  6. SFC issues restriction notices to three brokers to freeze client accounts linked to suspected market manipulation

1. Court ordered insider dealer Sun Min to pay HK$15.6 million to investors

On 28 July 2017, the Court of First Instance has ordered Ms Sun Min to pay the restoration amount of HK$15,629,341 to 51 investors affected by her insider dealing in China Huiyuan Juice Group Limited shares.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR104

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2. SFC publicly censures China Life Insurance (Overseas) Company Limited for breaches of Takeovers Code

On 3 August 2017, the SFC has publicly censured China Life Insurance (Overseas) Company Limited as a result of its failure to disclose its dealings in the shares of Glorious Property Holdings Limited in contravention of the Code on Takeovers and Mergers.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR106

For a copy of Executive Statement, please refer:

http://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/China%20Life_Public%20Statement%20(English)_3%20Aug%2017.pdf

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3.  Court of First Instance dismissed application by Hong Kong Game Theory for leave to appeal to the Court of Final Appeal

On 18 August 2017, the Court of First Instance has dismissed the certification application by Hong Kong Game Theory Association Limited and its sole director Mr Sze Ching Lok for the purpose of filing appeals to the Court of Final Appeal against their earlier conviction of carrying on unlicensed activities.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR107

For a copy of the Court of Appeal’s judgment (Only available in Traditional Chinese), please refer to:

http://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=110120&QS=%2B&TP=JU

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4.  Court of Appeal dismissed SFC’s leave application to the Court of Final Appeal against MMT decision on Asia Telemedia Limited case

On 24 August 2017, the Court of Appeal has dismissed the SFC application for leave to appeal to the Court of Final Appeal against the Market Misconduct Tribunal’s findings that two former executives of Asia Telemedia Limited (now known as Yunfeng Financial Group Limited), Mr Yiu Hoi Ying and Ms Marian Wong Nam, had not engaged in insider dealing.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR109

For a copy of the Court of Appeal’s judgment, please refer to:

http://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=109219&QS=%2B&TP=JU

 

5.  Court convicts sole proprietor and investment portfolio manager of unlicensed asset management

On 24 August 2017, the Eastern Magistrates’ Court today convicted Fonia Kwok Lai Kwan of carrying on a business in asset management trading under the name of Finamics Capital Management (“Finamics”) and Lawrence Ho Man Chung of performing a regulated function in relation to the asset management of Finamics without licences from the SFC.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR108

6.  SFC issues restriction notices to three brokers to freeze client accounts linked to suspected market manipulation

On 30 August 2017, the SFC has issued restriction notices to Caitong International Securities Co., Ltd, Pacific Foundation Securities Limited and Yuanta Securities (Hong Kong) Company Limited (the brokers), prohibiting them from dealing with or processing certain assets held in client accounts which are related to suspected market manipulation in the shares of GME Group Holdings Limited on 22 February 2017.

For more details, please refer to:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR114

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

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