- SFC bans Lok Wai Fong for life
- Court of Final Appeal allows SFC’s appeal against MMT decision on insider dealing in Asia Telemedia Limited shares
- SFC concludes consultation on amendments to anti-money laundering and counter-financing of terrorism guidelines
- SFC encourages the public to report fraud and misconduct
1. SFC bans Lok Wai Fong for life
On 8 October 2018, the SFC banned Ms Lok Wai Fong, a former employee of Bank of China (Hong Kong) Limited, from re-entering the industry for life.
The disciplinary action follows an SFC investigation which found that from April 2009 to January 2012, Lok transferred a sum of around HK$1.6 million from the savings account of a customer to the bank account of a securities firm, without his knowledge and authorization.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR115
For a copy of the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=18PR115&appendix=0
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2. Court of Final Appeal allows SFC’s appeal against MMT decision on insider dealing in Asia Telemedia Limited shares
On 12 October 2018, the Court of Final Appeal (“CFA”) allowed the SFC’s appeal against the Market Misconduct Tribunal’s findings that two former executives of Asia Telemedia Limited (now known as Yunfeng Financial Group Limited), Mr Charles Yiu Hoi Ying and Ms Marian Wong Nam, had not engaged in insider dealing.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR120
For the CFA judgment, please refer to:
https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=117866&currpage=T
For the report on the MMT decision, please refer to:
http://www.mmt.gov.hk/eng/reports/Report_of_ATML_e.pdf
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3. SFC concludes consultation on amendments to anti-money laundering and counter-financing of terrorism guidelines
On 12 October 2018, the SFC released consultation conclusions on proposals to amend its Guideline on Anti-Money Laundering and Counter-Terrorist Financing (“AML/CFT Guideline”).
The amendments are in line with the latest international anti-money laundering and counter-financing of terrorism standards and will make the AML/CFT Guideline more useful and relevant in light of industry developments.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR119
For the consultation conclusions, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/consultation/conclusion?refNo=18CP6
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4. SFC encourages the public to report fraud and misconduct
On 18 October 2018, the SFC introduced new features on its website to make it easier for the public to report suspected corporate fraud and market misconduct as well as information about persons who may help the SFC in its investigations.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR121
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The article is for general information purpose only and is not intended to constitute legal or other professional advice.
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