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Newsletter – July 2020
/in Newsletter /by Tony Chan- SFC commences false trading prosecution against retail investor
- SFC bans Lai Wing Fat for 20 months
- Court of Final Appeal dismisses leave application of Andrew Left
- Court convicts and fines former officer of Wonderful Wealth Group Limited for unlicensed activities
- Court convicts and fines Brilliance Capital Management Limited and its director for unlicensed activities
1. SFC commences false trading prosecution against retail investor
On 2 July 2020, SFC commenced criminal proceedings at the Eastern Magistrates’ Court against Mr. Ke Wen Hua for alleged false trading in the shares of Carry Wealth Holdings Limited on 4 September 2012.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR62
2. SFC bans Lai Wing Fat for 20 months
On 7 July 2020, SFC has banned Mr. Lai Wing Fat, a former licensed representative of Black Marble Securities Limited, from re-entering the industry for 20 months from 5 July 2020 to 4 March 2022 for breaches of the SFC’s Code of Conduct.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR65
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR65&appendix=0
3. Court of Final Appeal dismisses leave application of Andrew Left
On 8 July 2020, The Appeal Committee of the Court of Final Appeal dismissed the application of Mr. Andrew Left of Citron Research for leave to further appeal to the Court of Final Appeal against the February 2019 judgment of the Court of Appeal that ruled against him.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR66
For the reasons for determination, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=129369&QS=%24%28Andrew%2CLeft%29&TP=JU
For the press release dated on 13 January 2017, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=17PR5
For the press release dated on 24 May 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR43
4. Court convicts and fines former officer of Wonderful Wealth Group Limited for unlicensed activities
On 9 July 2020, The Eastern Magistrates’ Court convicted Mr. Simon Chan Ying Ming, former officer of Wonderful Wealth Group Limited, of holding out as carrying on a business of dealing in futures contracts and asset management without a licence in a criminal prosecution brought by the SFC.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR67
For the press release dated on 4 June 2020, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=20PR50
5. Court convicts and fines Brilliance Capital Management Limited and its director for unlicensed activities
On 24 July 2020, The Eastern Magistrates’ Court convicted Brilliance Capital Management Limited and its director Mr. Law Sai Hung in a prosecution brought by the SFC for holding out as carrying on a business in advising on corporate finance without an SFC licence.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR69
For the press release dated on 18 July 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR68
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]
Newsletter – June 2020
/in Newsletter /by Tony Chan- Court convicts and fines former director and shareholder of Wonderful Wealth Group Limited for unlicensed activities
- SFC reprimands and fines Potomac Capital Limited HK$800,000 for breaching Financial Resources Rules
- SFC publicly censures Mr. Fu Kwan for breach of the Takeovers Code
- SFC publicly criticises CICC Financial Trading Limited and China International Capital Corporation Limited for breaches of the Takeovers Code
- SFC reprimands and fines Guotai Junan Securities (Hong Kong) Limited HK$25.2 million for breaches relating to anti-money laundering and other regulatory requirements
- SFC bans former responsible officer of Guosen Securities (HK) Brokerage Company, Limited for 12 months
1. Court convicts and fines former director and shareholder of Wonderful Wealth Group Limited for unlicensed activities
On 4 June 2020, The Eastern Magistrates’ Court convicted Mr. Chong Kin Ting, former director and shareholder of Wonderful Wealth Group Limited, of holding out as carrying on a business of dealing in futures contracts and asset management without a licence in a criminal prosecution brought by SFC.
Chong, who pleaded guilty to all four charges, was fined HK$8,000 and ordered to pay SFC’s investigation costs.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR50
2. SFC reprimands and fines Potomac Capital Limited HK$800,000 for breaching Financial Resources Rules
On 8 June 2020, SFC has reprimanded and fined Potomac Capital Limited HK$800,000 for failures to comply with the Financial Resources Rules.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR51
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR51&appendix=0
3. SFC publicly censures Mr. Fu Kwan for breach of the Takeovers Code
On 11 June 2020, SFC has publicly censured Mr. Fu Kwan, the chairman of Macrolink Capital Holdings Limited, for acquiring the company’s shares within six months after the close of an offer at prices above the offer price in breach of Rule 31.3 of the Takeovers Code.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR55
For the Executive Statement, please refer to:
https://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/Public%20Censure%20(ENG)%2020200611.pdf
4. SFC publicly criticises CICC Financial Trading Limited and China International Capital Corporation Limited for breaches of the Takeovers Code
On 18 June 2020, SFC has publicly criticised CICC Financial Trading Limited and China International Capital Corporation Limited for breaches of the Takeovers Code.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR56
For the Executive Statement, please refer to:
https://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/CICC_ES_18%20Jun%2020%20(Eng).pdf
5. SFC reprimands and fines Guotai Junan Securities (Hong Kong) Limited HK$25.2 million for breaches relating to anti-money laundering and other regulatory requirements
On 22 June 2020, SFC has reprimanded and fined Guotai Junan Securities (Hong Kong) Limited HK$25.2 million for multiple internal control failures and regulatory breaches in connection with anti-money laundering, handling of third-party fund transfers and placing activities, as well as detection of wash trades and late reporting.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR58
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR58&appendix=0
6. SFC bans former responsible officer of Guosen Securities (HK) Brokerage Company, Limited for 12 months
On 23 June 2020, SFC has prohibited Ms. Joanna Chu Lai Wa, former responsible officer, director and head of dealing of Guosen Securities (HK) Brokerage Company, Limited from re-entering the industry for 12 months from 23 June 2020 to 22 June 2021.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR57
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR57&appendix=0
For the SFC circular dated 18 February 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR10
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]
Newsletter – May 2020
/in Newsletter /by Tony Chan- SFC obtains court order against Shandong Molong Petroleum Machinery Company Limited
- SFC reprimands and fines Mega International Commercial Bank Co., Ltd. HK$7 million for regulatory breaches over CIS sale
- SFC obtains disqualification orders against former directors of EganaGoldpfeil (Holdings) Ltd
- SFC reprimands and fines Southwest Securities (HK) Brokerage Limited HK$5 million for breaches of anti-money laundering regulatory requirements
- SFC reprimands and fines Convoy Asset Management Limited HK$6.4 million for regulatory breaches over bond recommendation
- SFC seeks court order to wind up Combest Holdings Limited
On 05 May 2020, SFC has obtained a court order in the Court of First Instance requiring Shandong Molong Petroleum Machinery Company Limited to reconstitute its audit committee and to appoint an independent external auditor to review its internal control and financial reporting procedures after the company accepted that it had falsely and substantially inflated its financial position in six results announcements.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR41
2. SFC reprimands and fines Mega International Commercial Bank Co., Ltd. HK $7 million for regulatory breaches over CIS sale
On 07 May 2020, SFC has reprimanded and fined Mega International Commercial Bank Co., Ltd HK$7 million over company’s internal system and control failures in relation to the sale of collective investment schemes.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR42
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR42&appendix=0
3. SFC obtains disqualification orders against former directors of EganaGoldpfeil (Holdings) Ltd
On 11 May 2020, SFC has obtained disqualification orders in the Court of First Instance against three former directors of EganaGoldpfeil (Holdings) Ltd for their roles in the company’s misapplication of funds.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR43
For the press release dated 1 August 2011, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=11PR88
For the summary of the SFC’s petition, please refer to:
https://www.sfc.hk/web/doc/EN/general/general/press_release/11/11PR88_petition.pdf
For the relevant judgement, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=127726&QS=%2B&TP=JU
4. SFC reprimands and fines Southwest Securities (HK) Brokerage Limited HK$5 million for breaches of anti-money laundering regulatory requirements
On 18 May 2020, SFC has reprimanded and fined Southwest Securities (HK) Brokerage Limited HK$5 million for failures in complying with anti-money laundering and counter-terrorist financing regulatory requirements in 2016.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR45
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR45&appendix=0
5. SFC reprimands and fines Convoy Asset Management Limited HK$6.4 million for regulatory breaches over bond recommendation
On 19 May 2020, SFC has reprimanded and fined Convoy Asset Management Limited HK$6.4 million for control failures in solicitation and recommendation of bonds to clients.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR47
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR47&appendix=0
6. SFC seeks court order to wind up Combest Holdings Limited
On 21 May 2020, SFC has presented a petition to the Court of First Instance to wind up Combest Holdings Limited and to disqualify the company’s executive directors, Mr. Liu Tin Lap and Mr. Lee Man To, and a suspected shadow director, Mr. Ng Kwok Fai under the Securities and Future Ordinance to protect the interest of Combest’s shareholders, creditors and the investing public.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR48
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]
Newsletter – April 2020
/in Newsletter /by Tony Chan- SFC sanctions China Rise Securities Asset Management Company Limited’s former responsible officers
- SFC issues restriction notice to Agg. Asset Management Limited
- SFC reprimands and fines HSBC Investment Funds (Hong Kong) Limited and HSBC Global Asset Management (Hong Kong) Limited HK$3.5 million for regulatory breaches over funds’ cash management
- SFC reprimands and fines BOCOM International Securities HK$19.6 million for internal control failures
1. SFC sanctions China Rise Securities Asset Management Company Limited’s former responsible officers
On 31 March 2020, SFC has banned Mr. Sammy Shiu Kin Keung, former chief executive officer and responsible officer of China Rise Securities Asset Management Company Limited, from re-entering the industry for 28 months from 30 March 2020 to 29 July 2022.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR27
For the SFC press release dated 9 June 2017, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR79
For the SFC press release dated 31 October 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR101
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR27&appendix=0
2. SFC issues restriction notice to Agg. Asset Management Limited
On 3 April 2020, SFC has issued a restriction notice to Agg. Asset Management Limited because of doubts over company’s reliability, integrity, and ability to carry on regulated activities competently, honestly and fairly, and hence, its fitness and properness to remain licensed.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR31
3. SFC reprimands and fines HSBC Investment Funds (Hong Kong) Limited and HSBC Global Asset Management (Hong Kong) Limited HK$3.5 million for regulatory breaches over funds’ cash management
On 7 April 2020, SFC has reprimanded and fined HSBC Investment Funds (Hong Kong) Limited and HSBC Global Asset Management (Hong Kong) Limited HK$3.5 million for breaches of regulatory requirements in relation to cash management for SFC-authorized funds.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR32
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR32&appendix=0
4. SFC reprimands and fines BOCOM International Securities HK$19.6 million for internal control failures
On 20 April 2020, SFC has reprimanded and fined BOCOM International Securities Limited a total of HK$19.6 million for a range of regulatory breaches, including failures concerning the handling of third party fund deposits and the maintenance and implementation of a margin lending and margin call policy.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR36
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR36&appendix=0
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]
Newsletter – March 2020
/in Newsletter /by Tony Chan- SFC bans Chan Tan Lo for 14 months
- SFC bans Mo Shau Wah for life
- Market Misconduct Tribunal finds Magic Holdings International Limited and its directors culpable of late disclosure of inside information
On 19 March 2020, SFC has banned Ms. Chan Tan Lo, a former relationship manager of BOCI Securities Limited for 14 months from 19 March 2020 to 18 May 2021.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR22
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR22&appendix=0
2. SFC bans Mo Shau Wah for life
On 23 March 2020, SFC has banned Ms. Mo Shau Wah, a former account executive of China Pacific Securities Limited, from re-entering the industry for life following her criminal conviction.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR23
For the reason for sentence, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=121814&QS=%24%28HCCC%2C12%5C%7C%5C13%2F2017%29&TP=RS
For the SFC press release dated 1 March 2013, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=13PR14
3. Market Misconduct Tribunal finds Magic Holdings International Limited and its directors culpable of late disclosure of inside information
On 25 March 2020, The Market Misconduct Tribunal found that Magic Holdings International Limited and five of its’ directors culpable of the company’s failure to disclose in a timely manner inside information on L’Oréal S.A.’s proposed acquisition of Magic Holdings International Limited in 2013, as required under the corporate disclosure requirements of the SFO.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR24
For the SFC circular dated 15 May 2018, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=18PR49
For the Report of the Market Misconduct Tribunal of Hong Kong, please refer to:
https://www.mmt.gov.hk/eng/reports/Magic_Report%20_18.3.2020.pdf
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]
Newsletter – February 2020
/in Newsletter /by Tony Chan- SFC bans Christopher Tse for 12 months
- SFC reprimands and fines BMI Securities Limited HK$3.7 million and suspends its responsible officer for breaches of anti-money laundering regulatory requirements
- SFC reprimands and fines Capital Global Management Limited HK$1.5 million
- Court dismisses challenge to SFC’s investigative powers
On 6 February 2020, the SFC has banned Mr. Christopher Tse, a former research analyst at RHB Securities Hong Kong Limited, from re-entering the industry for 12 months from 31 January 2020 to 30 January 2021.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR12
For the SFC’s circular dated 14 September 2018, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR1
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR12&appendix=0
2. SFC reprimands and fines BMI Securities Limited HK$3.7 million and suspends its responsible officer for breaches of anti-money laundering regulatory requirements
On 11 February 2020, the SFC has reprimanded and fined BMI Securities Limited HK$3.7 million for failures in complying with anti-money laundering and counter-terrorist financing regulatory requirements.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR15
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR15&appendix=0
3. SFC reprimands and fines Capital Global Management Limited HK$1.5 million
On 14 February 2020, the SFC has reprimanded and fined Capital Global Management Limited HK$1.5 million for its failures to ensure compliance with applicable laws and regulations in distributing investment funds and offering investment advice in Taiwan, and to adequately supervise the business activities of its representatives to ensure such compliance.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR16
For the SFC’s circular dated 28 January 2014, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/circular/intermediaries/supervision/doc?refNo=14EC4
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR16&appendix=0
4. Court dismisses challenge to SFC’s investigative powers
On 18 February 2020, the Court of First Instance has dismissed judicial review applications against the SFC in connection with a search operation it conducted for ongoing investigations into suspected breaches of the Securities and Futures Ordinance.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR17
For the Judgement Statement, please refer to:
https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=126907&QS=%2B&TP=JU
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]
Newsletter – January 2020
/in Newsletter /by Tony Chan- SFC reprimands and fines FIL Investment Management (Hong Kong) Limited HK $3.5 million for regulatory breaches
- SFC publicly censures CLSA Limited, CITIC Securities Brokerage (HK) Limited, Beijing Enterprises Holdings Limited and their representatives for breaching the Code on Share Buy-backs
- SFC reprimands and fines RHB Securities Hong Kong Limited HK $6.4 million
- Court convicts unlicensed fund manager
- SFC lifts suspension of UBS Securities Hong Kong Limited acting as sponsor
- SFC issues restriction notice to a broker to freeze client accounts linked to suspected market manipulation
- SFC to commence proceedings for suspected market manipulation in the shares of China Ding Yi Feng and lifts trading suspension
- SFC suspends Shiu Yau Wah for five months
1. SFC reprimands and fines FIL Investment Management (Hong Kong) Limited HKD 3.5 million for regulatory breaches
On 30 December 2019, the SFC has reprimanded and fined FIL Investment Management (Hong Kong) Limited HKD 3.5 million for regulatory breaches including unlicensed dealing in futures contracts, delay in reporting the breach to the SFC, as well as submitting incorrect information during an application.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR124
For the SFC’s circular dated 14 September 2018, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=18EC67
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=19PR124&appendix=0
2. SFC publicly censures CLSA Limited, CITIC Securities Brokerage (HK) Limited, Beijing Enterprises Holdings Limited and their representatives for breaching the Code on Share Buy-backs
On 30 December 2019, the SFC has publicly censured the following entities and individuals for buy-back transactions in the shares of Beijing Enterprises Holdings Limited conducted in 2016 in breach of the Code on Share Buy-backs:
- CLSA Limited
- Andrew James WALTERS
- Stuart Richard WILSON
- CITIC Securities Brokerage (HK) Limited (CSB)
- Ka Yip Eddy LAU
- King Yuen LAU
- Stephanie LI
- Beijing Enterprises Holdings Limited
- Woon Cheung Eric TUNG
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR123
For the Executive Statement, please refer to:
https://www.sfc.hk/web/EN/files/CF/pdf/Public_censure/Executive%20statement%20E_FINAL%2020191230.pdf
3. SFC reprimands and fines RHB Securities Hong Kong Limited HKD 6.4 million
On 2 January 2020, the SFC has reprimanded and fined RHB Securities Hong Kong Limited HKD 6.4 million for its failures to comply with regulatory requirements on conflicts of interest and supervision of account executives.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR1
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR1&appendix=0
4. Court convicts unlicensed fund manager
On 6 January 2020, the SFC announced that the Eastern Magistrates’ Court on that day has convicted Mr. Yau Ka Fai for holding himself out as carrying on a business in asset management without a licence from the SFC.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR3
5. SFC lifts suspension of UBS Securities Hong Kong Limited acting as sponsor
On 14 January 2020, the SFC lifted the suspension of UBS Securities Hong Kong Limited to act as a sponsor for listing applications on the SEHK.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR4
For the SFC press release dated 14 March 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR19
6. SFC issues restriction notice to a broker to freeze client accounts linked to suspected market manipulation
On 21 January 2020, the SFC has issued a restriction notice to China Fund Securities Limited, prohibiting it from dealing with or processing HK$170 million worth of assets held in six client accounts, which are related to suspected market manipulation in the shares of Hon Corporation Limited between November 2019 and early December 2019.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR7
7. SFC to commence proceedings for suspected market manipulation in the shares of China Ding Yi Feng and lifts trading suspensionCourt convicts unlicensed fund manager
On 22 January 2020, the SFC announced that it has decided to commence proceedings, for suspected market manipulation in the shares of China Ding Yi Feng Holdings Limited, against a number of individuals including one or more officers of China Ding Yi Feng.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR8
For the SFC press release dated 20 March 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR23
For the SFC press release dated 25 June 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=19PR55
For the SFC Policy Statement on Disclosure of Certain Information to the Public, please refer to:
https://www.sfc.hk/web/EN/quick-links/others/disclosure-policy.html
8. SFC suspends Shiu Yau Wah for five months
On 29 January 2020, the SFC has announced its decision to suspend Mr. Shiu Yau Wah, an account executive at RHB Securities Hong Kong Limited, for five months from 24 January 2020 to 23 June 2020.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=20PR9
For the Statement of Disciplinary Action, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/openAppendix?refNo=20PR9&appendix=0
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
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Newsletter – December 2019
/in Newsletter /by Tony Chan- SFC waives licensing fees for 2020/21
- SFC issues quarterly report
- SFC bans W. Falcon Asset Management (Asia) Limited’s former chairman for life and ex-CFO for three years
- SFC reprimands and fines Adamas Asset Management (HK) Limited $2.5 million
On 4 December 2019, the SFC has announced waiving the annual licensing fees for the financial year of 2020/21.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR115
For the SFC’s circular dated 25 March 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=19EC14
2. SFC issues quarterly report
On 5 December 2019, the SFC published its latest Quarterly Report which summarises key developments from July to September 2019.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR116
For the latest Quarterly Report, please refer to:
3. SFC bans W. Falcon Asset Management (Asia) Limited’s former chairman for life and ex-CFO for three years
On 17 December 2019, the SFC has banned Mr Ang Wing Fung, the former chairman of W. Falcon Asset Management (Asia) Limited (“Falcon”), and its former chief financial officer and company secretary Mr Chan Kam Wah, from re-entering the industry for life and three years, respectively, in connection with their roles in window-dressing the liquid capital of Falcon.
For more details, please refer to:
For the Statement of Disciplinary Action, please refer to:
For SFC’s press release dated 4 February 2019, please refer to:
4. SFC reprimands and fines Adamas Asset Management (HK) Limited $2.5 million
On 23 December 2019, the SFC has reprimanded and fined Adamas Asset Management (HK) Limited $2.5 million for inadequate measures to ensure accurate and timely disclosure of notifiable interests in eight Hong Kong-listed company shares.
For more details, please refer to:
For the Statement of Disciplinary Action, please refer to:
For the Securities and Futures Appeals Tribunal Application No. 2 of 2019, please refer to:
https://www.sfat.gov.hk/english/apps/index.htm
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]
Newsletter – November 2019
/in Newsletter /by Tony Chan- SFC issues restriction notice to Hong Kong Wan Kiu Investment Company Limited
- Former staff of Hong Kong Television Network Limited convicted of insider dealing
- SFC bans Song Baojun for 12 months
- Former staff of Hong Kong Television Network Limited jailed for insider dealing
- SFC obtains court orders against former Chairman and directors of Minth Group Limited
- SFC reprimands and fines UBS HK$400 million for overcharging clients and related internal control failures
- SFC bans Ma Sin Chi for life
On 5 November 2019, the SFC has issued a restriction notice to Hong Kong Wan Kiu Investment Company Limited prohibiting the firm, without prior written consent from the SFC, from (i) carrying on any business, whether directly or through agents, which constitutes regulated activities for which it is licensed under the Securities and Futures Ordinance; and (ii) disposing of, dealing with, assisting, counselling or procuring another person to dispose of or deal with any property held by it or held on behalf of its clients until further notice.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR102
2. Former staff of Hong Kong Television Network Limited convicted of insider dealing
On 5 November 2019, the Eastern Magistrates’ Court convicted Mr. Ken Yiu Ka Lun of insider dealing in the shares of Hong Kong Television Network Limited in a prosecution brought by the SFC.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR103
3. SFC bans Song Baojun for 12 months
On 6 November 2019, the SFC has banned Mr. Song Baojun, a former relationship manager of the Hongkong and Shanghai Banking Corporation Limited, for 12 months from 6 November 2019 to 5 November 2020.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR106
For the Statement of Disciplinary Action, please refer to:
4. Former staff of Hong Kong Television Network Limited jailed for insider dealing
On 7 November 2019, the Eastern Magistrates’ Court today sentenced Mr. Ken Yiu Ka Lun to two and a half months of imprisonment after he was convicted of insider dealing in the shares of Hong Kong Television Network Limited in a prosecution brought by the SFC.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR110
For SFC’s press release dated 24 October 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR98
For SFC’s press release dated 5 November 2019, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR103
5. SFC obtains court orders against former Chairman and directors of Minth Group Limited
On 7 November 2019, the SFC has obtained an order in the Court of First Instance against Mr. Chin Jong Hwa, the former Chairman and Executive Director of Minth Group Limited, ordering him to pay a sum of RMB 20.3 million as compensation to the company’s wholly-owned subsidiary, Decade (HK) Limited (“Decade”), following findings of misconduct in connection with the loss suffered by Decade in the acquisition of two companies in 2008.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR109
For SFC’s press release dated 15 April 2014, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=14PR45
6. SFC reprimands and fines UBS HK$400 million for overcharging clients and related internal control failures
On 11 November 2019, the SFC has reprimanded and fined UBS AG HK$400 million for overcharging its clients over a ten-year period and for related serious systemic internal control failures.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR111
For the Statement of Disciplinary Action, please refer to:
7. SFC bans Ma Sin Chi for life
On 14 November 2019, the SFC has banned Mr. Ma Sin Chi, a former responsible officer of Deutsche Securities Asia Limited, from re-entering the industry for life.
For more details, please refer to:
https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=19PR112
For the Reasons for Sentence, please refer to:
https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=113874&currpage=T
The article is for general information purpose only and is not intended to constitute legal or other professional advice.
Receipt of this newsletter indicates that CompliancePlus has been using your email address to market to you the compliance services that CompliancePlus is able to provide you.
CompliancePlus provides compliance consulting services to financial companies, hedge fund managers and individuals. Our dedicated team of compliance officers has years of professional experience equipped with in-depth knowledge of both functional and compliance experience in managing and minimizing regulatory, operational and reputational risks. By partnering with CompliancePlus, our clients gain access to compliance solutions that they can trust and the latest knowledge of regulatory policies and procedures.
For enquiries, please email: [email protected] or call at +852-3487 6903.
To subscribe, update your email address or unsubscribe, please email [email protected]