Newsletter – February 2018
- Court of Final Appeal to hear Moody’s case
- Court orders Qunxing and former directors to compensate investors over disclosure of false or misleading information
- SFC reprimands and fines Credit Suisse (Hong Kong) Limited, Credit Suisse Securities (Hong Kong) Limited and Credit Suisse AG HK$39.3 million for regulatory breaches
- SFC reprimands and fines Interactive Brokers Hong Kong Limited HK$4.5 million for failures concerning its electronic and algorithmic trading systems
- Court orders Titan’s former senior executive and his mother to make payments to investors over insider dealing in Titan shares
- SFC obtains disqualification and compensation orders against former chairman and directors of Starlight
1. Court of Final Appeal to hear Moody’s case
On 7 February 2018, the Court of Final Appeal granted leave to Moody’s Investors Service Hong Kong Limited’s to take the case to the Court of Final Appeal in the matter of the SFC disciplinary action in relation to a special comment report it published in 2011.
For more details, please refer to:
2. Court orders Qunxing and former directors to compensate investors over disclosure of false or misleading information
On 7 February 2018, the Court of First Instance has granted orders sought by the SFC in its proceedings against Qunxing Paper Holdings Company Limited (“Qunxing”), its former chairman and vice-chairman – Mr Zhu Yu Guo and his son, Mr Zhu Mo Qun – as well as its subsidiary Best Known Group Limited to compensate investors who subscribed for Qunxing shares in its initial public offering or purchased them in the secondary market between 2007 and 2011.
For more details, please refer to:
3. SFC reprimands and fines Credit Suisse (Hong Kong) Limited, Credit Suisse Securities (Hong Kong) Limited and Credit Suisse AG HK$39.3 million for regulatory breaches
On 8 February 2018, the SFC has resolved its concerns with Credit Suisse (Hong Kong) Limited, Credit Suisse Securities (Hong Kong) Limited and Credit Suisse AG over internal control failures.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
4. SFC reprimands and fines Interactive Brokers Hong Kong Limited HK$4.5 million for failures concerning its electronic and algorithmic trading systems
On 14 February 2018, the has reprimanded and fined Interactive Brokers Hong Kong Limited (“IBHK”) HK$4.5 million after resolving concerns over IBHK’s breaches of the Code of Conduct in its execution of market orders using electronic and algorithmic trading systems.
For more details, please refer to:
For a copy of the Statement of Disciplinary Action, please refer to:
5. Court orders Titan’s former senior executive and his mother to make payments to investors over insider dealing in Titan shares
On 23 February 2018, the Court of First Instance has ordered a former senior executive of an affiliate of Titan Petrochemical Group Limited (“Titan”), Mr Augustine Cheong Kai Tjieh and his mother, Ms Gan Ser Soon to pay investors after the Market Misconduct Tribunal (“MMT”) earlier found the pair engaged in insider dealing in the shares of Titan in 2012
For more details, please refer to:
For the MMT report, please refer to:
http://www.mmt.gov.hk/eng/reports/Report_of_Titan_e.pdf
6. SFC obtains disqualification and compensation orders against former chairman and directors of Starlight
On 27 February 2018, the Court of First Instance has ordered Starlight Culture Entertainment Group Limited’s (“Starlight”) former chairman Mr Tong Shek Lun and two former executive directors, Ms Kinny Ko Lai King and Ms Regina Chung Wai Yu, to pay a sum of US$890,241.37 as compensation to Starlight following findings of misconduct in connection with their handling of the company’s disposal of subsidiaries in September 2008.
For more details, please refer to:
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