Newsletter – December 2018

Content
  1. SFC reprimands and fines SFM HK Management Limited HK$1.5 million over naked short selling
  2. SFC suspends Chan Ho Wai and Lam Wai Kit for nine months
  3. SFC bans Kong Kar Bong for 10 years
  4. SFC commences proceedings in Market Misconduct Tribunal against CMBC Capital Holdings Limited and its former directors for late disclosure of inside information

1.     SFC reprimands and fines SFM HK Management Limited HK$1.5 million over naked short selling

On 6 December 2018, the SFC reprimanded and fined SFM HK Management Limited HK$1.5 million for failures relating to the short selling of Great Wall Motor Company Limited shares in 2015 on behalf of a fund it managed.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR134

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=18PR134&appendix=0

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2.      SFC suspends Chan Ho Wai and Lam Wai Kit for nine months

On 10 December 2018, the SFC suspended the licenses of Ms Chan Ho Wai and Mr Lam Wai Kit, responsible officers of FT Securities Limited, for nine months from 8 December 2018 to 7 September 2019.

For more details, please refer to: 

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR139

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3.     SFC bans Kong Kar Bong for 10 years

On 11 December 2018, the SFC banned Mr Kong Kar Bong, a former account executive of Sanfull Securities Limited, from re-entering the industry for 10 years from 11 December 2018 to 10 December 2028.

For more details, please refer to: 

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR140

For the Statement of Disciplinary Action, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/openAppendix?refNo=18PR140&appendix=0

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4.      SFC commences proceedings in Market Misconduct Tribunal against CMBC Capital Holdings Limited and its former directors for late disclosure of inside information

On 18 December 2018, the SFC commenced proceedings in the Market Misconduct Tribunal (“MMT”) against CMBC Capital Holdings Limited for failing to disclose inside information as soon as reasonably practicable.

For more details, please refer to:

https://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=18PR143

For the SFC’s Notice commencing the MMT proceedings, please refer to:

http://www.mmt.gov.hk/eng/rulings/CMBC_26112018_e.pdf

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

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