Newsletter – June 2020
- 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
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]