The Securities and Futures Commission (SFC) today announced the ban on Poon Choi Yung, a former licensed representative of China Tonghai Securities Limited for 20 months. The ban will last until 11 December 2023.
The regulator stated that Poon Choi Yung was banned for breaches of the SFC’s Code of Conduct.
The ban follows an investigation carried out by SFC. The Hong Kong watchdog found Poon executed 1,002 transactions in six clients’ accounts without the clients’ authorisations. The transactions were carried out between June 2019 and March 2020.
The investigation also revealed that Poon failed to take reasonable steps to establish three clients’ financial situations and investment experience during account opening between May 2019 and February 2020.
The SFC considers that Poon has also failed to act with due skill, care and diligence, and in the best interests of the clients when carrying on business activities.
The regulator noted that in its disciplinary decision, it took into account Poon’s cooperation in resolving the SFC’s concerns and his otherwise clean disciplinary record.
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