The Hong Kong Securities and Futures Commission (SFC) announced that it has banned Mr Joseph Hsu Kar Hing, a former responsible officer (RO) of Standard Chartered Securities (Hong Kong) Limited (SC), from re-entering the industry for three years from 6 July 2018 to 5 July 2021.
Hsu was a sponsor principal in charge of the supervision of the execution of a listing application in 2009 for which SC was one of the sponsors.
The SFC found that Hsu failed to discharge his duties as a sponsor principal and a RO of SC, in that he had failed to:
- exercise due skill, care and diligence in handling the listing application;
- ensure the maintenance of appropriate standards of conduct and SC’s adherence to proper procedures; and
- diligently supervise his subordinates and the sponsor work undertaken by SC.
The official announcement can be seen here.