BOCI Securities Limited reprimanded and fined HK$10 million by the SFC LeapRate

March 19, 2019 BY Valentina Kirilova

BOCI Securities Limited reprimanded and fined HK$10 million by the SFC

Hong Kong’s Securities and Futures Commission (SFC) today issued an official reprimand of BOCI Securities Limited (BSL) and fined the company HK$10 million due to its internal controls and systems failures in the selling of its investment products. The disciplinary measures issued by the SFC followed an official investigation where it was discovered that BSL…

April 11, 2018 BY Valentina Kirilova

SFC to disqualify former senior executives of Far East Holdings International Limited

The Hong Kong Securities and Futures Commission (SFC) has announced that it has commenced legal proceedings in the Court of First Instance to seek disqualification orders against Mr Duncan Chiu, former managing director and chief executive officer of Far East Holdings International Limited (Far East). Disqualification orders are also being sought by the SFC in…

November 27, 2017 BY Valentina Kirilova

HKMA and SFC issue joint reviews on managing conflicts of interest in financial groups

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have issued a circular highlighting observations from their recent joint thematic reviews on the potential conflicts of interest arising from the sale of in-house products by registered institutions and licensed corporations within a single financial group. The reviews mainly focused on internal…

November 23, 2017 BY Valentina Kirilova

Hong Kong SFC fines a former account executive of Fulbright Securities Ltd and bans him for life

The Securities and Futures Commission (SFC) has banned Mr Danny Fung Kwong Shing, a former account executive of Fulbright Securities Limited (Fulbright Securities), from re-entering the industry for life and fined him $542,071. The disciplinary action follows an SFC investigation which found that between January 2013 and May 2014, Fung had: conducted 772 unauthorized transactions…

November 16, 2017 BY Valentina Kirilova

Hong Kong SFC concludes consultation on asset management regulation

The Securities and Futures Commission (SFC) has today released consultation conclusions on proposals to enhance asset management regulation and point-of-sale transparency. The SFC also launched a further consultation on disclosure requirements applicable to discretionary accounts. The SFC will implement the enhancements to the Fund Manager Code of Conduct (FMCC) with certain modifications and clarifications. To…

September 29, 2017 BY Valentina Kirilova

Hong Kong SFC announces launch of SFC Regulatory Sandbox

The Hong Kong Securities and Futures Commission (SFC) today issued a circular announcing the launch of the SFC Regulatory Sandbox to provide a confined regulatory environment for qualified firms to conduct regulated activities utilising financial technologies (Fintech). The sandbox aims to enable qualified firms, through close dialogue with and supervision by the SFC, to identify…

September 25, 2017 BY Valentina Kirilova

Hong Kong SFC bans a former account executive of Sincere Securities Limited

The Hong Kong Securities and Futures Commission (SFC) announced that has banned Mr Shum Kam Ming, a former account executive of Sincere Securities Limited (Sincere Securities), from re-entering the industry for life in connection with conducting unauthorized transactions in a client’s account. The disciplinary action follows an SFC investigation which found that between March 2014…

September 15, 2017 BY Valentina Kirilova

Hong Kong SFC and HKEX conclude joint consultation on listing regulation

The Securities and Futures Commission (SFC) and The Stock Exchange of Hong Kong Limited (Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today published the conclusions to their joint consultation on proposed enhancements to the Exchange's decision-making and governance structure for listing regulation. After carefully considering market feedback, the SFC and…

September 05, 2017 BY Valentina Kirilova

Hong Kong SFC issues statement on initial coin offerings

The Securities and Futures Commission (SFC) today issued a statement on existing regulations which could be applicable to initial coin offerings (ICOs). Today’s statement explains that depending on the facts and circumstances of an ICO, digital tokens that are offered or sold may be “securities” as defined in the Securities and Futures Ordinance, and accordingly…

July 20, 2017 BY Valentina Kirilova

SFC signs MoU with FCA on enhanced supervision of Cross-Border Regulated Entities

The Hong Kong Securities and Futures Commission (SFC) has entered into a memorandum of understanding (MoU) with the UK Financial Conduct Authority (FCA) providing for consultation, cooperation and exchange of information in connection with the supervision and oversight of regulated entities that operate on a cross-border basis in Hong Kong and the United Kingdom. The…

Tag: Securities and Futures Commission (SFC)