The Securities and Futures Commission (SFC) has banned Mr Ng Chau, a former account executive of Get Nice Securities Limited (Get Nice), from re-entering the industry for six months from 15 December 2017 to 14 June 2018 for breach of the SFC’s Code of Conduct. The SFC found that Ng effected transactions in a client’s…
Read more
The Securities and Futures Commission (SFC) informed that it has reprimanded and fined FXCM Asia Limited (HK FXCM) (now known as Rakuten Securities Hong Kong Limited) HK$2 million for regulatory breaches and internal control failings relating to under-segregation of client money. The SFC’s investigation found that from January 2013 to January 2015, HK FXCM under-segregated…
Read more
The Hong Kong Securities and Futures Commission (SFC) today issued a circular to clarify certain competence requirements for existing licensed persons seeking to be licensed for Type 9 regulated activity (asset management) and to provide further guidance on how the SFC assesses the competence of a corporation or a responsible officer (RO) to carry on…
Read more
The Hong Kong Securities and Futures Commission (SFC) announced that has commenced criminal proceedings in the Eastern Magistrates' Court against Mr Lam Yik Tung, Mr Chan Lit Chun and Mr Anson Mui Ka Leung for alleged insider dealing in the shares of Integrated Distribution Services Group Limited (IDS) (IDS was privatised and its shares were…
Read more
The Securities and Futures Commission (SFC) has prohibited Ms Bernie Wong Ching Man, a former employee of Citibank (Hong Kong) Limited, from re-entering the industry for four months from 19 May 2017 to 18 September 2017 for forging a client’s signature. The SFC found that in July 2015, Wong forged a customer’s signature on a…
Read more
The Securities and Futures Commission (SFC) announced and welcomed the appointment and re- appointment by the Financial Secretary of members to the SFC Advisory Committee for two years from 1 June 2017 to 31 May 2019. I warmly welcome Ms Prudence Ann Bennett, Mrs Ann Kung Yeung Yun-chi and Dr Tan Yue-heng to be the…
Read more
The Securities and Futures Commission (SFC) today issued a guidance note on directors' duties and a circular to financial advisers regarding valuations in corporate transactions together with a statement on the liability of valuers for disclosure of false or misleading information. The SFC shared that has become increasingly concerned that some listed companies are acquiring…
Read more
The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined Promising Securities Company Limited $3.5 million for breach of the Code of Conduct and the Management, Supervision and Internal Controls Guidelines. The SFC’s disciplinary action arose from a self-report by Promising in 2014 that a settlement staff had misappropriated client assets following an…
Read more
Hong Kong’s financial regulator the Securities and Futures Commission (SFC) has updated its Alert List, which features the names of businesses that are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong. Added to the SFC Alert List…
Read more
The Securities and Futures Commission (SFC) today published new prescribed forms for disclosure of interests notifications (DI notices) for use when mandatory electronic filing takes effect on 3 July 2017. The SFC reminds substantial shareholders, directors and chief executives of listed corporations that as of that date, DI notices with respect to their interests in…
Read more