Tag: SFC fines

SFC fines
May 30, 2019 BY Valentina Kirilova

China Merchants Securities (HK) Co. Limited fined $5 million for mishandling client money

The Hong Kong Securities and Futures Commission (SFC) informed that it has reprimanded China Merchants Securities (HK) Co., Limited (China Merchants). The regulator has also fined the company $5 million for regulatory breaches and internal control failings related to mishandling of client money. 800 incidents happened between 1 October 2011 to 30 September 2014, where…

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DFSA
April 22, 2019 BY Valentina Kirilova

Nine Masts Capital Limited fined $1.2m over naked short selling

The Hong Kong Securities and Futures Commission (SFC) announced that it has fined the company Nine Masts Capital Limited $1.2 million for failures relating to the short selling of Yuzhou Properties Company Limited shares in May 2015. Back then, on May 12, 2015, Yuzhou Properties proposed placing of new shares, subject to the fulfilment of…

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sfc bans
August 27, 2018 BY Valentina Kirilova

Hong Kong SFC bans individual for a year

The Hong Kong Securities and Futures Commission (SFC) has announced that it has banned Ms Fonia Kwok Lai Kwan from re-entering the industry for 12 months from 25 August 2018 to 24 August 2019 following her conviction for unlicensed asset management. The Eastern Magistrates’ Court found that between 2009 and 2015, Kwok, who was the…

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SFC fines
August 22, 2018 BY Valentina Kirilova

SFC fines HPI Forex Limited $2 million for regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) has just announced that it has reprimanded and fined HPI Forex Limited (HPI) $2 million for mis-handling client money. The SFC’s disciplinary action came after an admission by HPI that it had transferred client money up to $8 million to the accounts of its overseas brokers between…

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SFC fines
July 10, 2018 BY Valentina Kirilova

Citigroup Global Markets Asia Ltd fined $4 million for alternative liquidity pool failures

The Hong Kong Securities and Futures Commission (SFC) has just announced that it has reprimanded and fined Citigroup Global Markets Asia Limited (CGMAL) $4 million over CGMAL’s regulatory breaches in relation to the operations of its alternative liquidity pool (ALP). The disciplinary action followed an SFC investigation on CGMAL, which found that the operations of…

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June 28, 2018 BY Valentina Kirilova

DBA Telecommunication (Asia) Holdings Limited fined $20,000 by SFC

The Eastern Magistrates’ Court has announced that it has today convicted DBA Telecommunication (Asia) Holdings Limited (DBA) after it pleaded guilty to making a false or misleading statement in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC). DBA was fined $20,000 and ordered to pay the SFC’s investigation costs. On 28…

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June 12, 2018 BY Valentina Kirilova

Hong Kong SFC fines individual $80,000

The Hong Kong Securities and Futures Commission (SFC) announced that it has reprimanded Mr Lau Ki Fung, a former account executive of KGI Asia Limited (KGI), and fined him $80,000 for failing to keep proper records of order instructions from clients. The SFC found that between 29 July 2015 and 10 August 2015, Lau received…

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May 31, 2018 BY Valentina Kirilova

SFC fines Hang Seng Investment Management Limited $3 million for regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) has informed that it has reprimanded and fined Hang Seng Investment Management Limited (HSIM) $3 million for its failure to comply with regulatory requirements on cash management involving SFC-authorized funds. The SFC’s disciplinary action followed an independent review jointly agreed by the SFC and HSIM. The review…

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May 29, 2018 BY Valentina Kirilova

SFC fines Noah Holdings Limited HK$5 million for regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) announced that it has publicly reprimanded and fined Noah Holdings (Hong Kong) Limited (Noah HK) HK$5 million over Noah HK’s internal system and control failures in its sale and distribution of investment products. In particular, Noah HK had failed to comply with various regulatory requirements on know-your-client,…

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