Tag: SFC

Hong Kong SFC
June 25, 2021 BY Steffy Bogdanova

Hong Kong SFC fines Deutsche Securities Asia $2.45 million

The SFC reported that in July 2018, Deutsche Securities’ prime brokerage clients replied to the incorrect statements and oversold bonus shares issued by three Hong Kong-listed firms. The regulator revealed that Deutsche Securities discovered the issue within the same month of issuing the incorrect statements and in the following month tracked the problem to a…

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Hong Kong SFC
May 27, 2021 BY Steffy Bogdanova

Hong Kong SFC imposes a $1.5 million fine on Ewarton Securities

Mung also failed to ensure transactions undertaken on behalf of the client were given priority over orders for his own account in the period between May 2017 and March 2018. In SFC’s decision to impose a fine on Ewarton, the regulator took into consideration the duration of the company’s misconduct. The Commission also took into…

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Hong Kong regulator SFC
April 23, 2021 BY Steffy Bogdanova

SFC cancels IDS Forex HK Limited’s license and bans former co-CEOs

Kim’s arrest and conviction in Korea fundamentally damages his reputation and reliability. This put serious doubt over IDS Forex’s fitness and properness to be licensed. The SFC expressed concerns about the company due to the correlation and timing of the fraudulent scheme Kim was involved in and his capital injections into the company. Furthermore, the…

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Hong Kong SFC
December 23, 2020 BY Steffy Bogdanova

Hong Kong SFC fines Fulbright Securities Limited $3.6 million

The regulator also found that Fulbright failed to report these incidents to the SFC immediately upon discovering them. In deciding the disciplinary sanction, the SFC took into account that adequate and effective internal control systems are fundamental to the fitness and properness of a licensed corporation and that Fulbright’s short selling failures lasted for at…

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December 21, 2020 BY Steffy Bogdanova

Hong Kong SFC introduces new electronic licensing services

The new online features include web-based licensing forms with auto-fill and skip logic features and pre-set validation rules to reduce errors. The features also support electronic. Upgraded administration functions will allow separate accounts for licensees and their professional advisory firms, giving them more flexibility in how they handle licensing matters and manage submissions. Ashley Alder,…

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Hong Kong SFC
November 09, 2020 BY Steffy Bogdanova

Hong Kong SFC fines Credit Suisse Securities $2.1 million over breaches of electronic trading requirements

The incident was caused by a logic error in the symbol mapping programme used by Credit Suisse generating market making quotes. The SFC determined that Credit Suisse’s internal controls and regular tests in place at the time failed to prevent or promptly detect the errors and these failures constitute breaches of electronic trading requirements. In…

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Hong Kong SFC
August 31, 2020 BY Steffy Bogdanova

Hong Kong SFC bans former UBS advisor for eight months

Without approval from the settlor, Lo attached a signature from the settlor she obtained from a scanned version of a previous signed letter. She submitted it to the trustee as a normal valid document. The Hong Kong watchdog considers Lo’s conduct dishonest, however it takes into account she has a clean disciplinary record so far.…

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