SFC stated in the official announcement: The investigation also revealed that Poon failed to take reasonable steps to establish three clients’ financial situations and investment experience during account opening between May 2019 and February 2020. The SFC considers that Poon has also failed to act with due skill, care and diligence, and in the best…
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According to the official announcement, they are prohibited from the following activities: (i) entering into transactions in respect of any securities; (ii) processing any withdrawals or transfers of securities and/or cash on the instructions of any authorized person of the accounts or by any person acting on their behalf; (iii) disposing of or dealing with…
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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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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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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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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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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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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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The SFC found that the failures committed by CCBIC and BIAL, as the sole sponsor in the listing applications of Fujian Dongya Aquatic Products Co., Ltd. (Fujian Dongya) and China Huinong Capital Group Company Limited (China Huinong) respectively, were attributable to the neglect on the part of Lai. Lai, who was a Managing Director of…
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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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