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…
Read moreThe 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…
Read moreThe 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,…
Read moreThe Securities and Futures Commission (SFC) today published the latest issue of its SFC Compliance Bulletin: Intermediaries to highlight its concerns when it considers licensing applications and provide an update on the implementation of the Manager-In-Charge (MIC) regime. Case studies illustrate the SFC’s regulatory focus and areas of concern which could result in the refusal…
Read moreThe Hong Kong Securities and Futures Commission (SFC) announced that it has commenced proceedings in the Market Misconduct Tribunal (MMT) against Magic Holdings International Limited (Magic) and its nine directors for failing to disclose inside information as soon as reasonably practicable on the potential acquisition of its issued shares by L’Oréal S.A. (EPA:OR), a French…
Read moreThe Securities and Futures Commission (SFC) has just announced that its Chief Executive Officer, Mr Ashley Alder, has been reappointed as Chair of the new Board of the International Organization of Securities Commissions (IOSCO) at IOSCO’s annual conference in Budapest. The SFC’s Chairman, Mr Carlson Tong said: I am delighted with Ashley’s reappointment to chair…
Read moreThe Hong Kong Securities and Futures Commission (SFC) has announced that it has reprimanded and fined Instinet Pacific Limited (IPL) $17.3 million after resolving concerns over IPL’s breaches of the Code of Conduct in relation to its electronic and algorithmic trading systems and alternative liquidity pool (ALP). In November 2016, the SFC and IPL jointly…
Read moreLeapRate has learned that Retail FX broker Juno Markets has been removed from Hong Kong Financial regulator SFC's Alert List. The Alert List is a compilation of entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong…
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The Eastern Magistrates’ Court today convicted Mr Chan Chi Kit of unlicensed dealing in securities in a prosecution brought by the Hong Kong Securities and Futures Commission (SFC), the regulator announced earlier today. Chan pleaded guilty and was fined $8,000 and ordered to pay the SFC’s investigation costs. The Court heard that Chan carried on…
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The Hong Kong 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), informed that they have signed an addendum to the Memorandum of Understanding (MOU) Governing Listing Matters. Pursuant to arrangements under the Addendum, a new Listing Policy Panel…
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