The Securities and Futures Commission (SFC) today published its Quarterly Report summarising key developments from July to September 2016. Highlights of the quarter include the August joint announcement by the SFC and the China Securities Regulatory Commission of the in-principle approval for Shenzhen-Hong Kong Stock Connect, and the launch of a consultation on enhancements to…
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The Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority (FINMA) have signed a Memorandum of Understanding on Switzerland-Hong Kong Mutual Recognition of Funds and Asset Managers (MoU), which will allow eligible Swiss and Hong Kong public funds to be distributed in each other’s market through a streamlined vetting process. The MoU…
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The Securities and Futures Commission (SFC) has launched a three-month consultation on proposals to enhance the regulation of the asset management industry in Hong Kong to better protect investors’ interests and ensure market integrity. The SFC formulated the proposals following a review of the major international regulatory developments, and taking into account observations and views…
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The Court of Final Appeal (CFA) has dismissed C.L. Management Services Limited and its sole owner and director Ms Clarea Au Suet Ming’s application for leave to appeal against their convictions for holding out to provide advisory services on corporate finance without a licence from the Securities and Futures Commission (SFC). On 29 April 2014,…
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The Securities and Futures Commission (SFC) has prohibited Mr Lawrence Lai, a former representative of UOB Kay Hian (Hong Kong) Limited and UOB Kay Hian Futures (Hong Kong) Limited (collectively, UOB Hong Kong), from re-entering the industry for 10 years from 2 November 2016 to 1 November 2026 for breach of the Code of Conduct.…
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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 moreThe Securities and Futures Commission (SFC) has reprimanded and fined FXCM Asia Limited (HK FXCM) (now known as Rakuten Securities Hong Kong Limited) HK$4 million for regulatory breaches in relation to its order execution practice for foreign exchange (Forex) trading. An SFC investigation found that from December 2006 to December 2010, HK FXCM and its…
Read moreThe Securities and Futures Commission (SFC) has launched a review to assess the cybersecurity preparedness, compliance and resilience of brokers’ internet and mobile trading systems. The review followed a number of reports from securities brokers that the security of some customers’ internet and mobile trading accounts has been compromised and unauthorized securities trading transactions were…
Read moreThe Securities and Futures Commission (SFC) has suspended Mr Lo Tsz On for one year from 12 October 2016 to 11 October 2017 following his conviction for fraud. The Magistrates’ Court found that Lo fraudulently presented three false entertainment claim forms to his then employer, Core Pacific-Yamaichi International (H.K.) Limited (CPY), in which he overstated…
Read moreThe Securities and Futures Commission (SFC) has banned Ms Chen Chia Hui, a former employee of The Hongkong and Shanghai Banking Corporation Limited (HSBC), from re-entering the industry for life following her conviction for bribery. The District Court found that Chen, a relationship manager of HSBC at the material time, accepted a secret commission in…
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