Many foreign banks reportedly started to preemptively refuse accounts of senior Hong Kong officials as early as the end of July. Local politician Bernard Chan, part of the cabinet that Hong Kong’s chief executive Carrie Lam said US banked closed his accounts. Closing of accounts is the first step of banks’ compliance with the US…
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Elaine Sun, the Compliance Director of Huobi Tech commented: We are delighted to get licensed and it marks a good start for the Company to provide professional asset management services. The Asset Management arm is led by a team of investment professionals with extensive traditional securities investment experience and fruitful knowledge in blockchain and virtual…
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The court discovered that in January 2013 BCM presented itself as a finance services company and advised on listing application, by entering into an Advisor Engagement Agreement while being unlicensed. The Hong Kong court also found that Law Sai Hung assisted and counselled in the licensing violations in his capacity as a director. Read More:…
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The SFC discovered that from July to September 2012, solicited two customers to invest in a WWGL-operated investment scheme with futures contracts and options. Chan guaranteed a 5% monthly return rate in three months’ time. The investors gave a total of $850,000 a d lost approximately $710,000. The Hong Kong regulator found that WWGL dealt…
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The exclusion of the aged fee receivables would have resulted in monthly liquid capital deficits ranging from $335,000 to $449,000 for Potomac from February to May 2017. The SFC found that Potomac had incorrectly included the fees receivables in its liquid capital for more than three years. However, the company has rectified the FRR breach.…
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The SFC found that Convoy Asset Management failed to conduct proper and adequate due diligence on these bonds before making its recommendations. The company did not have effective system in place to ensure that its recommendations was suitable for and reasonable in all the circumstances and failed to maintain proper documentary records of the investment…
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The company also failed to ensure that that the investment advice provided to its clients was suitable to their circumstances. MICBC neglected to conduct product due diligence, identify funds which constituted derivative products and ensure relevant factors were taken into account before assigning risk ratings to funds. In its decision, SFC took into account that…
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Ashley Alder, the SFC’s Chief Executive Officer said: The crude oil market has recently experienced unprecedented volatility, which significantly increases the risks of trading crude oil-related financial products. Firms should prudently manage these risks to protect investors. In a separate letter, the SFC cautioned managers of SFC-authorised futures-based ETFs to remain careful and ensure that…
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The SFC found that third party deposits from 2009, 2011 and 2015, made in cheques and bank transfers, were not identified until 2016. The Commission also found extensive deficiencies in its review of BISL’s margin lending and margin call policy from December 2012 to November 2016. The company failed to document and enforce a clear…
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The Hong Kong Securities and Futures Commission (SFC) announced today that it has banned Ye Feng from re-entering the industry for life following his conviction for bribery. Ye Feng, a former vice president of the Bank of Communications Co., Ltd. (BOCOM), is responsible for handling securities transactions for BOCOM’s clients at the material time, guilty…
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