SFC reprimands and fines Brilliance Asset Management Limited $3.15 million over short position reporting failures

enforcement update

 22 Feb 2021

 The SFC has reprimanded Brilliance Asset Management Limited (Brilliance) and fined it $3.15 million over failures to ensure short position reports (SPRs) for four collective investment schemes (CISs) under its management were accurate and compliant with the requirements under the Securities and Futures (Short Position Reporting) Rules (SPR Rules) .

Following two self-reports by Brilliance, the SFC conducted an investigation which found that Brilliance had prepared and submitted SPRs to the SFC for these four CISs between 8 July 2016 and 30 August 2019, but a total of 7,814 short positions held respectively by these CISs were either misstated or omitted in these reports.

Read more about this update here: https://bit.ly/2ZHInue


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