The Securities and Futures Commission (SFC) has banned Ms Tang Shiyi, a former licensed representative of China Galaxy International Securities (Hong Kong) Co., Limited and China Galaxy International Futures (Hong Kong) Co., Limited (collectively, CGI), from re-entering the industry for 10 months from 29 October 2022 to 28 August 2023 (Note 1).

The disciplinary action follows an SFC investigation, which found that between July 2019 and February 2021, Tang failed to obtain CGI’s approval to open and maintain two securities trading accounts with an external brokerage firm and conducted 148 personal trades in these accounts unbeknownst to CGI.  She also dealt in a stock on CGI’s restricted list and engaged in day-trading on two occasions, in violation of CGI’s staff dealing policy.

Tang concealed the above securities trading accounts by providing a false and misleading declaration to CGI that she did not have any accounts with other licensed corporations.  In doing so, Tang circumvented CGI’s internal control policies and her conduct prevented CGI from monitoring and reviewing its employees’ trading activities to ensure compliance with laws and regulations.

The SFC considers that Tang’s conduct, which was willful and dishonest, calls into question her fitness and properness to be a licensed person.

In determining the sanction against Tang, the SFC has taken into account all relevant circumstances, including her violations lasted for over one and a half years, and her otherwise clean disciplinary record.

End

Note:

  1. Tang was licensed to carry on Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities under the Securities and Futures Ordinance and was accredited to CGI from 21 October 2019 to 24 February 2021.  Tang is currently not licensed by the SFC.

 

source: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=22PR90 

 

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