SFAT affirms SFC decision to reprimand and fine I-Access Investors Limited $600,000 over breach of the Code of Conduct


The party involved I-Access Investors Limited (I-Access).

The SFC took disciplinary action against I-Access after the company received simulated orders, trade and securities prices from an internal system test conducted by Hong Kong Exchanges and Clearing Limited (HKEX) in 2015, which were then transmitted to I-Access clients via its system. The SFC found that I-Access had failed to disregard the test data and had disseminated it instead, leading to inaccurate market data.

It was found that

  1. Consequently, 27 stop-loss sell orders were mistakenly activated by 12 clients and were subsequently executed during the next trading day.
  2. I-Access did not promptly notify the affected clients of the incident and the clients did not receive fair compensation offers from the company.
  3. I-Access violated the Code of Conduct by not fulfilling its duty to act in the best interests of its clients with due skill, care, and diligence.

Therefore, after an investigation by SFC, SFC fined I-Access HK$600,000.

resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR16


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