SFC issues penalty fine to PICC Asset Management Hong Kong due to in breach of regulation and code of conducts

SFC issues penalty to PICC Asset management ( Type 4 and Type 9 licensed regulated activity ). A complaint from a representative investor of the Fund was raised on its failure of adherence to its investment objectives and investment restrictions : The fund manager holding a stock outside of stock pool from September 2018 to May 2020, resulted significant loss. Findings include in breach of investment objective and licensed person code of conduct. Inadequate supervision, system and control of properly managed funds, and failing to adequately supervise investment activities.

Resource:

https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/02/20240201-3/

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