SFC reprimands and fines Goldman Sachs (Asia) L.L.C. US$350 million for serious regulatory failures over 1Malaysia Development Berhad’s bond offerings
October 22, 2020

22 Oct 2020  SFC has reprimanded and fined Goldman Sachs Asia HK$2.71 billion for serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls that contributed to the misappropriation of US$2.6 billion from US$6.5 billion that 1Malaysia Development Berhad (1MDB) raised in three bond offerings in [...]

Market Misconduct Tribunal sanctions CMBC Capital Holdings Limited and its former directors for late disclosure of inside information
October 19, 2020

16 Oct 2020 The Market Misconduct Tribunal (MMT) has found that CMBC Capital Holdings Limited (CMBC Capital) and six of its former directors failed to disclose inside information as soon as reasonably practicable under the Securities and Futures Ordinance (SFO) and imposed a 15-month disqualification order against the company’s former [...]

SFC publicly censures So Yuk Kwan and imposes a cold-shoulder order for breach of the Takeovers Code
October 16, 2020

SFC has publicly censured and imposed a 24-month cold-shoulder order against So Yuk Kwan for breaching the mandatory general offer obligation under the Takeovers Code. So was the chairman, executive director and chief executive officer of AV Concept Holdings Limited when the breaches took place. In 2016, So advanced loans [...]

SFAT affirms SFC decision to ban Lai Voon Wai for five years for IPO sponsor failures
October 7, 2020

The Securities and Futures Appeals Tribunal (SFAT) has affirmed the decision of the SFC to ban Mr Lai Voon Wai, a former responsible officer (RO) of CCB International Capital Limited (CCBIC) and BOCOM International (Asia) Limited (BIAL), from re-entering the industry for five years from 29 September 2020 to 28 [...]

SFC suspends Mung Wai Sun for nine months
September 23, 2020

21 Sep 2020 The SFC has suspended Mr Mung Wai Sun, a former licensed representative of Ewarton Securities Limited (Ewarton), for nine months from 18 September 2020 to 17 June 2021. The disciplinary action follows an SFC investigation which found that between May 2017 and March 2018, Mung effected transactions [...]

SFC reprimands and fines The Bank of East Asia, Limited $4.2 million for regulatory breaches
September 18, 2020

17 Sep 2020 The SFC has reprimanded The Bank of East Asia, Limited (BEA) and fined it $4.2 million for regulatory breaches related to its failure to segregate client securities. Following a referral from the HKMA and a self-report by BEA, the SFC conducted an investigation which found that BEA [...]

SFC commences disciplinary proceedings against Ngai Lai Ha for alleged breach of Takeovers Code
September 18, 2020

16 Sep 2020 The SFC Takeovers Executive has today commenced disciplinary proceedings before the Takeovers and Mergers Panel against Ms Ngai Lai Ha, the chairperson of International Housewares Retail Company Limited (the Company) over a breach of the Code on Takeovers and Mergers. The SFC alleges that in a number [...]

SFC bans Fabian Shin Yick for 20 months over IPO sponsor failures
September 18, 2020

16 Sep 2020 The SFC has prohibited Mr Fabian Shin Yick, a former responsible officer (RO) and chief executive officer of Yi Shun Da Capital Limited (YSD Capital), from re-entering the industry for 20 months from 15 September 2020 to 14 May 2022 for breaching the SFC’s Code of Conduct [...]

Retail investor convicted of false trading
September 18, 2020

14 Sep 2020 The Eastern Magistrates’ Court has convicted Mr Ke Wen Hua of false trading in the shares of Carry Wealth Holdings Limited (Carry Wealth) following a prosecution by the SFC. Ke pleaded guilty to the offence and was fined $30,000 and ordered to pay the SFC’s investigation cost. [...]

SFC statement on Police investigation concerning Next Digital shares
September 14, 2020

11 Sep 2020 The SFC is issuing this statement in response to the numerous enquiries it has received following a press conference held by the Narcotics Bureau of the Hong Kong Police yesterday in relation to its investigation into the trading of the shares of Next Digital Limited (Next Digital). [...]