The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that it has fined China Everbright Securities (HK) Ltd (CES) HK$1.2 million (approximately €118,000/US$155,000) for "internal control and supervisory failures" and CES responsible officer Chan Kam Hop HK$400,000 (approximately €4,000/US$5,200) for "supervisory and managerial failures".
The Hong Kong (HK) Securities and Future Commission (SFC) has announced a 30 month suspension and HK$500,000 fine for Sky Cheung Shi Gaii "for trading with a concealed securities account, putting himself in a conflict of interest position and making false and inaccurate declarations in a newspaper investment column".
The Hong Kong Securities and Futures Commission (SFC) has made available a statement of disciplinary action (undated) banning a former Morgan Stanley Asia Ltd research associate from the sector for over a year. The SFC found that Calvin Ho's trading and his work as a research analyst produced conflicts of interests which he "failed to take adequate steps to avoid", and also that he falsified or withheld declarations regarding his securities accounts. Regarding Mr Ho's case, the SFC stated that "avoidance of conflicts is a primary duty of a research analyst".
The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that it has fined Deutsche Securities Asia Limited (DSAL) HK$2,500,000 "for regulatory breaches and internal control failings relating to position limit failures".
The Hong Kong Securities and Futures Commission (SFC) has announced that it has fined President Securities (Hong Kong) Limited (PS) HK$2 million for regulatory breaches in relation to handling Taiwanese clients' accounts.
The Hong Kong Securities and Futures Commission (SFC) has announced that the Eastern Magistracy has fined Finet Group Limited (Finet) and its former chairperson Yu Gang "for providing false or misleading information to the Stock Exchange of Hong Kong Limited". According to the SFC, Finet and Mr Gang failed to disclose in the company's quarterly report for the financial year 2009-10 that current Finet chairperson Lo Yuk Yee held an interest of approximately 20% of the company's issued shares as at 31 December 2009.
The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that it has fined Merrill Lynch (Asia Pacific) Ltd (Merrill Lynch) a total of HK$3.5 million for failing to take adequate steps to properly handle the complaints of 11 clients in 2008.
The Hong Kong Securities and Futures Commission (SFC) has announced that it has imposed a HK$4 million fine on RBC Investment Management (Asia) Limited (RBC) in relation to its provision of investment advice to clients on a number of non-SFC authorised funds, between November 2006 and July 2008.
The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that financial services company Société Générale has agreed to repay its customers US$11 million for internal controls failings in its wealth management activities at its HK branch. According to the SFC, "in over 3,000 transactions undertaken between April 2003 and January 2006, it appears customers of its Wealth Management activities paid or received a different price for [over-the-counter (OTC)] products from the actual price transacted for them by Société Générale with the difference, or margin, being retained by Société Générale as a fee". The fee, in some cases excessive, did not appear to be disclosed to the customers even as a commission. It was further alleged that Société Générale did not treat customers fairly and "that there were inadequate policies, procedures and guidelines to ensure margins were disclosed and appropriate in each case and that conflicts of interests were properly managed".
Société Générale has agreed to engage an independent reviewer to assess the amount payable to affected customers and review the controls, systems and procedures of the company's wealth management unit.
SFC's media release (17 July 2012)
The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that it has penalised IMC Asia Pacific Limited (IMC) a total of HK$1.5 million
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