Case Updates

SFC Suspends RO of Rifa Futures Ltd for Breach of KYC, AML & CFT Reqs

SFC Suspends RO of Rifa Futures Ltd for Breach of KYC, AML & CFT Reqs 1401 786 Charing Yu
SFC taking much stronger approach against failure to adhere to KYC, AML & CFT standards. Mere for-show due-diligence and monitoring checks will not suffice.

PCPD Issues Guidance Note on Data Security Measures

PCPD Issues Guidance Note on Data Security Measures 1400 787 Charing Yu
With data breaches and compliance actions on the rise, the Office of the Privacy Commissioner for Personal Data issued new guidance on data security measures.

SFC reprimands & fines investment manager for failure managing private funds

SFC reprimands & fines investment manager for failure managing private funds 1400 788 Charing Yu
SFC reprimanded and fined CES HK$3.2 million over its failure to discharge its duties as an investment manager between the period of February 2015 – July 2017.

SFC Bans Mr. Poon Chun Hing From Re-entering Industry for Life

SFC Bans Mr. Poon Chun Hing From Re-entering Industry for Life 1400 788 Charing Yu
Readers are reminded to be alert if approached with securities & futures investments or dealing with anyone claiming they are licensed / registered in Hong Kong

SFC Reprimands & Fines Fulbright Securities $3.3M, Suspends License of RO

SFC Reprimands & Fines Fulbright Securities $3.3M, Suspends License of RO 1400 788 Charing Yu
Key takeaway is that SFC won’t hesitate to sanction both licensed corporation and licensed person and attribute the misconduct to licensed person.

Court Finds Trio Insider Dealing in TeleEye Shares & Order Disgorgement of Profits

Court Finds Trio Insider Dealing in TeleEye Shares & Order Disgorgement of Profits 1400 788 Charing Yu
We remind the reader that there are serious consequences to insider dealing and for failing to respond to SFC’s enquiries and investigation. 

How do Hong Kong courts determine whether or not to sanction a Scheme of Arrangement to restructure foreign debt?

How do Hong Kong courts determine whether or not to sanction a Scheme of Arrangement to restructure foreign debt? 1402 790 Hauzen
When a company is insolvent, it is possible that the creditors would agree on a scheme of arrangement to restructure its debt. Sometimes, the courts will be asked to sanction such scheme. This article examines what factors the court will take into account.

A milestone for the application by Hong Kong liquidators for recognition and assistance in the Mainland

A milestone for the application by Hong Kong liquidators for recognition and assistance in the Mainland 1400 787 Hauzen
Under the cooperation mechanism, the Mainland and Hong Kong jurisdictions agreed to the terms that several cities, such as Shanghai, Shenzhen and Xiamen in the Mainland and Hong Kong would mutually recognize and assist each other in matters regarding insolvency.

Court of Appeal grants SFC compensation orders against former directors of EganaGoldpfeil

Court of Appeal grants SFC compensation orders against former directors of EganaGoldpfeil 1401 786 Hauzen
Court of Appeal grants the Securities and Futures Commission $622 million compensation orders against former directors of EganaGoldpfeil (Holdings) Ltd.

Permission granted to provisional liquidators to seek Mainland recognition

Permission granted to provisional liquidators to seek Mainland recognition 1400 788 Charing Yu
Permission granted to provisional liquidators to seek Mainland recognition may open new door to mutual recognition of cross-border insolvency proceedings
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