Case Updates

Enforcement Update: Landmark Market Manipulation Criminal Trial
Enforcement Update: Landmark Market Manipulation Criminal Trial 1400 788 Hauzen LLP
3 convicted for market manipulation marking heaviest jail terms post-SFO enactment. More about how this Syndicate’s complex scheme led to HK$124M in profits.

Hong Kong Court of Final Appeal Upholds Validity of Letter of No Consent Regime
Hong Kong Court of Final Appeal Upholds Validity of Letter of No Consent Regime 1400 788 Hauzen LLP
The CFA decision provides relief to fraud victims and clarity to asset tracing practitioners, reinforcing Hong Kong’s reputation as a global financial centre.

SFC’s Warning on Unregulated VATP JPEX
SFC’s Warning on Unregulated VATP JPEX 1400 788 Hauzen LLP
Hong Kong’s Securities and Futures Commission issued a warning statement clarifying that JPEX is an unlicensed entity and warned the public to be cautious.

Recent Enforcement Actions on Money Service Activities
Recent Enforcement Actions on Money Service Activities 1400 788 Hauzen LLP
Efficient and sufficient record-keeping is essential to effective AML/CFT compliance for MSOs, and the C&ED expects adherence with all applicable requirements.

Hong Kong Courts recognise Cryptocurrency as Property
Hong Kong Courts recognise Cryptocurrency as Property 1400 788 Hauzen LLP
Hong Kong High Court made important step in recognising legal status of cryptocurrencies establishing them as “property” that can be held on trust.

Court of Appeal Reaffirms Constitutionality of Letters of No Consent
Court of Appeal Reaffirms Constitutionality of Letters of No Consent 1401 786 Kelly Ho
With the CA’s assurance, victims of online fraud can now benefit from the LNC Regime at ease.

Hong Kong Wah Kiu Investment Co Ordered to Compensate Clients
Hong Kong Wah Kiu Investment Co Ordered to Compensate Clients 1400 788 Hauzen LLP
The SFC’s investigation reveals intent to defraud or deceive and orders HKWKICL clients compensated

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 Hauzen LLP
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 Hauzen LLP
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 Hauzen LLP
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.
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