Securities Regulation

SFC publicly reprimands & fines Fulbright Securities $3.3M, suspends license of RO for internal control failures

SFC publicly reprimands & fines Fulbright Securities $3.3M, suspends license of RO for internal control failures 1400 788 Charing
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 engaged in insider dealing in TeleEye shares and orders disgorgement of profits made

Court finds trio engaged in insider dealing in TeleEye shares and orders disgorgement of profits made 1400 788 Charing
The Court of First Instance recently delivered a judgment on 9 November 2021 finding three individuals had engaged in insider dealing in the shares of TeleEye Holdings Limited (“TeleEye”) in 2016 reaping a total profit of HK$12.9 million.

SFC publishes Consultation Conclusion to Code on Pooled Retirement Funds

SFC publishes Consultation Conclusion to Code on Pooled Retirement Funds 1400 788 Hauzen
Amended PRF Code expected to come into force in November 2021. SFC will allow 12-month transitional period key operators to implement.

SFC’s Revised Guidelines on Competence effective on 1 January 2022 – Part II

SFC’s Revised Guidelines on Competence effective on 1 January 2022 – Part II 1401 788 Charing

We return with the second part to our two-part series on the Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners published on 18 June…

SFC’s Revised Guidelines on Competence effective 1 January 2022

SFC’s Revised Guidelines on Competence effective 1 January 2022 1401 788 Charing
Following the Securities and Futures Commission’s (“SFC”) publication of the Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners on 18 June 2021, the proposed enhancements will be reflected in the revised Guidelines on Competence (“Competence Guidelines”) and the revised Guidelines on Continuous Professional Training (“CPT Guidelines”), both of which will become effective on 1 January 2022.  In this two-part series, we will focus on the key changes under the Competence Guidelines for Responsible Officers and Licensed Representatives.

SFC’s Consultation Conclusions on Proposals to (1) Implement an Investor Identification Regime and (2) Introduce an Over-The-Counter Securities Transactions Reporting Regime

SFC’s Consultation Conclusions on Proposals to (1) Implement an Investor Identification Regime and (2) Introduce an Over-The-Counter Securities Transactions Reporting Regime 1401 789 Hauzen

Further to our article on the Securities and Futures Commission’s (the “SFC”) consultation on the investor identification regime and an over-the-counter securities transactions reporting regime, on 10 August 2021, the…

SFC Licensed Intermediaries: A reminder of your self-reporting obligation

SFC Licensed Intermediaries: A reminder of your self-reporting obligation 1400 788 Charing
If you are a SFC-licensed intermediary, then you are subject to the self-reporting obligation as set out in paragraph 12.5 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (the “Code”).

SFC’s new initiative to warn against unauthorised investment schemes

SFC’s new initiative to warn against unauthorised investment schemes 1401 788 Charing
The Securities and Futures Commission (the “SFC”) launched a new initiative to warn the public against unauthorised investment arrangements which are suspected to be collective investment schemes (“CIS”).

SFC’s Circular to licensed corporations – Operation of Bank Accounts

SFC’s Circular to licensed corporations – Operation of Bank Accounts 1401 788 Charing
The Securities and Futures Commission (“SFC”) issued a circular to licensed corporations (“LC”) on 28 June 2021 warning against unsatisfactory practices in the operation of bank accounts of LCs (the “Circular”). 

SFC suspends a Responsible Officer of GEO Securities Ltd

SFC suspends a Responsible Officer of GEO Securities Ltd 1400 788 Hauzen
The Hong Kong Securities and Futures Commission suspends a Responsible Officer of GEO for breach of licensing conditions.
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