Anti-Money Laundering and Countering Terrorism Financing of Securities and Futures Sector New Southbound Policy Sector Financial Investment of Repatriated Offshore Funds Market participants can expect increased use by the SFC of s213 of the Securities and Futures Ordinance to seek remedial orders in relation to market misconduct following a recent ruling of the Court of Final Appeal (Hong Kong’s highest court) in the Tiger Asia case.
Authorised and regulated by the Solicitors Regulation Authority.After 30 years into its role, Hong Kong's number one financial watchdog – the Securities and Futures Commission ("SFC") – continues adapting to the city's ever-evolving financial market and emerging regulatory challenges in a bid to tackle market irregularities and preserve Hong Kong's competitiveness as an international financial centre. The US$144 Million In Dirty Cash That No Money Launderer In China Would TouchCorruption Allegations Against Construction Firm At Heart Of Hung Hom Station Scandal Left Out Of Public Report By MTR CorpMalaysia Says Goldman Apology Not Enough, Wants $7.5 BnSwedbank money laundering report uncovers €37bn ‘h…AML: Record fine gives Swedbank a chance to move o…Hong Kong Regulator to Increase Monitoring of Fund…Banks, regulators move to protect customers from w… Also, it is worth noting that in September 2019, the SFC launched a consultation on a proposed Type 13 regulated activity i.e. Our Enforcement Actions Tracker provides details of the SFC's enforcement actions in Hong Kong where fines of more than HKD1 million have been imposed. Upon becoming licensed, a virtual asset trading platform operator will also be placed in the SFC Regulatory Sandbox for a period of close and intensive supervision (i.e. The breaches may also have a negative impact on the fitness and properness of a platform operator for it to remain licensed, and may result in disciplinary action by the SFC. Depending on the performance of the platform operator in the Sandbox, the Commission may decide to, upon application, remove or vary any licensing condition it imposed, or to revoke the licence it granted.Since 2017, the SFC has adopted a front-loaded and risk-based supervisory approach by focusing its resources on the greatest legal threats and the systemic risks. It is essential for market regulators to have up-to-date techniques and tools to cope with these changes effectively.”“We will also deepen our cooperation with the CSRC and other market regulators as interconnectivity among global markets continues to grow,” Mr. Atkinson added.The SFC would like to thank experts from the Economic Crime Investigation Department of the Ministry of Public Security, the Hong Kong Police, the Independent Commission Against Corruption and an overseas digital forensic firm for participating in the event and sharing their insights on the latest development in digital forensics.We work with Banks, Professional Services Firms, Insurance Companies, Asset Management Firms, MNC’s and Regulators. Our Securities and Futures Enforcement team members have extensive government experience and many have served in senior positions at the Securities and Exchange Commission (SEC) in the Division of Enforcement, including Deputy Chief of Staff in the Office of the Chairman, Assistant Chief Litigation Counsel, and Branch Chief. In terms of enforcement, misconduct by listed companies, corporate fraud and IPO sponsor failures remain at the top of the Commission's watch list. Instead, Kong deposited the cheque of $500,000 that his friend had issued for the futures account into his own securities account at Sanfull.In September 2012, upon his friend’s repeated inquiries about the status of the futures account, Kong misrepresented to his friend that the futures account existed and the $500,000 sum was in the futures account by emailing a forged statement to his friend showing a balance of $500,000 in an account under his friend’s name.Kong’s friend only became aware that his futures account did not exist when he requested Sanfull to close the account in 2014.The SFC considers that Kong’s conduct was deliberate and dishonest and called into question his character, reliability, and fitness and properness to be a regulated person.In deciding the sanction, the SFC took into account all relevant circumstances, including Kong’s otherwise clean disciplinary record.The Securities and Futures Commission (SFC) has reprimanded and fined SFM HK Management Limited (SFM) $1.5 million for failures relating to the short selling of Great Wall Motor Company Limited (Great Wall) shares in 2015 on behalf of a fund it managed (Note 1).On 28 August 2015, Great Wall announced its proposed bonus issue of shares, which was equivalent to 200 per cent of its existing issued shares and was subject to the fulfilment of certain conditions.
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