The Securities and Futures Commission (SFC) has prohibited Mr Andy Lau Ka Ho, a former licensed representative of Sun Hung Kai Investment Services Limited (SHKIS), Sun Hung Kai Commodities Limited (SHKCOM) and SHK Fund Management Limited (SHKFM) (collectively, SHK Entities), from re-entering the industry for life over serious misconduct (Notes 1 and 2). The disciplinary action follows an SFC investigation triggered by a self-report jointly made by the SHK Entities. The SFC’s

The Court of First Instance of Hong Kong has granted the Securities and Futures Commission (SFC) a worldwide interim injunction order (HK Order) in legal proceedings against Mr Chan Ching Wa, a former staff of the Hong Kong Exchange and Clearing Limited (HKEX), and his extended relatives, Mr Lam Cho Man and Mr Chau Chi Kwong, for alleged insider dealing in the shares of at least seven Hong Kong-listed companies (Notes 1 to 3). In parallel, the SFC has commenced first-of-its-

The Upper Tribunal has upheld the FCA's decisions to ban Stephen Joseph Burdett and James Paul Goodchild from working in financial services. Mr Burdett and Mr Goodchild previously held senior roles at Synergy Wealth Limited (Synergy) and Westbury Private Clients LLP (Westbury), respectively. The FCA banned the pair from working in regulated financial services for recklessly exposing pension holders to unsuitable investments. The Tribunal also found that it was appropriate fo

The FCA has fined Richard Howson £237,700 for his part in misleading statements being issued by Carillion plc. As group chief executive, Mr Howson was aware of serious financial troubles in Carillion’s UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight. The fine was imposed after Mr Howson withdrew his challenge to the FCA’s decision. Mr Howson was one of two executive directors on Car

The FCA has begun legal proceedings against global crypto exchange HTX (formerly Huobi) for illegally promoting cryptoasset services to UK consumers. Firms providing crypto products to UK consumers need to comply with rules which protect consumers from unfair and misleading marketing. Advertising cryptoassets on social media or websites without complying with these rules is a criminal offence. Since the rules came into force in October 2023, the FCA has engaged extensively wi

High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and, in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the money laundering, terrorist financing, and p

A former compliance officer for Deutsche Securities alleged in an interview with the FBI seven years ago that she was marginalized, then fired, after raising concerns over transactions involving the now-late financier and convicted sex offender Jeffrey Epstein more than a decade ago. According to a 7-page affidavit unsealed Friday along with millions of pages of other records from the U.S. case against Epstein, the former employee, Tammy Hill-McFadden, told federal investigat

The Securities and Futures Commission (SFC) has reached a settlement agreement (Agreement) with Sino Wealth International Limited (Sino Wealth) and Clear Prosper Global Limited (Clear Prosper) in relation to what the Takeovers Executive (Executive) (Note 1) considers to be breaches of The Codes on Takeovers and Mergers and Share Buy-backs (Codes) by their parent company, Chow Tai Fook Nominee Limited (CTFN), and its concert parties (collectively, Relevant Concert Group), in r

The Eastern Magistrates’ Courts today sentenced Mr Ng Ka Hei to 220 hours of community service following his conviction of false trading in the shares of six Hong Kong-listed companies in a criminal prosecution brought by the Securities and Futures Commission (SFC) (Notes 1 to 3). The Court also ordered Ng to pay a fine of $117,715, a sum equivalent to the total profit he made from his false trading activities, and to pay the SFC’s full investigation costs of $199,669. Betwee