SFC revokes Mui Chok Wah’s licence and bans him for two years

The Securities and Futures Commission (SFC) has revoked the licence of Mr Mui Chok Wah and its approval of him to act as a responsible officer of KCG Securities Asia Limited (KCGSA) following his criminal conviction for theft and delay in notifying the SFC of his criminal charge. Mui has also been banned from re-entering the industry for two years from 16 May 2025 to 15 May 2027 (Note 1).

On 13 June 2024, Mui was arrested and charged by the Hong Kong Police Force for stealing a wallet left on an ATM machine. He was convicted of theft by the Eastern Magistrates’ Courts on 11 September 2024 (Note 2).

Instead of notifying the SFC of his criminal charge promptly, Mui waited until he was convicted by the Court. As a result, the delay, which lasted for approximately three months in Mui’s case, constituted a breach of the requirements under the Securities and Futures Ordinance (SFO) and the Securities and Futures (Licensing and Registration) (Information) Rules (Note 3).   

Due to Mui’s conviction and his delay in notifying the SFC of the criminal charge against him, the SFC considers that he is guilty of misconduct and is not a fit and proper person to remain licensed to carry on regulated activities.

In deciding the sanction, the SFC took into account Mui’s cooperation with the SFC in resolving the SFC’s concerns and his otherwise clean disciplinary record.

End

Notes:

1. Mui has been approved to act as KCGSA’s responsible officer in respect of Type 6 (advising on corporate finance) regulated activity since 21 July 2022. He has also been accredited to KCGSA in respect of Type 1 (dealing in securities) regulated activity since 16 May 2022 and to KCG Fund Management Limited in respect of Type 4 (advising on securities) and Type 9 (asset management) regulated activities since 21 July 2022.

2. Mui pleaded guilty to one count of theft, contrary to section 9 of the Theft Ordinance. He was sentenced to two months’ imprisonment but suspended for three years. He was ordered to pay $3,400 in restitution for the stolen items.

3. Section 4 of the Securities and Futures (Licensing and Registration) (Information) Rules and section 135(3) of the SFO require a licensed person to give notice in writing to the SFC within seven business days of any changes to the relevant information of the licensed person, which includes being charged with any criminal offence or being subject to any investigation by a criminal investigatory body.